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Founded
2020-01-01 in United States
Headquarters
New York, New York, USA

Underdog (Underdog Sports, Inc.) is a U.S.-based sports technology company that operates a rapidly growing fantasy sports and event‑contracts platform. Founded in 2020 by Jeremy Levine, Brandon Stakenborg, and Trevor John, the company initially focused on season‑long fantasy drafts and pick‑’em contests. It quickly gained traction by offering a mobile‑first user experience, creative contest formats, and aggressive customer acquisition bonuses. By 2024, Underdog became the first company to launch a CFTC‑regulated sports prediction market in the United States through its wholly‑owned subsidiary, Underdog Predict. This market allows customers to trade event contracts on the outcomes of professional sports, regulated by the Commodity Futures Trading Commission (CFTC) and executed on a CFTC‑registered designated contract market (DCM). In 2025, Underdog raised a $70 million Series C funding round led by Spark Capital, valuing the company at more than $1.2 billion and cementing its status as a unicorn in the sports technology space. The platform is available in 49 U.S. states, Washington D.C., and all Canadian provinces except Ontario. With over $2 billion in customer winnings paid out, Underdog has carved out a significant niche by blending traditional fantasy sports elements with regulated event‑based trading.

Detailed Review

Business Model and Products

Underdog operates two main businesses: a traditional fantasy sports product (Underdog Fantasy) and a CFTC‑regulated event‑contracts exchange (Underdog Predict). The fantasy side offers season‑long drafts, pick‑’em challenges, and “chaos” entry formats that allow users to combine player and team picks in creative ways. The event‑contracts side, which launched in 2024, enables customers to trade “yes/no” contracts on sports outcomes (e.g., spreads, totals, moneylines) in a manner that classifies the transactions as derivatives rather than traditional sports wagers. This structure provides a regulated alternative to sportsbooks in states where sports betting is not yet legalized.

Customer Acquisition and User Experience

Underdog’s customer acquisition has been aggressive, leveraging a “Play $5, Get $50” introductory offer and a referral program. The company claims to have paid out over $2 billion to customers and maintains high ratings on app stores (e.g., 4.8 stars from over 230,000 reviews on the Apple App Store). The user interface is widely praised for its clean design and ease of use.

Leadership and Growth

Underdog has made key executive hires to support its expansion. In September 2025, it announced the appointment of Rishi Garg as Chief Financial Officer (CFO) and Kimberly Pointer Corbett as Chief Marketing Officer (CMO), signaling a focus on financial discipline and brand building as the company moves into its next growth phase. The company also formed a strategic partnership with Crypto.com’s U.S. derivatives arm in September 2025 to broaden its reach in sports event contracts.

Regulatory and Competitive Landscape

Despite its success, Underdog faces regulatory scrutiny. The CFTC’s approval of its prediction market was a landmark, but the company must navigate a patchwork of state laws regarding both fantasy sports and event contracts. Competitors include DraftKings, FanDuel, and PrizePicks, but Underdog’s unique regulated‑exchange model gives it a distinct differentiation. The company’s culture is described as product‑obsessed, and its leadership has emphasized building “games and content to make sports more fun for fans in America.” With substantial capital and a clear regulatory strategy, Underdog is positioned as a disruptive force in the $150‑billion global sports betting industry.

Key Products

  • Underdog Fantasy

    The flagship fantasy sports product offering season‑long drafts, pick‑’em challenges, and “chaos” entries. Users select players or teams and combine them into parlay‑style entries to win prizes based on real‑game performance. Available in most U.S. states and Canada (excluding Ontario).

  • Underdog Predict

    A CFTC‑regulated event‑contracts exchange launched in 2024. Customers trade contracts on spreads, totals, moneylines, and other sports outcomes. Powered by UDM Services, LLC and executed on CDNA, a registered DCM. Available in states where traditional sports betting is not yet legal, and in Canada (excluding Ontario).

  • Underdog Pick’Em Champions

    A free‑to‑play weekly pick‑’em game with cash prizes, part of the Underdog Fantasy ecosystem.

  • Underdog Drafts

    Traditional season‑long fantasy drafts (snake, auction) offered on the platform for major sports leagues.

Offices & Headcount

300 employees (approx.)

Key Persons

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