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PrizePicks Ordered to Cease Contests in NY and Pay $15M for Operating Without a License

Man using a smartphone to place a sports bet.

PrizePicks, a prominent daily fantasy sports operator, has agreed to cease its for-money contests in New York and pay nearly $15 million to the state’s gaming commission for operating without a license, according to a stipulation of settlement document obtained by ESPN.

The document, signed by representatives of PrizePicks and the New York State Gaming Commission (NYSGC), shows that the fantasy site was in violation of New York law for several years. The amount of the settlement is “based on the revenue PrizePicks generated through purported [interactive fantasy sports] contests from New York contestants” from June 4, 2019, through Dec. 19, 2023, and includes a penalty based on the number of days the purported contests were offered, according to the document.

The agreement states that although PrizePicks has operated in New York since June 2019, it “has not been, and is not, authorized to offer IFS [interactive fantasy sports] in New York pursuant to Article 14 of the Racing Law.” It also states that “PrizePicks does not hold a temporary permit from the Commission to operate IFS in New York.”

Read more at News.law

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