Underdog Fantasy

Challenger

Raised $70M Series C at $1.23B valuation (Jan 2025). ~$500M projected 2025 revenue. 5M+ users. 4th most downloaded sports app in the US. 41 states + Canada.

Daily Fantasy Sports
Visit Website
Updated April 2026
Customers
5M

Company Overview

About Underdog Fantasy

Underdog Fantasy is the #2 daily fantasy sports platform in the United States, operating in 41 states and Canada with over 5 million registered users and approximately $500 million in projected 2025 revenue. The company raised $70 million in Series C financing at a $1.23 billion valuation, cementing its position as the first credible challenger to DraftKings in daily fantasy — a market previously dominated by DraftKings and FanDuel.

Business Model & Competitive Advantage

Underdog's product differentiation centers on Best Ball (season-long automated lineup) and Pick'em formats that are simpler and more approachable than traditional daily fantasy lineup construction, attracting casual sports fans alongside hardcore DFS players. The Pick'em format in particular has driven significant user growth among younger sports bettors who prefer prediction-style gaming over full lineup building.

Competitive Landscape 2025–2026

In late 2025, Underdog entered Missouri's live sports betting market, signaling an intent to cross from fantasy into regulated sports wagering in states that allow it. This adjacency — fantasy-to-betting conversion — mirrors the DraftKings playbook and gives Underdog a potential path to significantly higher revenue per user. With strong brand loyalty among 18-35 male sports fans and expanding state licensing, Underdog is positioned to capture market share as sports betting continues its US state-by-state rollout.

Revenue
$70M
Customers
5M
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Key Differentiators

Strong Challenger

Underdog Fantasy is an established challenger with significant market presence and competitive offerings in Sports Tech.

Massive User Base

Trusted by 5M worldwide, demonstrating broad market appeal and proven reliability.

Frequently Asked Questions

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