Fantasy sports operator Underdog expects to raise more than $100 million in a Series C round led by Spark Capital, valuing the company at more than $1.2 billion. Underdog said it plans to use the proceeds for product development and recruitment; the round’s completion is pending.
The proposed raise would fund Underdog’s product development and recruitment, while setting a valuation above $1.2 billion.
The day’s most important stories, free. One email a day.
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.
Kalshi sued Missouri in federal court on 27 October, seeking to block enforcement action over its sports event contracts. The company argues that it cannot obtain the state gaming licence demanded in a cease-and-desist notice and that state restrictions conflict with its claimed federal rights under the Commodity Exchange Act.
IG Group plans to launch a consumer prediction markets product in the UK as early as the current quarter through its IG Consumer division, the company said at its Capital Markets Event on 22 October. The plan follows its $1.1bn acquisition of US prediction markets and daily fantasy sports operator Underdog in July and a UK Gambling Commission licence application submitted a week before the announcement. IG expects to extend the offering to politics, entertainment and sports by early 2027.
The Ohio Casino Control Commission has told sports betting and fantasy contest licensees and applicants that providing services to prediction market operators may affect their suitability. Interim executive director Andromeda Morrison said licensees must confirm compliance with the notice by 30 October. The commission issued cease-and-desist letters to 10 prediction market companies after a Sixth Circuit ruling allowed Ohio to enforce its gaming laws against Kalshi.
The Ohio Casino Control Commission has sent a notice to sports betting and fantasy contest licensees and applicants in the state warning that providing services to prediction market operators may affect their suitability. Andromeda Morrison, the commission's interim executive director, told the seven-member Commission on Wednesday that licensees and applicants must confirm compliance with the notice by 30 October. The notice was first reported by The Event Horizon newsletter.
Underdog has filed suit against Tennessee sports betting regulators to stop them applying state gambling law to its prediction market business. This follows an 9 October cease-and-desist order from the Tennessee Sports Wagering Council, which threatened civil penalties, criminal investigations and revocation of Underdog's fantasy sports licence. Underdog argues the Commodity Futures Trading Commission has exclusive jurisdiction, and Tennessee is the seventh state it has sued, after a Sixth Circuit ruling against Kalshi in September.