Underdog Sports, a fantasy sports gaming company, has been awarded a license to operate by the Ohio Casino Control Commission as an online sports betting provider. It will begin providing services as soon as the Buckeye State launches legal wagering in 2023.
Underdog Fantasy offers daily and season-long fantasy contests that include Best Ball, Daily Drafts and Pick’em. It has expanded into the prop market, having unveiled Pick’em options for the NFL, NBA, MLB, NHL, MMA, golf, boxing and eSports.
In addition to plans to deliver its differentiated sports betting platform to users in Ohio, Underdog has reached an agreement with MLB’s Cincinnati Reds to be the team’s market-access partner.
Underdog President and Chairman Jeremy Levine commented: “Today marks a significant milestone in Underdog’s history and we’re thrilled to have been granted a license to operate in Ohio.
“We’re building a unique, immersive sports betting platform and our partnership with the Cincinnati Reds will create an immediate channel to users in the state once our products are unveiled.”
Ohio is just the latest state where Underdog is aiming to roll out its real-money sportsbook in the upcoming years. In July, it received $35m in Series B funding with the company being valued at $485m at that time.
The upstart company has received investment from big names such as Mark Cuban, Kevin Durant and the ex-CEO of Paddy Power Betfair Breon Corcoran. These companies and individuals join the company’s initial investors, BlackRock and Acies.
Acies Co-Founding Partner Chris Grove commented: “Underdog's success is driven by the company's focus on building new, innovative games and delivering amazing customer experiences.
“As the company moves into licensed sports betting, I believe the unique focus on product and experience will reshape the industry."
