Underdog raises $35 million to bet on sports

Underdog raises $35 million to bet on sports

The business was valued at $485m in the round, which included funds and accounts managed by BlackRock and Acies Investments.

Existing investors include billionaireentrepreneur Mark Cuban, professional basketball player Kevin Durant, American football star Odell Beckham Jr., and former Paddy Power Betfair chief executive Breon Corcoran.

Underdog intends to hire more than 100 new employees as part of its wider expansion plans, while the funds will go towards building licensed sports betting products.

Underdog believes that building quality products and putting customers first is a winning recipe, according to president and chairman Jeremy Levine.

We are excited to continue to innovate and build new experiences from the ground up in fantasy, sports betting, and adjacent spaces. This funding round will allow us to continue to build.

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 customer acquisition and retention success is the best in class, which is leading to competitive advantages.

Underdog’s success is driven by the company’s focus on building new, innovative games and delivering amazing customer experiences. I believe that the unique focus on product and experience will change the industry as the company moves into licensed sports betting.

Plans to move into the sports betting sector were first announced last year, with Underdog acquiring GOAT Gaming in September.

The Coingaming group and its Sportsbet.io brand are using risk management technology from GOAT Gaming. It also offers odds creation, account management, and event management technology.

Summary:

US-based sports betting startup Underdog has raised $485 million in a funding round led by BlackRock and Acies Investments. Underdog said the funds would go towards its plans to begin building licensed sports betting products, while it also intends to hire more than 100 new employees as part of its wider expansion plans.