PrizePicks Halts Team Picks Offering in Missouri

PrizePicks announced it is suspending the availability of its Team Picks offering in Missouri. The  company said the decision, revealed yesterday, was made due to fresh regulations pertaining to yes/no exchanges in the Show-Me State.

Online sports betting went live in Missouri last December and while there’s little evidence of prediction markets cannibalizing sportsbook operators to date, the state is still taking a hardline against prediction market operators. Missouri Attorney General Catherine Hanaway recently issued cease-and-desist letters to six prediction market operators, including Novig, Polymarket, Robinhood and Underdog, but PrizePicks wasn’t part of that group.

“Missourians voted for a safe, well‑regulated sports wagering market that supports public education and addresses problem gambling. Companies cannot repackage sports bets as ‘event contracts’ to avoid Missouri law. We will enforce the rules voters approved and protect consumers,” Hanaway said in a statement. “Any company that wants to offer sports wagering in Missouri must be licensed by the Missouri Gaming Commission, pay the required taxes and fees, and ensure no one under 21 can place a bet.”

Missouri Protecting Sports Betting Industry

Policymakers and regulators in Missouri may be incentivized to protect the sports wagering industry because the state ranks as one of the most successful new launches in recent memory. In the first four months online sports betting was live there, the average handle per betting age adult was $245, besting numbers seen in Kentucky and North Carolina.

As has been the case in other states, the issue confounding Missouri is about revenue. Due to heavy promotional spending deductions afforded to operators, the state collected just $8.6 million in sports wagering taxes as of the end of July, reports KMOV. Of that tally, $3.21 million was directed to public schools and $5 million was allocated to problem gambling initiatives.

While that number appears small, some Missouri media outlets report that it was actually ahead of the state’s first-year projections, indicating there’s incentive to protect this revenue source. That’s understandable because in many states, prediction markets aren’t paying taxes comparable to what the levies paid by sportsbook operators.

Perusing PrizePicks Team Picks

PrizePicks’ Team Picks, the wager that’s no longer available in Missouri, was introduced by the company last year. With Team Picks, bettors can wager on game winners, spreads, and over/unders. Said differently, Team Picks are very much akin to a traditional sports bet.

PrizePicks allows clients to pair Team Picks with Player Picks in what amounts to a combo or parlay. For example, a Kansas City Chiefs fan could pick the Chiefs to cover the spread and quarterback Patrick Mahomes to go over a specified passing yardage total.

In September 2025, Swiss lottery operator Allwyn paid $1.6 billion to acquire a 62.3% stake in PrizePicks, valuing the company at $2.5 billion.