Why Is Prizepicks Shutting Down | What Do Prizepicks Users Do?

Prizepicks and two other companies were sent a cease-to-desist letter on 31 January 2024. Florida Gaming and Control Commission has sent this letter accusing the Prizepicks of operating illegally. It is clear that Prizepics is operating smoothly everywhere in the world except Florida. Wondering why is Prizepicks shutting down in Florida first and foremost worries the Prizepicks users who have pending funds in the app.

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Read this article to know Prizepics and its ongoing situation in Florida in detail. You will also be able to determine why is Prizepicks shutting down and in which places it will continue to work.

Why Is Prizepicks Shutting Down?

Before anything else, I need to clarify that Prizepicks is not shutting down completely. Due to ongoing conspiracies, Prizepicks are only facing operational challenges in Florida and New York. Not only Prizepicks but two other daily fantasy sports (DFS) platforms are also facing the same situation. On March 1, all operations from Prizepicks ceased due to multiple disagreements with the Florida Gaming and Control Commission. 

Florida Gaming and Control Commission accused the individual gaming bets on Prizepicks of being the same as sports betting. It could be true that Prizepicks will be shutting down only the “pick ’em” money contests in both these states. Due to changes in New York’s DFS laws, Prizepicks was able to continue these games till February, but now they have received legal warnings. The agreement between the New York State Gaming Commission and Prizepicks allowed them to carry on the other side of their gaming business after paying $15 Million as a settlement amount.

In simple language, Prizepicks was running and offering interactive fantasy sports in New York without following the proper regulations and permits. After this became the crux of this matter, Prizepicsks agreed to cease this business and explained it to be an act of good faith from their side. Currently, Prizepicks is said to be working on a new peer-to-peer product that is expected to comply with New York’s state laws.

How To Withdraw Prizepicks Funds?

Those users who are worried about their funds getting misplaced in the Prizepicks shutting down situation should follow the steps given below to know the withdrawal process for Prizepicks funds:

1. Open the Prizepicks app.
2. Locate to the top left corner of the Prizepicks app and open the Menu.
3. You will find the Request Withdrawal option in the menu; click it and follow the instructions.
4. Submit the withdrawal request and verify the request with the OTP you received on your registered email.

However, keep in mind that Prizepicks does not support withdrawal requests of under $10. So either keep your withdrawal amount more than $10 or wait for the Prizepicks and States laws to come to an agreement. In any case, even Florida and New York will have full access to the Prizepicks app features except “pick’em” contests.

Wrapping Up

I hope that by now, you have gotten your answer on why is Prizepicks shutting down. Plus, you might find the part where I inform Prizepicks to be only shutting down one part of their gaming to be relieving. People panicked at the thought of their funds stuck in Prizepicks, and now that you have read the article, it must be clear to you that your money is not in any kind of danger.

Even though the Prizepicks is currently facing these issues in operations in Florida and New York, Prizepicks is working on striking a deal with both states to continue business there, even at the cost of ceasing the concept of the “pick ’em” contests.

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