IG Group chief executive Breon Corcoran said the proposed acquisition of Underdog Sports would diversify the group beyond its UK and CFD focus. The deal is valued at up to $1.3bn; IG said the combined group would derive 41% of revenue from the US, while prediction markets and daily fantasy sports would account for 27%.
The proposed acquisition could diversify IG Group’s revenue beyond its UK and CFD focus if completed.
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Reportedly, IG Group has applied to the UKGC for a sports betting licence. The application follows its acquisition of US prediction market Underdog earlier this year.
IG Group chief executive Breon Corcoran expects clarity on prediction markets sooner than previously anticipated. Corcoran said the company was prepared for a potential adverse Supreme Court ruling on sports event contracts.
PrizePicks launched PrizePicks Packs on 21 October in all 50 states and Washington, D.C., and OG.com introduced OG.com Rips eight days later, the companies said. PrizePicks offers packs priced from $1 to $2,500; OG.com offers NFL, NBA, MLB and Pokémon packs. OG.com said its product is not regulated by the CFTC.
PrizePicks launched digital card packs on Oct. 21 across all 50 states and Washington, D.C., followed eight days later by Crypto.com-affiliated OG.com.
Underdog announced it would discontinue fantasy sports drafts in seven states in favour of prediction markets. The report places the decision amid disputes over prediction markets’ legality in some states.
France's competition authority has approved Banijay's planned acquisition of casino operator Joa without conditions. The review, the authority's first of a gambling transaction spanning online and land-based operations, focused mainly on poker and concluded that the deal was unlikely to restrict competition. The authority said its assessment did not account for possible future legalisation of online casino games.