PrizePicks announced Monday that Mike Ybarra will become the company’s new CEO. Ybarra replaces PrizePicks Founder Adam Wexler, who will transition into an executive chairman role with the DFS site.

The announcement comes after Bloomberg recently reported that PrizePicks hired investment bank Moelis & Co. to seek potential merger and acquisition opportunities.

Ybarra joins PrizePicks after most recently working as the president of Blizzard Entertainment, a video game development company and subsidiary of Activision Blizzard. Ybarra oversaw “Diablo,” “Overwatch,” and “Warcraft,” during his time with Blizzard Entertainment. He served as president of the company from August 2021 through May 2024.

He also previously worked at Microsoft for nearly two decades, working specifically in the company’s Windows and Xbox divisions.

“I am unbelievably proud of what we have built at PrizePicks,” Wexler said in a press release. “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.”

The well-respected DFS site hires Ybarra as it works through a tricky regulatory environment for DFS operators.

In recent years, state regulators have cracked down on DFS operators offering pick’em style games that mimic sports betting. PrizePicks is among the operators who have removed those specific offerings from some states.

ESPN reported earlier this year that PrizePicks paid the New York Gaming Commission a $15 million settlement for operating in the state without a license. PrizePicks now only offers free-to-play games in New York.

Despite challenges in the space, PrizePicks is one of the most popular DFS sites in the country. When allowed by regulators, PrizePicks is a consistent hit with customers.

The Atlanta-based company offers games in more than 30 U.S. states and jurisdictions, including Georgia, California, and Texas.