Phil Hellmuth Gifts $100K+ Watch to PrizePicks Founder Adam Wexler

Phil Hellmuth, one of the world’s legendary poker players and an outspoken Internet celebrity, has shared a video on X that showed him and Adam Wexler, the CEO and Founder of PrizePicks, a prediction market and DFS platform, hanging out.

That Hellmuth would move in the same circles as Wexler is not surprising, but the video had another hook – the celebration of PrizePicks selling a majority stake to Allwyn in a deal valuing the company at up to $4.15 billion, including potential future payments

In the video, Hellmuth was handling wads of money and offered Wexler a Tourbillon watch, which cost a minimum of $100,000, in the words of the 17-time poker world champion. 

Hellmuth Handsome Rewarded by His PrizePicks Holdings

Hellmuth, of course, meant the recent sale of a 62.3% stake to Allwyn, a lottery operator, that is now looking to enter the North American market by expanding into alternative verticals other than its native lottery business. 

PrizePicks, which is primarily a DFS platform, has made recent forays into the prediction market space, the strength of which has been proven during the recent Super Bowl, which saw $1.2 billion in trades onthe prediction market platform Kalshi alone. 

Hellmuth has benefited handsomely from his early-day investment in PrizePicks in 2020, with his stake now worth around $20 million, according to sources, and the poker legend and Wexler have become good friends since that first investment. 

Hellmuth Among the First to See PrizePicks’ Potential

The value of the stake could increase further, as PrizePicks is now poised to enter the prediction market platform space with a bang. Although there is no shortage of legal and business challenges to the success of an event-contracted-based venture in the United States, PrizePicks is willing to risk it.

PrizePicks has teamed up with Kalshi to bring its own prediction markets to bear, and the company has further expanded in California, launching prediction markets recently as well.