Fresh · long read · July 2026
Underdog isn't the underdog anymore
The full story of Underdog — from fantasy drafts and best ball to the sale to Britain's IG Group for up to $1.3 billion. Who Jeremy Levine is, why a trading giant wants a fantasy company, and why Underdog sold not to a bookmaker, but to an exchange.
IG × UNDERDOG · EV $1.1B · earnout $200M · MIP $850M · NGR-2026 $533–600M
The black soil of betting. Longreads, data-driven research and games about the betting industry.
Section
Longreads
Section
Research
Section