European lottery giant Allwyn is set to acquire a majority stake in U.S. fantasy sports operator PrizePicks for $1.6 billion, expanding its presence in the U.S. gaming market. The deal positions PrizePicks as Allwyn’s primary platform for U.S. expansion, with plans to scale across sports, culture, and prediction markets.

Allwyn, owned by Czech billionaire Karel Komarek, has been diversifying into online gaming and recently took over the running of Britain’s National Lottery. The company holds stakes in various gaming ventures, including Kaizen Gaming and Novibet, and manages the Illinois State Lottery through Allwyn North America.

The acquisition of PrizePicks comes as the U.S. gaming industry continues to grow post the Supreme Court’s repeal of PASPA, with a focus on tech-enabled platforms. Daily fantasy sports are seen as a game of skill, allowing for operation in more jurisdictions. Allwyn expects to finance the deal using cash and debt, aiming to boost PrizePicks’ enterprise value to $4.15 billion.

Read more at Yahoo Finance: Allwyn buys $1.6-billion stake in fantasy sports operator PrizePicks to expand in US