Underdog To Launch Sportsbook App in Ohio

In January, Ohio is going to the dogs. 

Underdog Sports — the groundbreaking daily and season-long fantasy startup — will be hoping to venture into the sports wagering industry by opening its first mobile sportsbook when the Buckeye State legalizes sports betting in January 2023.

Ohio House Bill 29 was signed into law by Governor Mike DeWine in December 2021 allowing casinos, sports teams, stadiums, bars and restaurants to apply for gambling licenses while also legalizing mobile betting apps within state borders. Sports betting at both in-person locations and on mobile apps will be legal in Ohio beginning Jan. 1, 2023.

On September 6, nine sports betting entities were considered for licensure at the Ohio Casino Control Commission meeting. The usual suspects and industry giants have already moved in; BetMGM, Caesars, FanDuel, DraftKings and PointsBet. Now Underdog has thrown its name into the ring as it looks to continue to be a disruptive force in the sports gaming industry.

According to Emily DeLetter of the Cincinnati Enquirer, Underdog has partnered with the Cincinnati Reds, who were just recently approved for a sports gaming license by the Ohio Casino Control Commission, as its official mobile sports betting service provider. The partnership gives Underdog Sportsbook a massive boost in its launch, and a household name to latch onto as it tries to gain its footing in the sports betting industry.

Underdog has made headlines for its massive company growth, generating over $35 million in funding from high-profile investors such as Kevin Durant and Mark Cuban, increasing its company valuation to $485 million and hiring nearly 100 new employees in preparation for its leap into the sports betting space. The company also has plans to open a second sportsbook in Colorado later in 2023.

In a 2021 interview with Jeff Edelstein of Sports Handle, founder of Underdog Jeremy Levine, has set his company goal of providing a more immersive live betting experience for users. He stated that Underdog Sportsbook will try to create “a whole new live betting experience that doesn’t feel like the static sportsbook experience in the industry.”

Levine also claimed that Underdog is more interested in an immersive sports gaming experience, not just a sportsbook. He made it clear that he is interested in changing the playing field for sports bettors, and plans to offer a plethora of sports betting adjacent products including March Madness bracket challenges, Survivor pools, Super Bowl squares and even casino games like poker.

“It’s always been a view of ours that winning companies in this space should have multiple pieces, multiple platforms,” said Levine. “It’s very clear to me the biggest companies in the space need the full suite of platforms. And we believe we can build this better than anyone else.”

Levine has made it clear that he intends for Underdog Sportsbook to be different from the rest of the players in the sports wagering industry. “Basically, everyone is targeting the same customers with the same offers, with the same product, built on the same third-party platforms,” Levine explained. “There’s an opportunity to build something way more interesting and unique.”

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History Of Underdog

Underdog was founded by Jeremy Levine in February of 2020. Also the founder of StarStreet (acquired by DraftKings) and Draft (acquired by Paddy Power BetFair, owners of FanDuel), Levine has made Underdog a household name in fantasy sports, specializing in “Best Ball” contests, season-long contests that require no in-season maintenance and rely primarily on the fantasy draft experience.

Underdog grew in popularity quickly, and investors took notice. In May 2021, Underdog announced investor funding of $10 million, with pop culture icons like Kygo and The Chainsmokerz and professional athletes such as Jared Goff among those who bought into the company’s growth. That fall, Underdog leveraged its newly-acquired capital to purchase GOAT Gaming, a betting tech platform that would enable the company to enter the sports wagering market. In 2021, Underdog added player prop parlays to their platform, dipping their toes into the sports betting waters. 

Fast forward to July 2022, Underdog announced a second round of investor funding, this time totalling $35 million in contributions. The significant acquisition of funding raised the company’s valuation to a staggering $485 million entering the 2022 NFL and college football season. 

The move allowed for the company to dive headfirst into the sports betting industry, paving the way for its first mobile sportsbook, set to potentially open in Ohio in January 2023.

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