After a year in operation, PrizePicks revealed its efforts at seeking partners in the coming year. The platform offers a unique DFS game and is looking to set itself apart in a crowded market.
The site isn’t a traditional DFS offering, instead offering a simple over/under approach to player selection. That setup can appeal not only to fantasy players, but also traditional sports bettors.
A key advantage is that it’s offered in most of the U.S. and Canada. PrizePicks CEO Adam Wexler spoke with us about the games, the company, and its partnerships and growth.
How does PrizePicks work?
In PrizePicks, fans of fantasy sports and betting will find a hybrid that still qualifies as a fantasy game. Players don’t have to worry about competing against sharks and algorithms.
They simply pick a small number of players and make over/under predictions on each of their fantasy scores. The model is more akin to a traditional sportsbook than other DFS sites.
The site’s “Power Play” format is modeled after parlay contests and offers bigger payouts for winning the parlay. The “Flex Play” allows players to miss a selection and still win some money.
“Unlike most competitors in the market, our game is against the house,” Wexler says. “It’s just you against the projections, so no salary cap management, or split pots, or having to compete against thousands of lineups.”
Games are meant to be simple and fast. The company uses the motto: “in and out of the app in under 60 seconds.” Users select a few players, choose over or under on the point projections, and then follow the action.
Differentiating the PrizePicks brand
With a new sports betting landscape and numerous fantasy football brands, distinguishing a new platform isn’t easy. At the start of 2019, Hooters partnered with PrizePicks to integrate digital advertising within the PrizePicks app. The two companies also partnered in other communications leading up to the Super Bowl.
“Like Buffalo Wild Wings, Hooters was intrigued by the possibilities of the impending proliferation of legal sports betting, but quickly realized the states with their most penetration were not getting legalized sports betting right away,” Wexler says.
“As a result, they were extra intrigued by the possibilities of working with a real-money game like PrizePicks, which could help them appeal to a similar demographic.”
The premise was simple: Hooters customers could enter a contest or two, order some food, and enjoy the games. The co-branding seemed a natural fit.
“It was a great opportunity for us to assess the value of the real estate in our app and communications,” Wexler says.
The company is discussing similar deals with another national sports restaurant chain and open to more, he says.
Australian sportsbook PointsBet has taken a similar approach in New Jersey through its partnership with TopGolf. The golf brand’s bars are virtual sportsbooks offering promotions of the PointsBet brand for mobile betting.
PrizePicks has taken a similar approach with its DFS offerings.
An eye toward growth in the industry
With sports betting garnering increased media attention, Wexler believes his company has an interesting spot in the market. PrizePicks offers the ease of making a sports bet, but still being a fun, legal fantasy sports option.
Signing up for the service is simple and players can make a deposit and be playing in a matter of minutes.
Like other DFS services, an account on PrizePicks includes opportunities for promotional offers and giveaways. More unique bonuses are planned for 2020, Wexler says.
In 2019, PrizePicks partnered with Hi-Rez Studio’s SMITE, a Top 15 esports league, to offer it a DFS option. The company is hoping for more partnerships, including with traditional sports leagues, in the coming year.
Wexler says: “We have a proven platform which can serve as a value add for leagues and brands across the industry.”