park’s investment underscores market confidence in Underdog’s continued growth and potential. It marks the sports gaming industry’s largest investment from a top-tier Silicon Valley venture capital firm.

Underdog’s focus is creating the best experience for American sports fans, which has driven the company’s rapid growth. In an industry dominated by third-party software and platforms originally designed for international markets, Underdog is the only top operator in sports gaming built on its own technology, providing a unique ability to create innovative products and the best customer experience.

As Underdog continues its rapid growth, the funding will primarily allow the company to further invest in creating the best products for sports fans in the U.S. and continuing to bring top-tier talent into the company.

“Spark’s investment is a real accelerator,” said Jeremy Levine, CEO and founder of Underdog. “We’re going to continue to invest in people and product – and as fast as we can. There is so much more to build, and we’re going to keep building.”

Founded in 2020, Underdog has become a dominant player in sports gaming with nearly four million customers nationwide and is now the fourth most downloaded sports gaming app in the U.S., measured by including all sports betting and fantasy sports apps.

Underdog’s comprehensive offering combines original fantasy sports games and sports betting options with breaking news coverage and a growing roster of original sports programming, including shows like Gil’s Arena, which is now the fifth-largest daily sports show in the country, measured across all mediums.

“This investment fits Spark’s philosophy of backing products we love from creators we admire,” said Will Reed, General Partner at Spark Capital. “Underdog has proven they can win where it matters most: product. They’ve also shown they can attract top talent from gaming, tech, and sports. Their unwavering focus on product and customer experience is why they’ve emerged as the most innovative player in sports gaming. We see massive opportunity ahead and are thrilled to be on the journey with them to make sports more fun.”

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PrizePicks is the first and only fantasy sports operator to receive the recognition. iCAP certification is granted to operators that meet the NCPG’s high standards for responsible gaming and consumer protection practices.

“This certification is a powerful recognition of the culture we’ve built at PrizePicks, and an incredible honor that underscores our unwavering commitment to putting player safety first,” said Mike Ybarra, CEO of PrizePicks. “I want to extend my sincere thanks to the NCPG for their thorough evaluation, and to our exceptional team for setting the bar as an industry leader in responsible gaming.”

Developed by the NCPG, iCAP is the leading online responsible gaming assessment program in the United States. The rigorous certification process involves an independent, comprehensive review of an operator’s responsible gaming policies and practices, spanning Know Your Customer (KYC) protocols, staff training programs, work culture, consumer protection measures, RG tool offerings, customer service standards, and regulatory compliance. The NCPG’s evaluation of PrizePicks ensured alignment with the highest Internet Responsible Gaming (IRG) standards, drawing from best practices across jurisdictions worldwide.

“We are proud to recognize PrizePicks as the first daily fantasy sports operator to receive iCAP accreditation,” said Jaime D. Costello, Director of Programs at the National Council on Problem Gambling. “This achievement highlights their unwavering commitment to player protection and promoting positive play, setting a new benchmark for excellence in the industry.”

PrizePicks collaborates with top-tier industry leaders in responsible gaming, compliance, and mental health, including Kindbridge Behavioral Health, Socure, EPIC Global Solutions, Xpoint, and IC360. These strategic partnerships enhance the suite of responsible gaming tools available to players on the PrizePicks platform, ensuring a comprehensive and robust approach to player safety and well-being.

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The 26-page complaint centers around Underdog Fantasy Pick’em, a game that enables users to place over/under bets on the performance statistics of professional athletes. 

Underdog markets Pick’em as an interactive fantasy sports contest, which New York’s Racing and Pari-Mutuel Wagering & Breeding Law defines as a “game of skill,” the lawsuit says. The state law specifies that fantasy sports are skill-based competitions because contestants compete against each other using their knowledge and expertise of a particular sport to create imaginary teams of professional athletes, the case relays. The “winner” of a fantasy sports contest hinges on the real-world performance metrics of these athletes, the filing explains. 

According to the suit, however, Underdog’s Pick’em games are neither interactive nor fantasy. They are illegal games of chance, the case contends. 

Per the complaint, Pick’em participants compete against the house, which sets sophisticated betting lines that give it the best chance of making money. 

“Consumers cannot rely on their skill and knowledge to gain a competitive edge over other players because they are not competing only against other players,” the filing asserts. “Rather, they are competing against a multi-million dollar corporation that would fail if consumers were simply able to win based on skill and knowledge alone.” 

What’s more, the case says, Pick’em players do not pick a fantasy team that “competes” against other contestants. Instead, outcomes are based on predictions about the performance of particular athletes, the suit shares. 

“[J]ust as with any other wager, consumers in Pick’em contests are placing wagers on the likelihood of a future contingent event—e.g., whether basketball player x scores y points in z game—over which the consumer has no control,” the Underdog Fantasy lawsuit claims. 

The complaint alleges Underdog is illegally operating sports betting without a license and, as a result, sidestepping New York’s strict regulatory framework designed to monitor legalized gambling. 

“Without regulation, illegal sports books are able to mislead the public, including duping consumers into thinking they are not engaging in the highly addictive behavior of gambling when they are, creating betting lines with extremely poor odds of winning, misrepresenting consumers’ chances of winning, and ultimately collecting money from consumers who do not realize the implications of their bets,” the filing states. 

The lawsuit looks to represent anyone in the United States who lost money by wagering in Pick’em style betting on mobile platforms provided by Underdog.

