PrizePicks was named the fastest-growing sports company in North America in the 2023 Inc. 5000 rankings, and the daily fantasy sports (DFS) operator is getting a new chief executive to lead it into its next chapter.
The Atlanta-based company announced Mike Ybarra as its next CEO on Monday, effective immediately. Ybarra, who also joins the PrizePicks board, most recently served as president of Blizzard Entertainment, one of the biggest video game companies in the world.
Ybarra takes over for outgoing CEO Adam Wexler, who founded PrizePicks in 2017. Under Wexler's stewardship, the company transformed from a nascent startup into the leading daily fantasy sports company in North America, with over 10 million community members and billions of dollars in awarded winnings.
After a decade in the fantasy sports industry, founding @PrizePicks in 2017 and leading as its CEO since, I’m excited to share I will be stepping into the role of Executive Chairman and Special Advisor to the CEO. Mike Ybarra (@Qwik), a 25-year industry veteran and world-class…
— Adam Wexler (@thewordpainter) August 5, 2024
Wexler will move into a role as executive chairman of the board.
“I am unbelievably proud of what we have built at PrizePicks," said Wexler in a statement. "Through our culture of constant innovation and having a player-first mindset, PrizePicks has achieved explosive growth. Attracting someone with Mike’s background is a true testament to our legitimacy and success to date, and it is a great honor to partner with him. Mike’s track record of introducing fan favorite games, driving development initiatives and scaling large customer bases will propel us to new heights.”
About Ybarra
PrizePicks’ new head honcho is a veteran of the technology and entertainment industry veteran, with deep executive leadership experience built on more than 25 years at large, public companies.
Ybarra’s tenure at Blizzard Entertainment started in Nov. 2019. During his nearly five-year run, he oversaw business growth for the company's software portfolio, which includes renowned titles such as Warcraft, Diablo, and Overwatch.
Before his time at Blizzard Entertainment, Ybarra spent over 20 years in development, product management, and leadership roles at Microsoft, including the company's Xbox division.
“I am impressed with the passion, positive energy and incredible team at PrizePicks and want to thank Adam and the Board for this opportunity,” Ybarra commented. “PrizePicks is the most exciting company in sports and entertainment today, and it’s an honor to join as CEO. I have tremendous respect for the foundation that Adam has built and look forward to working with him and the team.”
The task at hand
Ybarra joins PrizePicks at a pivotal time for the company and the larger DFS industry.
PrizePicks is opening a new headquarters in Atlanta that reflects additional plans to dramatically expand its workforce, with the potential for 1,000 new jobs over the next seven years.
Growth hasn’t come without its fair share of regulatory headaches though. Despite offering DFS games in 33 US states, Washington, DC, and Canadian provinces (except for Ontario), some jurisdictions have slapped the operator with citations and other impositions forcing it to modify its offering.
More recently, the company has seen success with PrizePicks Arena, a peer-to-peer game that pits players against each other rather than the house (helping the company stay compliant with state sports betting laws in the process). PrizePicks launched Arena in Florida, Tennessee, Alabama, West Virginia, and Wyoming after having legal operating issues in a number of states.
