Hellmuth is an investor in PrizePicks, which just sold part of the business for over $1.6 billion
Phil Hellmuth is celebrating a major business win in a big way. The 17-time World Series of Poker champion recently gifted PrizePicks founder Adam Wexler a luxury Tourbillon watch valued at more than $100,000. Hellmuth shared a video on X showing the pair at an upscale watch boutique during the presentation.
The BALLER CEO/Founder of @PrizePicks!!
We sold PP for $4.1B: I was a proud Advisor to Adam, and an investor. Now buying my beloved CEO/Founder Adam a Tourbillon watch—a minimum $100,000 price tag—as a gift and a thank you
Thanks Adam!!#POSITIVITY pic.twitter.com/QFKoQGzz5d
— phil_hellmuth (@phil_hellmuth) February 10, 2026
The gift comes after PrizePicks agreed to sell a 62.3% stake to lottery operator Allwyn. The deal included $1.6 billion in upfront cash and valued the company at $2.5 billion at closing. Additional performance targets over the next three years could raise the total valuation to as much as $4.15 billion.
Hellmuth was an early investor and advisor to Wexler. He joined a group that backed the Atlanta-based daily fantasy sports company in 2020 with a reported $850,000 investment. Some estimates suggest his stake may have grown significantly as the company expanded.
Known primarily for his poker success, Hellmuth has built a reputation for making timely investments. He previously invested in a SPAC that later merged with Rush Street Interactive, helping take the gaming company public. He eventually sold those shares for a profit, though he remains connected to the brand as an ambassador.
Not every opportunity has worked out. Hellmuth has publicly acknowledged passing on early Bitcoin and missing other potential high-growth bets. Still, the PrizePicks deal adds to a list of high-profile wins.
PrizePicks has also expanded beyond fantasy sports. Following the Allwyn transaction, the company partnered with prediction market platforms such as Kalshi and Polymarket, giving users access to yes-or-no style contracts, including sports-related markets.
