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Mike Johnson March 23, 2021 3 min read
PrizePicks Teams up with Prizeout to Boost DFS Winnings
PrizePicks has teamed up with Prizeout, a withdrawal marketplace, to boost the value of consumer winnings generated through bets on daily fantasy sports.
Prizeout to Boost PrizePicks’ Players Winnings through Voucher Offers
PrizePicks, the biggest independent daily fantasy sports (DFS) betting platform, has announced a new partnership with withdrawal marketplace Prizeout, allowing PrizePicks consumers to quickly convert winnings into digital currencies.
The platform will effectively make it simpler for consumers to access their funds and spend them at numerous retailers and brands. This marks the first time a partnership between a DFS company and a withdrawal marketplace has been forged. This comes on the tail of a new market entry for PrizePicks in Alabama and the company’s growing footprint in Alabama.
Prizeout makes it simple for consumers to access funds in the form of various gift cards to well-established brands, including Domino’s Pizza, DoorDash, and Williams Sonoma. Prizeout both simplifies the process of withdrawal, but it adds additional value on all withdrawals.
The company is estimated to add 11% more value to every cash-out, meaning that iGaming and betting fans can benefit from a massive boost in their overall winnings. Presently, an estimated $10 billion is withdrawn from online gambling brands every year, meaning that Prizeout could create a $1 billion added value.
Creating Consumer-Focused Solutions and Staying Ahead
Commenting on this partnership, PrizePicks CEO Adam Wexler explained that the company tried to stay ahead of competitors and prioritize consumer needs first. “The last thing any platform wants to do is dampen a dynamic customer experience on back end fulfillment,” Wexler said.
He then explained that leading brands should already be looking into creating additional value for their consumers: “Prizeout is addressing an issue that every DFS operator, legalized gambling sites like FanDuel or DraftKings and even emerging NFT marketplaces like NBA Top Shot should be thinking about.”
Through this powerful integration, PrizePicks consumers are not just limited to cashing out their winnings but adding more value to their successful bets and spending them on preferred goods through Prizeout’s vouchers.
Responding to this announcement, Prizeout founder and CEO David Metz said that he was thrilled to be working with PrizePicks and added that his company would continue “keeping members engaged and finding value at every touchpoint.”
PrizePicks concluded a private equity funding round earlier this year, getting backing from established poker professionals as Phil Hellmuth and Jack McClelland.
Mike made his mark on the industry at a young age as a consultant to companies that would grow to become regulators. Now he dedicates his weekdays to his new project a the lead editor of GamblingNews.com, aiming to educate the masses on the latest developments in the gambling circuit.
Business March 23, 2021