PrizePicks secures New York fantasy sports licence after regulatory overhaul
Table of contents
- PrizePicks receives a New York State Gaming Commission licence, set to relaunch peer-to-peer fantasy contests
- The approval follows a legal settlement and strict compliance with updated state requirements
- PrizePicks’ return underscores innovation within New York’s regulated fantasy sports market
PrizePicks, a major North American daily fantasy sports operator, has been awarded a new gaming licence by the New York State Gaming Commission, allowing it to reenter the New York market with peer-to-peer contests in the coming weeks.
The development comes after PrizePicks ceased operations last year under a legal settlement and then worked with regulators to align its new offerings with toughened state requirements introduced in 2023.
Regulatory context and background
PrizePicks left the New York market in early 2024, following regulatory action over its previous fantasy sports products, which regulators found did not comply with the state’s revised interactive fantasy sports law.
The enforcement required the operator to pay a nearly $15 million settlement and cease for-money contests until they obtained a proper licence.
Since then, PrizePicks has collaborated with regulators to develop a peer-to-peer product meeting New York’s stricter definition of fantasy sports contests as games of skill, rather than as prop betting against the house.
“New York is home to some of the most passionate sports fans in the country, and we know they will be excited to have PrizePicks back,” said Mike Ybarra, CEO of PrizePicks.
“We’re thrilled to offer a great entertainment experience that elevates how they engage on game day and beyond.”
Jason Barclay, Chief Legal Officer and Head of Public Policy, added:
“We want to thank the New York State Gaming Commission for their collaboration and recognition of our peer-to-peer offering as a fantasy sports contest,” said Jason Barclay, PrizePicks’ Head of Public Policy and Chief Legal Officer.
“We worked diligently to design a game that meets the Commission’s rigorous standards, and New York’s decision underscores the idea that innovation in fantasy sports can thrive within a clear regulatory framework.”
Responsible gaming and expansion
PrizePicks has also recently received iCAP accreditation from the National Council on Problem Gambling, the first fantasy sports operator to do so, reflecting heightened focus on responsible gaming as it expands into new jurisdictions.
PrizePicks’ return marks New York as the 16th jurisdiction where its peer-to-peer format is permitted as a skill-based fantasy contest. The move highlights continuing regulatory evolution in fantasy sports and sets a precedent for other operators seeking clarity and compliance in the state.
The development is likely to influence both current competitors and any prospective entrants, signalling robust oversight alongside room for innovation under defined state rules.
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