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The company has invested $25 million in the new headquarters and will expand its workforce by 1,000 new jobs over the next seven years.

“Georgia continues to be a driver of tech growth and innovation, attracting innovative companies with its unique mix of talent and infrastructure,” said Governor Brian Kemp. “Today’s announcement is a reminder of our strength in both welcoming new projects as well as creating an atmosphere where existing businesses can expand and thrive. I look forward to seeing the impact of these thousand jobs on the Atlanta community.”

PrizePicks is the fastest-growing sports company in North America, according to the Inc. 5000 2023 rankings. The company was named a top 10 innovative company by the Technology Association of Georgia in 2023 and was recognized as a Top Workplace by the Atlanta Journal Constitution.

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Underdog Fantasy now offers pick’em games in 35 states, though the product’s mechanics have shifted significantly in around half of those states. The company operates player-versus-house contests in just 19 states but has added a peer-to-peer version, branded Champions, in 16 others.

The format allows users to compete directly against one another rather than against the house — a distinction regulators often use to determine whether a product qualifies as sports betting.

While less profitable for operators, the shift has enabled Underdog to maintain a presence in more states, while offering a product similar to parlays, which now make up 48% of all sports bets, according to Morgan Stanley.

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In a statement DraftKings said it will no longer be accepting new paid users in the UK and existing users will no longer be able to enter paid contests.

We have contacted all users who can login and withdraw their account balance. We encourage our UK users to continue playing free contests and our season-long offerings on the global app alongside other sports fans around the world.

Free contests will be the only contests available on the UK platform going forward. Player balances will subsequently be available for withdrawal, but there’s no compensation for accrued loyalty points.

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This marks the second consecutive year Underdog has made LinkedIn’s top startups list.

Underdog is the only sports gaming company to make the list in 2024, and is the only sports gaming company to make LinkedIn’s list since Underdog’s founding in 2020.

LinkedIn’s annual startup rankings are based on LinkedIn data across four categories: employee growth; jobseeker interest; member engagement within the company and its employees; and incoming talent from LinkedIn. To be eligible, companies must be fully independent, privately held, have 50 or more full-time employees, be five years old or younger and be headquartered in the United States.

“Underdog was founded with innovation at its core, and we have a relentless focus on one mission: build new products that make sports more fun for fans, and we are building faster and faster every day,” said Jeremy Levine, founder and CEO of Underdog Fantasy. “We are seeing the results, and so are those in the industry who know and it’s why we’ve seen a flood of top talent from some of the biggest companies in our industry and beyond come to Underdog in the last year. We are extremely proud of what we have built and this recognition from LinkedIn is a testament to the work put in by everyone at Underdog.”

This past year has seen Underdog expand its fantasy sports offerings, now played in 41 states, and launch its first sports betting app, in the state of North Carolina, with plans to add more sports betting states. Underdog continues to see massive growth in its highly successful media content network, which now boasts the fifth-largest daily sports show in the U.S., across all platforms, and has seen major additions this year to its roster of programs, including a partnership with eight-time Super Bowl Champion coach Bill Belichick.

A steady influx of sports gaming veterans and innovators from top operators have joined Underdog this year to lead and execute the company’s massive ambitions, and today’s ranking from LinkedIn only further confirms the company’s position as an emerging leader in the industry.

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The new game allows fans to choose one player projection per day to build a streak of winning picks to compete for an opportunity to win up to $1M. Streak will debut in 13 jurisdictions including New York, Ohio, New Jersey and Pennsylvania, expanding the company’s footprint in key markets across the country.

“Our goal at PrizePicks is to lead the online gaming industry by offering innovative new game types that exceed the expectations of our members and give them new ways to play,” said PrizePicks CEO Mike Ybarra. “Streak adds to our growing list of contests and allows us to reach even more sports fans across the country.” 

Streak offers an easy to navigate interface where members swipe through 10 player cards to make their free daily pick. As members build a streak of winning selections, they are awarded a free four-pick lineup to use on the full PrizePicks pick ‘em contest board to win preset payouts based on the length of the winning streak. If a player makes 32 consecutive correct predictions on Streak, they will have the opportunity to win a $1M prize.

“Following the successful launch of Arena earlier this year, it’s exciting to introduce another new product to our members,” said Brian Huss, VP of Innovation, PrizePicks. “Streak undoubtedly enhances the sports viewing experience in a fun, engaging manner and we look forward to adding new features for our members to enjoy.”

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A spokesman for Underdog Fantasy confirmed Mississippi pick’em contests are no longer offered in the state and declined to comment further. Other media that Underdog did not have a permit to operate interactive fantasy sports in New York.

Underdog operated daily fantasy sports and pick’em games, which offer wagering contests nearly identical to parlay bets offered on licensed mobile sports wagering sites in Mississippi, exposing an apparent loophole in the fantasy sports law.

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The announcement comes in the wake of new licensing rules set forth by the New York Gaming Commission, compelling PrizePicks to reevaluate its service offerings within the state. As a result, the Atlanta-based company will temporarily suspend its traditional ‘Pick’Em’ games, shifting its focus to free-to-play options for New York customers.

In the face of these changes, PrizePicks remains optimistic and is actively pursuing a new license to resume paid contests. The company plans to introduce fresh and innovative fantasy games that promise larger prizes and more exhilarating ways to play and win.

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