What is Underdog Fantasy?
Fast-growing fantasy sports and sports gaming platform
- Category
- Sports gaming
- Headquarters
- Brooklyn, New York
- Founded
- 2020
- Employees
- About 501-1,000 employees
- Total funding
- More than $135M disclosed
- Valuation or Status
- $1.23B valuation in 2025 Series C
What is Underdog Fantasy?
Underdog Fantasy is fast-growing fantasy sports and sports gaming platform.
Underdog Fantasy is fast-growing fantasy sports and sports gaming platform, operating in sports gaming. Underdog is a fantasy sports and sports gaming company built around drafts, pick'em contests, season-long fantasy, media, and state-by-state sports-betting products. Masters of Scale described the company as serving more than 2.4 million users before its later unicorn round.
As of June 2026, the company is best understood as a private growth company with About 501-1,000 employees, More than $135M disclosed, and $1.23B valuation in 2025 Series C. For sellers, the useful signal is where the company is concentrating spend: product velocity, compliance, data, infrastructure, customer success, and go-to-market systems that support its next stage.
What does Underdog Fantasy offer?
Underdog Fantasy offers Best Ball drafts, Pick'em contests, Season-long fantasy, Sportsbook, and related products for its market.
- Best Ball drafts· Fantasy
- Pick'em contests· Fantasy
- Season-long fantasy· Fantasy
- Sportsbook· Betting
- Media network· Content
- Mobile apps· Consumer
How does Underdog Fantasy make money?
Underdog earns money from paid fantasy contests, regulated sports betting products, and product-led consumer engagement.
Underdog earns money from paid fantasy contests, regulated sports betting products, and product-led consumer engagement. Growth is driven by active users, product velocity, state licensing, retention around sports calendars, and risk/pricing operations. The consumer product monetizes through contest entry fees, rake/hold, licensed betting economics where available, and media or partnership opportunities; it does not use a SaaS subscription price card.
Because Underdog Fantasy is private, public revenue and margin disclosure is limited unless noted in recent reporting. The practical budget signal is the company's current operating motion: hiring, new product launches, customer expansion, and financing that funds engineering, security, data, compliance, and sales capacity.
Who leads Underdog Fantasy?
Underdog Fantasy's leadership centers on Jeremy Levine and Dustin Cooper.
- Jeremy LevineFounder and CEOFounder since 2020Serial fantasy sports entrepreneur and former DRAFT founder.
- Dustin CooperChief Financial OfficerExecutive role reported publiclyFinance leader listed as Underdog CFO.
- Stacie SternSVP, Government Affairs and PartnershipsExecutive role reported publiclyLeads policy and partnership work in regulated sports gaming.
- Adam WarringtonGovernment affairs / communications leaderExecutive role reported publiclyFormer sports-betting policy executive tied to Underdog's regulatory work.
How do you contact Underdog Fantasy's leadership?
Underdog does not publish personal executive emails; use careers, press, partnership, and support channels.
Personal executive email format not verified; use underdogsports.com contact/support paths- Jeremy LevineFounder and CEOPersonal executive email format not verified; use underdogsports.com contact/support paths
- Dustin CooperChief Financial OfficerPersonal executive email format not verified; use underdogsports.com contact/support paths
- Stacie SternSVP, Government Affairs and PartnershipsPersonal executive email format not verified; use underdogsports.com contact/support paths
- Adam WarringtonGovernment affairs / communications leaderPersonal executive email format not verified; use underdogsports.com contact/support paths
How much funding has Underdog Fantasy raised?
Underdog Fantasy has More than $135M disclosed; latest valuation/status: $1.23B valuation in 2025 Series C.
Underdog Fantasy has More than $135M disclosed; latest valuation/status: $1.23B valuation in 2025 Series C. 2020: Company launch / early seed. Underdog launched after Jeremy Levine's prior fantasy sports exit. July 2022: Series B — $35M at $485M valuation. Round included funds managed by BlackRock and Acies Investment. March 2025: Series C — $100M at $1.23B valuation. Spark Capital led the round, described as a record sports-gaming venture investment. 2025-2026: Regulated-state expansion. Capital was directed toward people, product, licensed sports betting, and state expansion.
Where a round amount or valuation has not been publicly disclosed, this profile says so rather than filling the gap. The seller signal is whether the latest financing created budget for hiring, infrastructure, compliance, enterprise sales, or geographic expansion.
How did Underdog Fantasy get here?
Underdog Fantasy's milestones show its path from founding to its current sports gaming position.
- 2020Underdog foundedJeremy Levine launched Underdog after DRAFT.
- 2022Series B at $485MUnderdog raised $35M to expand paid fantasy and sports-betting ambitions.
- 2024Goldman recognitionJeremy Levine was recognized by Goldman Sachs Builders and Innovators.
- March 2025Series C and unicorn valuationSpark led a $100M round valuing the company above $1.2B.
- 2025Product and regulatory expansionUnderdog continued building licensed sports betting and fantasy sports products.
- 2026Large remote hiring footprintCareers pages listed open roles across engineering, trading, pricing, product, and operations.
Who are Underdog Fantasy's competitors?
Underdog Fantasy competes with category specialists and broader platforms serving the same buyer or user workflow.
- DraftKingsPublic sports betting and daily fantasy operator with broad state coverage.
- FanDuelLargest U.S. sportsbook and DFS competitor by market share.
- PrizePicksPick'em fantasy specialist and close product competitor.
- SleeperSocial fantasy sports app with season-long and pick'em products.
- BetrMicro-betting and fantasy operator aimed at younger sports fans.
Underdog Fantasy — frequently asked questions
