Underdog Raises $35M, Intends To Enter Sports Betting

Underdog Fantasy just announced last Tuesday morning that it raised a massive $35 million through Series B round which includes Blackrock and Acies Investment. This brings the company’s total value up to $485 million, and they are expected to make a big splash in the rapidly growing sports betting industry. Keep an eye on this company, as they are sure to shake things up in the world of online gambling!

Underdog to enter sports betting

From DFS Provider To Sportsbook

The top Daily Fantasy Sports (DFS) provider is planning to explore the sports betting markets which generated a national revenue of $4.3 billion last year.

These figures are expected to grow over the years based on the previous years’ data. The Fantasy Sports and Gaming Association reports that nearly 70 million people in the U.S gamble on sports or play fantasy football – which is around 20% of all American adults! Around 60% also participate in both gambling activities. The number had gone up by about 14% if compared to last year.

It’s no surprise that Underdog has formulated this kind of strategy as DraftKings and FanDuel have been able to successfully turn fantasy sports players into betting customers in the past. The two companies are long-time Daily Fantasy Sports providers who entered the online sports gambling market in 2018 with a 60% share of total US spending on line feeds

However, Jeremy Levine, founder, and CEO of Underdog Sportsbook finds his company’s unique position as “a gaming studio in a licensed betting environment” to be more accurately described by others. He says this difference between how they view themselves separates them from other companies within the sports gambling industry

Chris Grove, co-founding partner of Acies Investments added:

“While the typical sportsbook is spending over $500 to acquire a customer, Underdog is bringing in new users for a fraction of that. Underdog’s product is leading to competitive advantages as Underdog’s customer acquisition and retention success are best in class.”

Underdog is quickly becoming one of the most popular fantasy sports sites in America, with its platform available across the country but not in nine states. They have acquired valuable users and introduced $10 million season-long NFL Best Ball tournaments for large prize pools that are unmatched by any other site on earth right now.

Underdog Partnership and Investors

The Underdog sports betting platform has partnered with the Cincinnati Reds of MLB for market access in Ohio. As long as their license is approved, they plan on launching online punting services on January 1st, 2023 – just one day after it becomes legal.

Underdog is also contemplating expanding on the Colorado market next year. They are reported to have plans to hire around 100 more employees including 65 additional staff members as they continue with the expansion into this new sector of business endeavor

On the other hand, we can also see BlackRock, also invested on to the DFS company. The biggest asset manager in the world with $10T in assets being managed as of the beginning of 2022, also trusts the leading DFS provider.

Many big-name investors also invested in Underdog, including Kevin Durant and Odell Beckham Jr. The list of prominent people who back this project is long–including musicians like Kygo or Steve Aoki; athletes such as Trae Young of the Atlanta Hawks and Matt Dellavadova with Cleveland Cavalier also invested.