Tuesday September 26, 2023
The Best Employers in Sports Survey is Now Open!

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
Front Office Sports Today

Writer’s Strike End a Boon for Sports Networks, Agencies

We delve into the potential long-term impact of the five-month strike.
Listen Now
September 26, 2023 | Podcast
Copy Link
Link Copied
Link Copied

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.

Copy Link
Link Copied
Link Copied

What to Read


NHL’s Chris Foster on Amplifying Content Distribution With Automation

Learn how the NHL is using WSC Sports to increase fan engagement.

How Daktronics Helps Elite Athletic Programs Secure Top Talent

How colleges are utilizing Daktronics' displays to elevate recruiting.

WBD Pursues ‘Different’ Strategy For Sports on Max

Company to place all of its live sports on new streaming tier

Colorado's Epic Victory Sets New ESPN Prime Time Viewership Record

Coach Prime Deion Sanders delivered in prime time on ESPN.
podcast thumbnail mobile
Front Office Sports Today

Writer’s Strike End a Boon for Sports Networks, Agencies


Featured Today

NFL's Swift Mania Starting To Show Impact Through Merch Sales, Viewership

Taylor Swift stole the NFL's spotlight by attending Sunday's Chiefs game.
First Take vs. FS1
September 26, 2023

Sharpe: 'First Take' Would Still Beat 'Undisputed' Without Stephen A.

Even if Smith leaves, Sharpe said he will still beat Skip Bayless in the ratings.
September 25, 2023

Oakland-MLB Relationship Devolves Into Next-Level Toxicity

Commissioner, mayor have very different accounts of July meeting
Jacksonville Jaguars Team President Mark Lamping addressed community members at Strings Sports Brewery on Main Street for the first of 14 planned town hall sessions to present the team's plans for the new "stadium of the future" complex and address the public concerns.
September 25, 2023

Jacksonville Jaguars President Walks Back Stadium ‘Threat’

"Viewing those comments as a threat to leave Jacksonville isn't correct."


Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Chicago Cubs
New York
Tri Star Sports and Entertainment Group, Inc.
USA - Multiple Locations

Panini Picks Up Legal Win, Will Still Make WWE Trading Cards

New York judge denies WWE's bid for restraining order
September 25, 2023

Hollywood Writers' Deal Would Boost Sports Networks and Agencies

Several major sports media entities, talent agencies exposed to strike's effects
September 21, 2023

TKO Makes First Big Move After WWE-UFC Merger

Investors drop TKO shares by 15% following SmackDown rights deal
Deion Sanders
September 19, 2023

Deion Sanders' Sunglass Tiff Nets Eyewear Company Nearly $4.5 Million

Sanders has Midas touch for sunglasses sponsor Blenders.
September 15, 2023

Goldman Sachs Opens Door For Clients To Invest In Sports Teams

Firm initiative opens new opportunities for wealthiest clients
An Everton player displays shirt sponsor Stake.com, a gambling company, during a match.
September 15, 2023

Everton Acquisition By 777 Partners Extends U.S. Presence in Premier League

American entities now control half of Premier League clubs
September 12, 2023

TKO $21B Merger Closes With Aggressive Ambitions

Newly created company looks to accelerate existing growth trajectory
September 7, 2023

Pinault Completes Landmark $7B Acquisition Of CAA

Major talent agency now in control of French billionaire