(Bloomberg) -- PrizePicks, which bills itself as the largest daily fantasy sports operator in North America, hired the investment bank Moelis & Co. to scout out merger and acquisition opportunities, according to people familiar with the matter.
The company isn’t pursuing an outright sale, according to one of the people, who asked to not be identified discussing information that hasn’t been made public.
In daily fantasy sports, customers pay entry fees and can potentially win money based on the performance of athletes. In basketball, for example, contestants can choose player metrics such as points scored, rebounds or assists.
The site actively markets to younger adults, including through a channel on the Discord chat app that includes over 448,000 members.
The Atlanta-based company was co-founded in 2017 by its chief executive officer, Adam Wexler, a former digital strategy consultant for the Atlanta Hawks.
A 2021 funding round for the company brought in investors including Atlanta Falcons quarterback Matt Ryan and Olympic gymnast Gabby Douglas.
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