Underdog Throws Its Hat In The Ring For An Online Sports Betting License

In 2023, Massachusetts will witness the launch of online sports betting, with a total of seven licensed operators providing mobile wagering services. These operators consist of a mix of established companies and fresh faces in the industry, creating a diverse and competitive landscape.

Underdog Sports Wagering, a company based in Brooklyn, is one of the contenders for a license. Established in March 2020, this newcomer in the sports betting industry will have to work hard to compete with established players like FanDuel, DraftKings, and BetMGM.

Underdog Sports Wagering

With financial backing from 31 investors, including notable figures like Mark Cuban, Kevin Durant, Nas, Steve Aoki, and Mark Pincus, Underdog has secured a total of $45 million in funding within the last two years. Through its mobile apps and website, Underdog offers fantasy sports tournaments for its users.

In May, Underdog enhanced its executive team by appointing Stacie Stern, a former expert in government affairs at FanDuel, as the Vice President of Government Affairs and Partnerships. This strategic decision will enable Underdog to successfully navigate the complex sports betting regulatory landscape as it expands its operations to various states.

Underdog was referred to as “the most thrilling and groundbreaking company in the industry with immense potential to become a dominant player in the market,” by Stern upon her recruitment. The company proudly boasts of being “the swiftest-growing paid fantasy sports company in history.”

Massachusetts Sports Betting Operators Announce Full List of Hopefuls

States With Underdog Sports Wagering

To date, Underdog has achieved promising progress by establishing a presence in both Ohio and Colorado. In Ohio, the company obtained conditional approval to become the Cincinnati Reds’ mobile sports betting partner. Similarly, Underdog received a temporary sports betting license from Colorado on October 20th.

There are 22 other companies vying for an online sports betting license in Massachusetts. Two of these competitors already operate casinos in the state and will be granted retail sports betting licenses before mobile wagering becomes available. Underdog, as its name suggests, will face significant challenges in obtaining a license in the state due to fierce competition. Even if Underdog’s application is approved, the company will still need to struggle to gain a foothold against well-established competitors in the market.

In July, when Underdog secured its latest round of funding, Jeremy Levine, the company’s president and chairman, expressed unwavering confidence in their ability to compete without any difficulties.

The driving force behind Underdog’s success lies in their dedication to creating innovative games and providing exceptional customer experiences. As they venture into licensed sports betting, I am confident that their distinctive focus on product and experience will revolutionize the industry.

Additionally, make sure to check out: What You Can Anticipate From BetMGM Sportsbook Upon Its Launch in Massachusetts.

What’s Next

The deadline for obtaining Massachusetts sports wagering operator licenses is November 21st. The state predicts that retail sports betting will be available by late January or early February, just in time for betting on the Super Bowl. Online sports betting, on the other hand, is expected to begin in early 2023, potentially in March.