TLDR
- PrizePicks has partnered with Polymarket in a multi-year deal to bring prediction markets to its platform
- PrizePicks became the first sports entertainment operator registered as a Futures Commission Merchant (FCM) by the National Futures Association in September
- The partnership will integrate Polymarket’s event contracts covering sports, entertainment, and cultural events on the PrizePicks app
- The launch is pending Polymarket’s re-entry into the U.S. market after Polymarket received a $2 billion investment from ICE and acquired CFTC-licensed QCEX
- PrizePicks CEO Mike Ybarra says prediction markets differ from sportsbooks because they are peer-to-peer rather than betting against the house
PrizePicks has signed a multi-year partnership with Polymarket to enter the prediction markets space. The deal will bring federally regulated prediction market contracts to the PrizePicks platform.
The partnership comes after PrizePicks secured registration as a Futures Commission Merchant through the National Futures Association in September. This registration allows PrizePicks to facilitate trades on futures contracts offered on CFTC-regulated markets.
The collaboration will integrate Polymarket’s event contracts onto the PrizePicks app. These contracts will cover sports, entertainment, and cultural events. The integration aims to give PrizePicks users new ways to engage with events beyond traditional daily fantasy sports.
The launch depends on Polymarket’s return to the U.S. market. Polymarket has been preparing for this re-entry after securing a $2 billion investment from Intercontinental Exchange. The company also acquired QCEX, a CFTC-licensed exchange and clearinghouse.
PrizePicks CEO Mike Ybarra spoke about the partnership on CNBC’s Squawk Box. He explained that prediction markets complement the company’s existing daily fantasy sports business. Ybarra said the partnership will help PrizePicks expand into new states and attract new customers.
.@PrizePicks CEO Mike Ybarra shares details on the company’s partnership with @Polymarket & the latest trends in sports betting:https://t.co/IkmHB0lc65
— Squawk Box (@SquawkCNBC) November 11, 2025
Growing Competition in Prediction Markets
The PrizePicks deal is part of a broader trend in the sports entertainment industry. Several major operators are moving into prediction markets through partnerships and acquisitions.
Underdog, a direct competitor to PrizePicks in the fantasy pick’em space, partnered with Crypto.com to offer sports event contracts. That platform currently operates in 16 states.
DraftKings announced plans last week to launch its own prediction markets platform. The company recently acquired Railbird Exchange, which has CFTC approval. FanDuel is working with CME Group on a similar project but says it needs the right regulatory framework before launching sports event contracts.
Peer-to-Peer vs House Betting
Ybarra highlighted key differences between prediction markets and traditional sportsbooks during his CNBC interview. He explained that prediction markets operate on a peer-to-peer model based on supply and demand.
In traditional sports betting, operators set the lines and build profit margins into those lines. Bettors play against the house in that model.
Prediction markets work differently because users trade contracts with each other. Ybarra said this peer-to-peer structure is an important distinction for customers to understand.
When asked about potential consolidation in the industry, Ybarra said he expects more competition and innovation. He stated that PrizePicks wants to offer a single-app experience for both daily fantasy sports and prediction markets.
PrizePicks operates in more than 45 jurisdictions across the United States. The company is headquartered in Atlanta, Georgia. In 2025, PrizePicks became the first fantasy sports operator to earn iCAP accreditation from the National Council on Problem Gambling.
Polymarket has processed billions of dollars in predictions in 2025. The platform allows users to trade on outcomes of future events across politics, current events, pop culture, and sports. Market prices on Polymarket serve as gauges for the likelihood of events occurring.
