Fantasy sports operator Underdog Fantasy has announced that it raised $35 million in its latest round of fundraising resulting in a company valuation of $485 million.
Company hopes to launch first sports betting product in Ohio on January 1st, 2023
In a press release announcing the latest investment milestone, the company also revealed that it is preparing to enter the highly competitive US sports betting market.
According to company founder Jeremy Levine, the company hopes to leverage its existing fantasy sports players into full-time sports bettors. In the release, Levine said:
Underdog Fantasy Raises $35 Million in Funding as it Prepares for Sports Betting Launch“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.
Underdog Fantasy Raises $35 Million in Funding as it Prepares for Sports Betting Launch
Underdog Fantasy Raises $35 Million in Funding as it Prepares for Sports Betting Launch“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 is best in class. Underdog’s success is driven by the company’s focus on building new, innovative games and delivering amazing customer experiences. As the company moves into licensed sports betting, I believe that the unique focus on product and experience will reshape the industry.”
Underdog recently partnered with the Cincinnati Reds to become the team’s official sports betting partner and hopes to launch its sports betting product in the state on January 1st, 2023.
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