Allwyn's all in on US with Prize Picks deal
Allwyn's $1.6bn US entry divides opinion, Vibrez.fr is new French entrant, ANJ-web3 regs, UK black market &Co
Hello, on Gaming&Co, today
Could go either way: mixed reactions to Allwyn-PrizePicks deal
French vibes: new sportsbook Vibrez.fr set to enter market
ANJ and regulatory partners prepare AML rules for web3 operators, UKGC unveils study into why consumers use black market
Light & Wonder makes first step into Asia
News shorts: Yolo Group, BGC slammed, EGBA
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Allwyn goes all-in on US fantasy leader PrizePicks
Analysts split on risk/reward probability as European operator enters US
Eyes on the prize: Allwyn has acquired a 62.3% majority stake in PrizePicks for $1.6bn, in a deal valuing the US DFS operator at about $2.5bn, rising to potentially $4.15bn. The acquisition is expected to close in H1 2026, but sparked a mixed reaction from industry analysts.
Risk/reward: The $2.5bn valuation represents 7.4 x last year’s EBITDA of $339m for PrizePicks which “on the face of it” looks like an attractive multiple for the leading daily fantasy sports betting operator in the US, according to Regulus Partners. “However, we believe the strategic, regulatory, and operational risks for Allwyn outweigh the potential reward,” the analysts said.
RP pointed to the uncertain regulatory framework for DFS in the US in the wake of California Attorney General Rob Bonta issuing an opinion declaring both ‘pick’ em’ and draft-style DFS contests illegal.
Mixed picture: Some jurisdictions, including Louisiana, Michigan and Connecticut, regulate DFS through state gambling regulators, requiring licences akin to sportsbooks. Others, like Arizona and New York, impose explicit DFS licensing regimes with compliance obligations. In contrast, states such as California, Washington and Idaho treat DFS as illegal gambling outright.
Forward looking: The analysts at Citizens were more positive, suggesting PrizePicks should benefit from “a larger balance sheet and larger enterprise” under Allwyn’s ownership. “We believe PrizePicks is large enough whereby new products in untapped states will benefit from national marketing and advertising spending,” it said.
PrizePicks will continue to operate as an independent unit led by current CEO Mike Ybarra and his team. The transaction marks Allwyn’s formal arrival in the US following its cancelled SPAC listing in 2022.
The “forward-looking product road map” should also enable it to outpace competitors like Underdog, DraftKings with its Pick6 product or FanDuel with Picks, added Citizens.
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Lowkey vibing for new sportsbook Vibrez.fr
New entrant to France market set for discreet start before ramp
Check the vibe: Vibrez.fr is the latest sports betting operator that is set to enter the French market as part of a white label agreement with Betconstruct, which operates the VBet brand in France. The company’s website is not yet live, but like its fellow Betconstruct licensee DAZNBet fr, it is expected to launch in the coming weeks.
Low profile: No information was available on the team behind Vibrez.fr, but for Betconstruct it is another white label partnership that can be added to its deals with DAZN and with the Belgian casino group Circusbet.fr, which launched in June 2024.
The DAZN and Vibrez arrivals follow those of Betsson France in Nov23, Olybet.fr went live in July last year by taking over the licence of France Pari and was followed the following month by the arrival of social-themed brand YesorNo.
The arrival of the new operators shows that despite high tax rates and a highly competitive market dominated by Betclic and Winamax, the French OSB market remains of interest.
One extreme to the other: Industry contacts told G&Co that being either a very small or startup operator is actually easier than being midsize in a market where taxes are close nearly 70% of GGR, while the hope of seeing online casino regulated in the not too distant future is another reason to build up player databases and market knowledge.
France preparing AML framework for web3 operators
Web3-specific rules should be ready for H1 2026
Sorare so special: France’s Autorité Nationale des Jeux, the General Directorate of the Treasury and the anti-money laundering unit Tracfin are working to define the AML mechanisms that will apply to web3 companies that could be affected by the regulatory framework for JONUMs, the NFT-based, crypto-backed products largely defined by the fantasy betting operator Sorare.
JONUMs were promulgated in 2023 despite deep disagreements and strong criticism from lawmakers and were designed to accommodate Sorare, but the group is struggling to turn predictions of huge growth into reality.
