In its first year of eligibility, PrizePicks broke into the Inc. 5000 in a pretty big way.
The Atlanta-based daily fantasy sports (DFS) operator landed at No. 66 on the magazine’s list of the fastest-growing private businesses in the US. According to the 2022 edition of the rankings, PrizePicks reported revenue growth of 5836% over its first three years.
In a press release touting the ranking, PrizePicks noted that it experienced a more than six-fold revenue increase from 2020 to 2021. It followed that by then exceeding its 2021 revenue mark within the first half of 2022.
Not only did PrizePicks land within the top 1.5% of the country’s fastest-growing companies, it also earned the top spot among the companies in the sports industry.
To be recognized by Inc. as the fastest growing sports company in the country is a huge honor and speaks to the grit, ingenuity and determination from everybody at our organization.” PrizePicks Co-Founder & CEO Adam Wexler said. “We have accomplished this feat primarily as a result of our highly-efficient customer acquisition engine and premium unit economics, all while operating near breakeven levels and primarily leveraging revenue-based financing.”
As one of the top 500 companies, PrizePicks will be featured in the September issue. That hits newsstands on Tuesday.
Inc. Editor-in-Chief Scott Omelianuk said the companies making this year’s list did so despite the challenges presented over the past couple of years.
“The accomplishment of building one of the fastest-growing companies in the U.S., in light of recent economic roadblocks, cannot be overstated,” he said. “Inc. is thrilled to honor the companies that have established themselves through innovation, hard work, and rising to the challenges of today.”
What is DFS?
The way DFS works is comparable to sports betting in some aspects. Unlike most fantasy contests, DFS is a single-player game. That means you do not need to worry about drafting a better team than anyone else.
To play, you must pick between two to five athletes (or, in some cases, groups of athletes). For each pick, you must decide whether they will go over or stay under a selected statistic. For example, you could pick whether Nolan Arenado of the St. Louis Cardinals will drive in more than .5 runs in a game.
Also, DFS does not allow an entry that only consists of players from just one team. At least two of the selections must be from different teams.
There are two ways to play. A “power play” offers a higher payout, but all of your picks must be correct. There’s also a flex play with a lower payout. However, that will offer a reduced payout if you miss one pick or, in some cases, two.
Payouts are based on the number of selections you make.
PrizePicks is available to people living in 30 states, the District of Columbia, and all of Canada except Ontario. It considers itself “the most accessible type of game for the masses,” as it’s available to more than two-thirds of the US population. That includes California, Texas, and Georgia, where sports betting has yet to be legalized.
Since its launch, PrizePicks said it has paid out more than $500 million in winnings.
The company currently offers DFS players a menu of more than 60 sports leagues, including eSports, from which to choose selections for their entries.
The Inc. 5000 listing is just the latest honor for the company. Last year, it earned the Fantasy Sports Business of the Year Award from the Fantasy Sports & Gaming Association. EGR North America also selected PrizePicks as its the Fantasy/DFS Operator of the Year.
Among those who have invested in PrizePicks include former Atlanta Braves great Andruw Jones, former NBA player Andrew Bogut, NFL quarterback Matt Ryan, and legendary poker pro Phil Hellmuth.
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