00:00Big action here. Prize picks getting purchased. And it's a fascinating time, by the way, to buy
00:05into some of these operators as well. I know you can certainly read more about this over
00:09at legalsportsreport.com. All cash purchase, that raises some eyebrows naturally. It means
00:14that there's a company that's all in. Yeah, that company is Alwin, which is a international
00:21lottery and gaming operator started in the Czech Republic. They own several businesses across the
00:27world, and they actually operate the lottery in Illinois. But they bought two-thirds of prize
00:32picks this week for about $1.5 billion in cash, like you mentioned. And even beyond that headline
00:39is there's a potential to pay an extra billion in earnouts over the next three years. So just a
00:44major purchase at a time when, like we've talked about, Craig, this whole kind of the gambling
00:50industry itself and the future of different products is really kind of in question. Prize
00:54picks recently, which is mentioned in the release, launched its own prediction markets product. It's
00:59now in 40 states with prediction markets, including big states like California and Texas and even
01:05Florida, where Hard Rock is supposed to be the only sports book in town. So that was mentioned in the
01:09release as well as kind of another step of prize picks broadening its business. Obviously, the company
01:15is very well known for offering a product that looks very similar to parlays in a lot of states and
01:20reaching states that don't have sports betting with that product. A couple years ago, it faced a lot
01:25of regulation from states cracking down on that product. And that caused prize picks to change that
01:29over to, again, instead of against the house, peer to peer. So really big bet by a company here. Again,
01:36almost a $2.5 billion deal over the next three years. Prediction markets are getting squeezed kind of
01:42at the regulatory level. But in the meantime, the money keeps coming in. And obviously, a big operator
01:48like Alan paying, you know, almost $3 billion is definitely nothing to, you know, nothing to sniff at.
Comments