Key Moments:
- Astralis Capital Management named Adam Kaplan as General Partner to enhance its leadership
- Kaplan’s prior roles included executive positions at FanDuel Group, SportsGrid, and numberFire
- PrizePicks, an Astralis and Kaplan Ventures investment, announced a $2.5 billion acquisition by Allwyn International, with a potential increase to $4.15 billion upon achieving certain milestones
Leadership Moves to Support Expansion
Astralis Capital Management, a venture capital firm focused on digital transformation within global sports and gaming, has confirmed Adam Kaplan will join as General Partner. This appointment is intended to bolster the firm’s leadership as it continues pursuing high-growth investments spanning sports, gaming, media, and technology.
Kaplan’s Track Record Across Major Industry Players
Adam Kaplan brings over sixteen years of leadership in operations, strategic investment, and advisory roles at leading companies. He is currently Managing Partner at Kaplan Ventures, known for backing businesses such as PrizePicks, Underdog, BetDex Labs, Bettor Capital, and POW! Interactive.
Previously, Kaplan was Chief Operating Officer and Board Observer at SportsGrid, a live sports wagering streaming network. Under his tenure, SportsGrid expanded to more than 250 million monthly active users, reached the top position in the sports FAST channel segment, and achieved over 200 million sessions along with 27 million hours watched in 2024.
In his prior role as General Manager and Vice President of Content at FanDuel Group, a subsidiary of Flutter Entertainment plc (NYSE: FLUT), Kaplan managed content and P&L for various business lines, including Sportsbook, Fantasy, Casino, and TV. FanDuel, during this time, recorded billions in annual revenues, launched Sportsbooks in twelve states, introduced iCasino offerings in four states, expanded Fantasy sports to forty-four states, and horse racing to thirty-one states.
Earlier in his career, Kaplan held the Chief Operating Officer role at numberFire, a sports analytics firm acquired by FanDuel in 2015. He was also among the first twenty-five staff members at Yext (NYSE: YEXT), serving as Director of National Accounts & Strategic Partnerships.
Strategic Investments and Future Outlook
Both Astralis and Kaplan, through Kaplan Ventures and an SPV, are investors in PrizePicks. PrizePicks recently revealed that Allwyn International will acquire a majority stake at a $2.5 billion valuation, with the possibility for this to rise to $4.15 billion upon the achievement of specific performance criteria. Closure of the deal is expected in the first half of 2026, pending regulatory and customary approvals.
| Company | Kaplan’s Role/Investment | Key Milestones |
|---|---|---|
| PrizePicks | Investor (Astralis & Kaplan Ventures/SPV) | Majority acquisition at $2.5B, potential $4.15B valuation |
| SportsGrid | COO & Board Observer | 250M+ monthly active users, #1 sports FAST channel in 2024 |
| FanDuel Group | GM & VP of Content | Billion-dollar revenues, product launches in multiple states |
| numberFire | COO | Acquired by FanDuel in 2015 |
| Yext (NYSE: YEXT) | Early Employee, Director | Director of National Accounts & Strategic Partnerships |
Statements from Astralis Leadership and Kaplan
“We are thrilled to welcome Adam to the partnership,”
said Tisno Ongarra and Evan Meyer, Managing Partners of Astralis.
“His deep operational expertise, proven investment track record, and leadership in scaling high-growth companies make him an ideal addition to our team as we continue to identify and support the next generation of category-defining businesses.”
“Having worked closely with Adam on the PrizePicks investment and other overlapping themes, Tisno and I felt he was the perfect fit as we expand Astralis in advance of launching Astralis Fund II LP and thinking through adjacent investment strategies,”
said Evan Meyer.
“I’m excited to be joining Astralis at such a critical time in the gaming and sports industries, with innovation and disruption happening everywhere,”
said Adam Kaplan.
“Tisno and Evan have proven track records as investors, and together with our partners, we will help the next wave of innovative gaming, sports, and technology companies reach their full potential.”
- Author
Daniel Williams
