PrizePicks pulls out of Canada to go all-in on US prediction markets

• PrizePicks ceases all Canadian operations by April 3, with deposits ending March 10 and withdrawals due by April 2.
• The Atlanta-based DFS operator says it is focused on US growth, including prediction markets now available across most states.
• The exit follows Allwyn’s completed acquisition of a 62.3% stake in PrizePicks, with closing consideration of $1.533 billion in January 2026.

PrizePicks, North America’s largest daily fantasy sports operator, is shutting down its Canadian operations to concentrate on expanding across the United States.

The company confirmed the move on March 3, notifying Canadian customers by email that it would “pause” DFS contests in the country. All operations will close permanently on April 3.

Timeline and customer impact

PrizePicks will stop accepting new lineups and deposits after March 10. Canadian users must withdraw all remaining funds by April 2, one day before the full shutdown takes effect.

The operator had been offering its Player Picks product in all Canadian provinces except Ontario. It never pursued an Ontario iGaming license, as the province’s regulations require all contest participants to be located within its borders — a poor fit for a DFS platform built on multi-jurisdictional player pools.

A PrizePicks spokesperson confirmed the decision in a statement to multiple outlets. PrizePicks spokesperson said:

“On March 3, PrizePicks announced its planned exit from the Canadian market. We are currently hyperfocused on our continued expansion across the U.S. and delivering the best product experience for our players.”

The move mirrors a similar retreat by social gaming operator VGW, which pulled out of Canada last year. It also comes as Alberta moves closer to following Ontario in bringing real-money online gambling under a regulated licensing framework.

US expansion and the prediction markets pivot

PrizePicks products are now available across most US states, with availability varying by jurisdiction. Its Player Picks DFS product is accessible in 36 states following the company’s recent approval for a DFS license in New York.

The company’s strategic direction has shifted significantly toward prediction markets. PrizePicks launched its prediction market offerings in November through its subsidiary, Performance Predictions II, a federally approved futures commission merchant. It also secured a multi-year partnership with Kalshi, one of the leading US exchange platforms.

Since the Allwyn acquisition closed, PrizePicks has introduced new prediction market products covering both team-based sports outcomes and cultural and entertainment events. According to a January 2026 press release from Allwyn, these offerings are live in dozens of states, with entertainment-focused contracts available in nearly every US jurisdiction.

PrizePicks cannot lean into prediction markets in Canada as it does in the US, making the Canadian market far less valuable to the company’s long-term strategy.

Unlike traditional sports betting, which is regulated state by state, prediction markets fall under federal oversight by the Commodity Futures Trading Commission (CFTC). That structure allows licensed platforms to reach users in states where sports wagering remains illegal, including massive markets like California and Texas.

Allwyn backing and industry-wide DFS shift

The Canadian exit comes on the heels of a transformative ownership change. Allwyn International completed its acquisition of a 62.3% stake in PrizePicks in January 2026, with closing consideration of $1.533 billion.

If PrizePicks achieves certain performance metrics over the next three years, additional payments could raise the implied enterprise value to a maximum of $4.15 billion. The deal represents Allwyn’s largest US investment to date. The European lottery giant also operates lotteries in the UK, Italy, Austria, Greece, and the Czech Republic.

PrizePicks is not the only major DFS operator reshaping its business. Rival Underdog laid off at least 125 employees in late February, representing more than 20% of its workforce. The cuts hit fraud operations, customer support, marketing, and the company’s traditional drafts product teams.

Underdog entered prediction markets in September 2025 through a partnership with Crypto.com and subsequently shut down its North Carolina sports betting platform. It also withdrew its application for a sports betting license in Missouri.

The broader DFS sector faces mounting regulatory scrutiny on multiple fronts. In July 2025, California Attorney General Rob Bonta issued a legal opinion concluding that all DFS contests violate state gambling statutes.

The Arizona Department of Gaming issued a notice in December 2025 seeking to revoke Underdog’s DFS license over its involvement in prediction markets. Several states, including Virginia, have introduced legislation this year to tighten DFS regulation further.

What it means for the industry

PrizePicks’ withdrawal from Canada underscores a fundamental realignment in the North American DFS landscape. Operators that once competed on geographic reach are now racing to dominate federally regulated prediction markets — a product category that did not exist at a meaningful scale two years ago.

For Canadian players, the departure narrows an already limited field of DFS options outside Ontario.

For US regulators and incumbent sportsbooks, the rapid expansion of event contract trading by companies like PrizePicks, Underdog, DraftKings, and FanDuel signals that the lines between fantasy sports, sports betting, and financial trading will continue to blur throughout 2026.