IG Group agrees to buy Underdog for up to $1.3 billion
The deal gives IG a US prediction-market exchange, while tying another $850 million for employees to steep profit targets.
By Ryan Merket · Published
Primary source: Reuters
Why it matters
IG is paying for Underdog's federally regulated exchange and sports audience, betting that prediction markets can feed customers into trading products beyond sports.
Jeremy Levine (@JerLevine) and Brandon Stakenborg (@Stakenborg) agreed to sell Underdog to British trading platform IG Group for up to approximately $1.3 billion, according to terms announced on July 30th. The transaction would turn the five-year-old fantasy sports operator into IG's route into the US prediction-market business.…
When you purchase through links in our articles, we may earn a small commission. This doesn’t affect our editorial independence.