• Loading stock data...
Tuesday, August 26, 2025
Front Office Sports Honors winners are here! View the 2025 winners

Fantasy Sports Company Valued at $485M, Eyes Sports Betting

  • Underdog plans to launch in Ohio and Colorado in 2023.
  • The company has yet to disclose its total number of customers.
Underdog Fantasy
Underdog Fantasy

Fantasy sports company Underdog has raised $35 million in Series B funding, valuing the business at $485 million. 

BlackRock, the world’s largest asset manager with $9.57 trillion in assets under management, participated in the round, which included sports betting and tech-focused VC firm Acies Investments

The round will allow Underdog to add more than 100 new employees to its workforce, expand into the U.S. sports betting market, and build innovative licensed sports betting products. 

  • Underdog plans to launch in Ohio and Colorado in 2023.
  • The app has a $10 million NFL Best Ball tournament — the largest season-long fantasy pool ever.
  • The company has yet to disclose its total number of customers. 

BlackRock and Acies joins existing Underdog investors Mark Cuban, NFL wide receiver Odell Beckham Jr., Kevin Durant’s Thirty Five Ventures, NBA guard Trae Young, rapper Nas, and others.

Previous Round 

Underdog’s latest influx of fresh capital follows a $10 million funding round in May 2021 led by tech investor and general partner of venture fund SV Angel Kevin Carter. The round included Detroit Lions quarterback Jared Goff, ESPN’s Adam Schefter, and the Action Network.

The investment arm of Philadelphia 76ers and New Jersey Devils owner Harris Blitzer Sports & Entertainment — HBSE Ventures — also participated in Underdog’s Series A funding round.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Apr 8, 2025; Phoenix, Arizona, USA; Phoenix Suns guard Bradley Beal (3) reacts during the first half against the Golden State Warriors at Footprint Center.

Bradley Beal Agrees to Suns Buyout, Will Join Clippers

Beal is the latest star player to leave Phoenix behind Kevin Durant.

As NBA Free Agency Quiets, Focus Shifts to Potential Extensions

Shai Gilgeous-Alexander signed a four-year, $285 million extension.

Nuggets, Rockets Make Aggressive Moves to Challenge Thunder

Denver took the Thunder to seven games in the conference semifinals.
Apr 26, 2025; San Francisco, California, USA; Houston Rockets guard Fred VanVleet (5) before game three of first round for the 2024 NBA Playoffs against the Golden State Warriors at Chase Center.

Rockets Get $20 Million in Wiggle Room From New VanVleet Deal

VanVleet first signed with the Rockets in 2023.

Featured Today

‘You’re Going to Get Beat Up’: The Liberty’s All-Male Practice Squad

A select group suits up weekly to take on the defending champs.
August 24, 2025

The Honey Deuce Effect: How Tennis Perfected the Signature Cocktail

Sold every 1.5 seconds, they total more than $12 million in sales.
Dec 21, 2024; Austin, Texas, USA; Texas Longhorns quarterback Arch Manning (16) warms up as the Texas Longhorns prepare to play the Clemson Tigers in the first round of the College Football Playoffs at Darrell K Royal Texas Memorial Stadium.
August 23, 2025

Schools Are Hesitant to Allow PE Into Their Athletic Departments

Regardless of budget, schools don’t believe the risk is worth the reward.
Oct 2, 2024; Rosemont, IL, USA; Big Ten commissioner Tony Petitti speaks with the media during the 2024 Big Ten Women’s Basketball media day at Donald E. Stephens Convention Center.
August 22, 2025

‘Not Ready to Jump In’: Power 4 Commissioners Aren’t Sold on PE

Top leaders in college sports have yet to see a satisfactory proposal.

American Celebs Want to Be Sports Owners. Soccer Is Where They Start

As U.S. team prices climb, investors set their sights abroad.
April 20, 2025

Max Verstappen Linked to $300M Aston Martin Deal Ahead of Miami GP

Aston Martin is currently seventh in the constructors championship.
June 24, 2025

Timberwolves’ 4-Year Ownership Saga Ends As A-Rod, Lore Take Over

The unanimous approval brought a clean end to a long-disputed transaction.
Sponsored

Building A Pro League From Scratch

Front Office Sports and Gainbridge® spotlight what it takes to build a professional women’s soccer league.
March 27, 2025

Peyton Manning’s Omaha Productions Gets PE Boost

The Hall of Famer’s company gains another prominent backer.
March 20, 2025

High School Sports Power Signs Eight-Figure Rights Deal in First

The deal pays roughly $1 million annually, FOS has learned.
March 20, 2025

Maxx Crosby’s Agent: Edge Rushers Set to Dominate NFL’s Non-QB Market

Maxx Crosby just signed a three-year, $106.5 million extension.
March 4, 2025

Eagles Make Saquon Barkley NFL’s Highest-Paid Running Back Ever

Barkley is coming off a historic 2024 season with the Eagles.