Underdog launched its own prediction market exchange in the US, the company said. The platform operates within the Underdog app and follows its March acquisition of Aristotle Exchange’s designated contract market and clearing organisation. Underdog also holds Futures Commission Merchant registration, the source reported.
The launch gives Underdog customers access to prediction markets through its own exchange.
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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.
IG Group plans to launch a consumer-facing prediction markets product in the UK through its IG Consumer division as early as the current quarter, the company said at its Capital Markets Event on 22 October. The plan follows IG Group's $1.1bn acquisition of US prediction markets and daily fantasy sports operator Underdog in July. IG applied for a UK Gambling Commission licence one week before setting out the strategy.
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%.
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.
Prediction markets are competing for sports betting customers as the NFL season approaches. The report identifies Kalshi and Polymarket as competitors to FanDuel and DraftKings.
Reportedly, Novig and Underdog are expanding their multi-leg prediction market offerings in the USA. The outlet identified these combinations as an increasing source of activity in sports prediction markets.