Underdog CEO tells IG investors what $1.3B buys in prediction markets
Underdog co-founder and CEO Jeremy Levine presented to IG Group investors Thursday at a virtual shareholder seminar, explaining the London-listed trading firm's $1.3 billion acquisition of the sports-gaming company. Levine said Underdog's orchestration layer could pivot from prediction markets back to daily fantasy sports in 30 minutes if the Supreme Court grants states authority over event contracts. The presentation aimed to justify the price tag as the deal moves toward completion.
Underdog's 30-minute pivot claim reframes the $1.3 billion price around regulatory optionality rather than pure prediction-market growth. If the Supreme Court sides with the NFL's argument that event contracts are state gambling, platforms without DFS fallback could face forced geofencing or product sunsets. IG Group is buying adaptability, not a static venue.
That matters because Kalshi and Polymarket are already funding parallel state defenses where preemption has failed. Competitors locked into single-product stacks will absorb restructuring costs that Underdog has already engineered away. The deal could signal to later buyers that regulatory hedges deserve premium multiples.