PrizePicks Founder Adam Wexler Gifted Six-Figure Watch from Poker Legend Phil Hellmuth

• The Tourbillon watch is a gift for PrizePicks selling a majority stake to Allwyn
• That deal values the company at up to $4.15 billion
• Hellmuth was an early PrizePicks investor

Poker legend Phil Hellmuth sure knows how to show his appreciation. Just ask PrizePicks founder and former CEO Adam Wexler.

On Monday, Hellmuth posted a video on X of himself and Wexler at a tony watch boutique where the 17-time poker world champion is doling out big bucks, rewarding Wexler with a gift for selling a majority stake in PrizePicks.

We sold PP (PrizePicks) for $4.1 billion: I was a proud Advisor to Adam, and an investor. Now buying my beloved CEO/Founder Adam a Tourbillon watch—a minimum $100,000 price tag—as a gift and a thank you,” wrote the poker star on the social media platform.

The transaction being referenced was revealed last September with PrizePicks, which was born as a daily fantasy sports (DFS) company, selling 62.3% stake to lottery operator Allwyn for an upfront cash payment of $1.6 billion, placing an enterprise value of $2.5 billion on the seller.

If PrizePicks reaches certain financial targets over three years from the closing date of the deal, Allwyn could boost its cash payment by $1 billion, valuing Wexler’s company at $4.15 billion.

Hellmuth Has Golden Investment Touch

Widely regarded as one of the best poker players of all-time, Hellmuth’s investing acumen is also the stuff of legend.

In the same year, Hellmuth invested $300,000 in special purpose acquisition company (SPAC) dMY Technology Group Inc., which executed a reverse merger with Rush Street Interactive (NYSE: RSI), paving the way for the iGaming operator to go public. In July 2024, Hellmuth sold his Rush Street shares for $1.65 million though he’s a brand ambassador for the company. He was even wearing a Bet Rivers hat while buying the watch for Wexler.

But like all investors, Hellmuth isn’t perfect. He admits to not buying Bitcoin at $90 although some investing friends recommended that to him. Other reports suggest he could have invested $15,000 in an unidentified company that would have turned into $80 million for him.

PrizePicks a Rising Prediction Markets Force

At the time of the Allwyn deal, speculation surfaced that the lottery operator wanted PrizePicks for access to the booming US prediction markets industry.

PrizePicks delivered. In November, the gaming company announced deals with Kalshi and Polymarket, bringing those platforms’ yes/no contracts, including sports, to its users. It’s a win for the prediction market firms, too, because PrizePicks serves as another well-known distribution channel.

There are signs those relationships are paying off. On Super Bowl Sunday, PrizePicks was the second-most downloaded sports gaming mobile app.