# Underdog Fantasy

**Source:** https://geo.sig.ai/brands/underdog-fantasy  
**Vertical:** Sports Tech  
**Subcategory:** Daily Fantasy Sports  
**Tier:** Challenger  
**Website:** underdogfantasy.com  
**Last Updated:** 2026-04-14

## Summary

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.

## Company Overview

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.

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.

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.

## Frequently Asked Questions

### What is Underdog Fantasy?
#2 daily fantasy sports platform — 5M+ users, 41 states + Canada, $500M projected 2025 revenue. Best Ball and Pick'em formats targeting casual and hardcore sports fans.

### How much has Underdog raised?
$70M Series C at $1.23B valuation (January 2025).

### How does Underdog differ from DraftKings?
Simpler formats (Best Ball, Pick'em) attract casual fans alongside hardcore DFS players — lower barrier to entry vs. DraftKings' traditional lineup construction.

### Is Underdog entering sports betting?
Entered Missouri live sports betting in late 2025 — signaling intent to cross from fantasy to regulated wagering where state law allows, following the DraftKings playbook.

### What is Best Ball fantasy and why is it popular on Underdog?
Best Ball is a fantasy format where managers draft a full season roster but make no weekly lineup decisions—the platform automatically starts each player's best-scoring positions each week. The format eliminates the weekly management burden, making it popular for casual fans and fantasy enthusiasts who want season-long engagement without constant lineup management.

### What is the Pick'em format on Underdog Fantasy?
Pick'em on Underdog presents players with a set of player stat projections (rushing yards, points scored, etc.) and users simply pick higher or lower for each one—a simple format that appeals to casual sports fans who want a low-barrier daily fantasy experience without building full lineups.

### In which states is Underdog Fantasy available?
Underdog Fantasy operates in 41 US states plus Canada as of early 2025, with availability limited by state-level fantasy sports regulations. States like New York, Washington, and a few others restrict paid daily fantasy sports operations.

### What sports does Underdog Fantasy cover?
Underdog offers Best Ball and Pick'em contests across NFL, NBA, MLB, NHL, college football, college basketball, PGA Tour golf, MMA/UFC, NASCAR, and soccer—covering major US professional and collegiate sports with a strong emphasis on football season programming.

## Tags

b2b, gaming, saas, media

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*Data from geo.sig.ai Brand Intelligence Database. Updated 2026-04-14.*