PrizePicks and Prizeout partner up for digital currency agreement

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PrizePicks, the largest independently-owned DFS operator, has entered into a partnership with leading withdrawal marketplace Prizeout, enabling its members to convert their winnings to digital currency, access it faster and at a higher value and then spend with a variety of leading retailers and brands.

According to the firm, this is the first such relationship between a DFS operator and a withdrawal marketplace such as Prizeout.

Launched in 2019, Prizeout services industries ranging from gaming to payroll solutions that allows consumers to withdraw funds via gift cards at premium rates to brands such as Domino’s Pizza, DoorDash and Williams Sonoma. 

With an estimated $10bn withdrawn through online gaming in the US each year, Prizeout’s average user offering of 11% more value on every cash out constitutes a $1bn opportunity space for consumers in gaming alone.

“The last thing any platform wants to do is dampen a dynamic customer experience on back end fulfillment,” said PrizePicks CEO Adam Wexler. “Prizeout is addressing an issue that every DFS operator, legalized gambling sites like FanDuel or DraftKings and even emerging NFT marketplaces like NBA Top Shot should be thinking about.”

Prizeout Founder and CEO David Metz added: “We’re thrilled to be working with a partner like PrizePicks, who is so committed to giving their users a first-class experience from beginning to end. PrizePicks’ choice to leverage Prizeout enables their members to get even more for their money; keeping members engaged and finding value at every touch point.”