The New York State Gaming Commission (NYSGC) has approved PrizePicks, a fantasy sports operator, to re-enter the New York market.
The company was ordered to cease operations in 2024 due to a licensing dispute, and the comeback comes more than a year after that.
PrizePicks declared on Wednesday that it has been given an operating license for interactive fantasy sports, allowing it to start operating again in the state.
This time, though, the platform will only provide peer-to-peer (P2P) fantasy competitions, which are designed to adhere to New York’s fantasy sports laws.
Before relaunching, the company said it worked closely with regulators to make sure all operational and legal requirements were fulfilled.
Regulatory Approval and Market Re-entry
In a letter dated October 10th, the NYSGC confirmed that PrizePicks had satisfied all requirements to operate its contests in New York.
Jason Barclay, PirzePicks Head of Public Policy and Chief Legal Officer, said: “We worked diligently to design a game that meets the Commission’s rigorous standards, and New York’s decision underscores the idea that innovation in fantasy sports can thrive within a clear regulatory framework.”
For PrizePicks, the approval represents a major regulatory milestone. The operator settled with the NYSGC earlier this year for providing paid contests without a license, paying the commision close to $15m (~£11m).
Updated 2023 regulations that prohibited fantasy games resembling conventional sports betting props were the root of the problem.
With the new license, New York State Sen. Joseph Addabbo noted: “By issuing this license, the Gaming Commission is making a clear statement that our state will continue to embrace innovative Daily Fantasy Sports (DFS) games that provide New Yorkers with safe, skill-based contests they can enjoy with friends, family, and fellow sports fans.”
Presently, PrizePicks runs fantasy competitions in more than 45 jurisdictions across the country.
In the upcoming weeks, the business intends to use the recently authorised license to introduce its peer-to-peer games to players in New York.
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