The giant online retailer will show 20 Premier League matches a season for three years, starting from the 2019/20 season.
They will also have a weekly highlights package.
The other rights package that was available to purchase was bought for £90 million by BT, enabling it to exclusively broadcast 20 midweeek games over three seasons.
The rights package secured by Amazon includes one round of midweek games and one round from a bank holiday - said to be Boxing Day. The matches, and the weekly highlights package, will be available on Prime Video in the United Kingdom at no extra cost to Prime members.
"Sky and BT are established Premier League partners and provide first-rate coverage of the competition through their live-match broadcasts and comprehensive programming", said Scudamore.
The soccer move is Amazon's biggest play yet as it moves into sports, differentiating itself from streaming rival Netflix in the process.
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Sky Sports will show 112 fixtures, including prime-time Saturday night matches, while BT has 52 matches that will be shown at Saturday lunchtimes and midweek.
Analysts at Liberum, however, said Amazon's main rationale for buying the rights was a way to boost Amazon Prime membership rather than looking to become a pay-TV operator.
But Amazon's victory was in how it can deliver the games: While digital companies have typically bought only the digital streaming rights to sporting events, Amazon's deal includes the exclusive rights for the matches it shows. It broadcast the US Open tennis, ATP World Tour Tennis events and also National Football League games.
What does this mean for the future of Premier League broadcasting?
While the amount paid by Amazon has yet to be announced, BT will be paying £975m over three years for 52 games a season from 2019, compared with £960m for 42 live games now.
The Premier League offered 200 live matches a season to broadcasters, an increase from the 168 available in 2015.
"We look forward to continuing as a partner of the Premier League and showcasing the most exciting league in the world".
In his annual letter to shareholders this year, Amazon's chief executive, Jeff Bezos, disclosed that 100 million people around the world had Prime subscriptions.