The agencies’ work is part of the law aimed at Securing and regulating the digital space (SREN) which will have oversight of JONUM products. They should be operational at the start of 2026, said ANJ.
UKGC releases in-depth research on black market
Research identifies four audience types for unlicensed sites
Back to black: The UK Gambling Commission has released a wide-ranging study aimed at providing insight into why UK consumers engage with illegal online gambling sites. The research identifies four audience types, whose use of unlicensed sites is driven by factors such as better odds and offers, alternative payment options and relaxed verification.
The audience segments are classified as:
Self-excluders - those who have opted out of all UK-licensed sites via schemes such as Gamstop but want to bet again
Skilled Advocates - knowledgeable users seeking novelty like foreign currencies or less restrictive age/ID checks
Social Explorers - those drawn in through forums or social networks, and
Accidental Tourists - punters who land on illegal sites without intent.
Demographically, users are more likely to be male, younger (18-24), frequent gamblers, and those with elevated problem gambling severity scores.
The release of the study marks the first phase of a four-part publication in the coming months by UKGC, with other research focused on engagement and data trends, enforcement and disruption activity, and the size of the UK’s black market.
Nuanced and strategic
Ben Haden, Director of Research and Statistics at the UKGC, said; “Our research so far shows that the debate on approaches to disrupting the illegal market, and influencing and informing future consumer behaviour, needs to be nuanced and strategic - built on appreciation of mainstream trends of online usage, associated trust and consumer behaviours, as well as evolving gambling trends.”
Youth appeal: In the Netherlands, the affiliate association KVA published research exposing how illegal gambling providers and their affiliates are increasingly targeting young people. Minors are actively enticed to participate in illegal online gambling through live streams, social media and closed online communities.
Major platforms such as Discord, Telegram, TikTok and Instagram provide ample space to target “young people with tempting offers” from illegal operators that use “affiliates and influencers to promote generous bonuses, crypto payments and exclusive promotions”.
Back to school: KVA singled out a “‘Back-2-School’ bonus campaign specifically aimed at pupils and students” and said the sites often used peer pressure and fear of missing out, fake wins and time pressures to encourage young people to make quick decisions.
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Light & Wonder approved for launch in the Philippines
Content supplier to make online bow in Asia with 50 titles
Green light for Asia: Light & Wonder has become the first international iGaming content supplier licensed by the Philippines regulator. The approval from PAGCOR paves the way for L&W’s entry into its 47th regulated online market globally, and its first in Asia.
L&W will launch with 50 titles, many adapted from its land-based catalogue, while partner operators will gain access to more than 5,000 games from over 100 studios via its aggregation platform.
The Philippines is a highly symbolic market. Numerous Asia-facing operators were based there in the past, while its population of 116 million citizens means it is a major market for operators and suppliers. It generated $1.2bn in GGR in the first seven months of 2025.
News shorts
Yolo Group is shutting down its flagship brands Bitcasino.io and Sportsbet.io and consolidating under a single identity, Yolo.com. Founder Tim Heath confirmed the move as part of a pivot away from grey markets to tier 1 regulated markets, starting with two B2B licenses in the UAE.
“It has become abundantly clear that domestic regulators who are offering licenses are not keen on other group operations continuing to operate in pre-regulated markets,” Heath wrote on the Yolo blog. “In other words, you cannot be white and grey; you have to pick a side.”
Industry figures have slammed the Betting & Gaming Council for inadvertently ‘advertising’ black market gambling operators in a video aimed at highlighting the danger of using unlicensed websites. In the video, racing presenter Frankie Foster explains how easy it is to open an account and place a bet on an illegal site.
On LinkedIn, one compliance expert hit out at the BGC for being “tone deaf”. “They might as well have just (gone) ahead and posted an ad saying ‘Not on Gamstop’. Equally effective at attracting vulnerable punters into the black market.”
The European Gaming and Betting Association (EGBA) is urging national standardisation bodies to vote “yes” this week on a landmark European standard for markers of harm in online gambling. The EGBA says the standard, proposed in 2022, will establish a shared list of behavioural indicators - such as changes in play speed, time, or duration - to enable earlier, consistent detection of risky gambling behaviour.
And finally, Gaming&Co (kinda) in the news: It’s always highly rewarding to have your work recognised organically.
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