Underdog raises $35m for sports betting expansion

Pay-to-play fantasy sports platform Underdog has announced plans to expand into traditional sports betting after raising $35m.

Underdog now has a valuation of $485m following a Series B round led by BlackRock and Acies investment.

Both companies join a portfolio of investors with a vast knowledge and expertise in sports, gaming and entertainment.

President and chairman of Underdog Jeremy Levine said: “Since the start of Underdog we’ve believed that building quality products and putting customers first is a winning recipe.

“We’re excited to continue to innovate and build new experiences from the ground up in fantasy, sports betting, and adjacent spaces.

“This funding round gives us the fire power to continue to build, and build we will. We’re thrilled that funds and accounts managed by BlackRock are participating in our Series B as we continue towards our vision.

“Our players, and players of the future, are going to be delighted by the experiences they’ll be able to enjoy exclusively on the Underdog platforms.”

A wealth of sporting high-achievers have already invested in the platform including Dallas Mavericks owner Mark Cuban and National Football League wide receiver Odell Beckham Jr.

Gambling and gaming investors also include former Paddy Power Betfair chief executive and Zynga founder Mark Pincus.

The money will be used to consolidate its position in daily pay-to-play fantasy sports gaming as well as employ more than 100 new employees and it expands into licensed sports betting.

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Updated: 07/28/2022 — 10:00