Underdog Fantasy Gets Long List of Backers to Fund $10M Investment

Posted on: Might 3, 2021, 11:37h. 

Final up to date on: Might 4, 2021, 12:44h.

Underdog Fantasy introduced on Monday it secured $10 million in investments after which the fantasy sports activities operator threw a celebration on-line to have fun.

Underdog Fantasy sports
Kevin Durant of the Brooklyn Nets has been a cornerstone to many fantasy basketball groups throughout his profession. On Monday, Underdog Fantasy introduced that Duran is amongst a slew of different athletes, entertainers, and enterprise leaders who’ve come collectively to speculate a complete of $10 million within the rising Brooklyn-based fantasy sports activities firm. (Picture: Getty Pictures/NBA.com)

The Brooklyn-based firm additionally introduced it could provide a $3.5 million season-long fantasy soccer match, with the winner getting $1,000,001. The match is run in Underdog’s “Greatest Ball” format, which is one in every of 4 video games it at the moment gives.

Within the “Greatest Ball” format, crew house owners draft a crew of 18 gamers after which let it trip on auto-pilot for the season, as there are not any trades or releases allowed. The gamers who earn probably the most factors at every place will accrue factors for the proprietor’s crew. Which means the proprietor gained’t should frantically set his or her lineup at 12:58 pm ET one Sunday as a result of they forgot till the final minute to exchange a beginning working on a bye week earlier than they went together with his or her important different and their mother and father for brunch.

Moreover season-long tournaments, Underdog additionally gives weekly multi-player “Battle Royale” video games, every day multi-player fantasy video games, and single-player every day fantasy. The latter is an over-under decide’em parlay-style recreation a participant picks between two and 5 athletes and wins cash if every decide is right.

Athletes, Rappers, Enterprise Leaders Amongst Traders

The $10 million in funding comes from an virtually surreal checklist of people. It contains Dallas Mavericks proprietor and Shark Tank investor Mark Cuban, former Paddy Energy Betfair CEO Breon Corcoran, and enterprise capitalist Kevin Carter.

Carter beforehand invested in DRAFT, a fantasy sports activities recreation based by Underdog Chairman and co-founder Jeremy Levine.

Kevin Carter was the pure selection to guide our spherical, as he was the primary investor in my final firm whereas he was at SV Angel and believed in us earlier than anybody else did,” Levine stated.

The investor checklist additionally options athletes like Kevin Durant (with Wealthy Kleiman’s Thirty 5 Ventures), Jared Goff, Matthew Delladova, and Wilson Chandler. It additionally contains musical duo The Chainsmokers (with Mantis VC) and rappers Nas, Future, and Gunna. There’s additionally ESPN NFL insider Adam Schefter, in addition to representatives from the gaming world, together with Eilers & Krejcik, founders of SimpleBet, Fantasy Labs, Roto Grinders, and Motion Community.

Others pitching in embrace Bleacher Report host and Louisville sports media legend Adam Lefkoe.

Lefkoe, Schefter, and The Chainsmokers had been amongst these becoming a member of the Underdog founders and crew for an hours-long on-line occasion to herald the event.

Underdog Amongst Fantasy Innovators

Underdog, which held its first “Greatest Ball” match final yr, is a part of an rising group of fantasy sports activities operators which have remodeled the style. Others within the business embrace Guillotine League, which options NFL leagues the place all gamers play in opposition to one another every week and the bottom level complete for that week is eradicated.

As well as, like Underdog, PrizePicks and Monkey Knife Combat present sports activities betting-styled video games geared primarily, although not essentially solely, for individuals who reside in jurisdictions the place licensed sportsbooks aren’t allowed to function.

That has led to important funding within the firms in current months. In January, Bally’s Corp. bought Monkey Knife Combat, whereas like Underdog, PrizePicks has landed funding from the likes of poker professional Phil Hellmuth, former baseball slugger Andruw Jones, and former NBA participant Andrew Bogut.

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