Underdog bought by IG Group for up to $1.3 billion. Thursday, July 30, 2026 2:54 PM * Matthew Waters, Legal Sports Report Email, LinkedIn, and more IG Group is buying Underdog for a total consideration of up to $1.3 billion, the London-listed financial technology company announced Thursday afternoon. Upfront consideration is $1.1 billion partially paid in IG Group shares along with a $200 million earnout payable to shareholders. The decision comes out of IG Group's strategic review launched in March as the company sought to build a global trading, investing and entertainment platform. IG intends to more than double U.S. revenues by growing U.S. monthly actives more than tenfold, according to the announcement. The hope is for Underdog to become a "coherent customer funnel" that can turn sports and prediction markets customers into "active trading and derivatives on financial markets."

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Underdog debuts prediction market on in-house exchange. Posted on: July 18, 2026, 01:48h. Last updated on: July 18, 2026, 01:48h. Key points. * Underdog joins internal exchange party in prediction market industry * The company was the first sports gaming firm in the U.S. to provide prediction market access * It previously routed event contract trades through other exchanges Underdog, the sports gaming company that disrupted daily fantasy sports (DFS), today launched a wholly-owned prediction market exchange, meaning the company can control more of the economics related to the trading of event contracts. The announcement arrives about four months after the gaming operator announced the acquisitions of Aristotle Exchange DCM, Inc. and Aristotle Exchange DCO - moves that paved the way for Underdog to feature federally regulated prediction markets. The Aristotle entities were a Designated Contract Market (DCM) and a Derivatives Clearing Organization (DCO) regulated by the Commodity Futures Trading Commission (CFTC). CFTC regulation is essential for companies like Underdog because that entity oversees prediction markets in this country. Vertical integration all the rage in prediction markets. Last September, Underdog launched its prediction market through a partnership with Crypto.com, becoming the first regulated DFS or sportsbook operator to join the prediction market party. In the following months, the company inked other deals with yes/no exchanges. That model has been employed by other gaming and financial services companies in the prediction market space, but it's one that could go by the wayside as more operators see value in vertical integration. That movement is already afoot. As just one example, prior to the Underdog news, DraftKings (NASDAQ: DKNG) launched its DKeX exchange, giving it greater economic control over transactions on DraftKings Predictions. In addition to possessing the DCM and DCO permits, privately held Underdog "is also a registered Futures Commission Merchant (FCM), making it the first sports company with the complete prediction market license stack." "Now with our own exchange, we're going to unlock so much for more sports fans. Prediction markets are largely about sports, and Underdog is the best at sports," said CEO and co-founder Jeremy Levine in the statement. Underdog already a prediction market force. Given its expertise and history, Underdog makes for a logical purveyor of sports event contracts and other yes/no derivatives. Perhaps surprising some industry observers, the company is quietly cobbling enviable positioning in the space. Since last September, Underdog's notional prediction market volume is nearly $6.5 billion, good for third among U.S. operators and putting the company ahead of some well-known rivals. Underdog's prediction market is not available in 13 U.S. jurisdictions, including Nevada and Washington, D.C. Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at [email protected].