PrizePicks Launches Prediction Markets in California

PrizePicks has launched a new prediction market offer in the state of California, with the company looking to scale up its presence in this prominent space, which has attracted interest from giants such as DAZN, MLS, and even the President of the United States.

PrizePicks Goes Ahead with Prediction Market in California 

As sports gambling legalization has stalled almost indefinitely in the state, PrizePicks is attempting to leverage prediction markets in the Golden State, relying on the fact that these products are licensed and regulated by the CFTC.

The launch of a prediction market platform will allow Californians to place predictions (not wagers, mind you) on the outcome of events by opting for a binary option – yes or no. 

PrizePicks is not a stranger to event contracts, either, as it previously teamed up with both Kalshi and Polymarket to launch these types of promotions. 

Based on the official description of the newly-launched website, PrizePicks now offers its “Team Picks” product in 28 states, and invites players to make predictions on the outcome of various sports, including the NFL, NBA, UFC, boxing, and others.

Road Ahead Remains Uncertain for Prediction Markets

At the same time, PrizePicks is also maintaining its daily fantasy sports business in the state, allowing consumers to enjoy a popular form of pre-sports betting legalization activity. PrizePicks was acquired earlier this month by Allwyn in a $1.53-billion deal. 

However, PrizePicks still has a few things to be mindful of. While prediction markets are indeed federally-regulated for the time being, pushbacks from states such as Tennessee, Ohio, Massachusetts, Nevada, and others have indicated that attorneys general and gaming regulators disagree. 

The rollout in California may yet be challenged.