It’s been a long time coming, but Underdog Sportsbook has finally obtained a temporary license to open its sports betting operations in Colorado. This is a major milestone for the company, as it marks its official entry into the legal sports betting market.
The fantasy basketball and football app has been in the long process of entering real money sports betting. We’ll be keeping a close eye on their progress as they make their entrance into the market!
First Sports Betting License
In his statement, Underdog Fantasy Founder, Chairman, and President, Jeremy Levine expressed the organization’s desire to be a leader in both fantasy sports and sports betting. Getting its first license to accept legal sports wagers brings Underdog a step closer to fulfilling its goal.
“Receiving our first temporary license for sports betting in Colorado is a significant milestone for the Underdog Fantasy family”
The leading best ball fantasy sports site will now join the competitive gambling market in Centennial State. There will be a total of 33 betting licenses with 26 unique operators.
The Colorado sports betting is just heating up as it nearly 37% boost in sports wagers compared to the same period (August) last year. NFL is currently in the middle of the regular season while the NBA just commenced the regular season last week.
Summer Boosted Underdog
While the sports gambling industry struggles during summer due to a lack of events to bet on, Underdog got their $35 million financial boost through B series funding, making them one of the fastest-growing valued fantasy sports companies with an estimated value of $485 million.
As per the statement of Lavine last summer:
“Building quality products and putting customers first is a winning recipe. This funding round gives us the firepower to continue to build, and build we will.”
BlackRock and Acies Investments are some of the largest investors which supported the Underdog funding campaign. These organizations are ready to help emerging market participants hire over a hundred staff to enhance their offerings.
Other investors include NBA Star Kevin Durant, Odell Beckham Jr., The Chainsmokers, Nas, and even the multi-billionaire entrepreneur Mark Cuban.
Up Next: Ohio Market
After entering the Colorado betting market, Underdog is on track to infiltrate another market – Ohio.
This market will just launch on January 1, 2023, and Underdog already secured a deal from MLB’s Cincinnati Reds as its mobile sportsbook partner.
Despite having a fresh start in Ohio, the upcoming market is expected to be competitive as 25 licenses or more are available for mobile wagering.