Underdog Fantasy Will get Lengthy Listing of Backers to Fund $10M Funding
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.
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 “Finest Ball” format, which is considered one of 4 video games it at the moment provides.
Within the “Finest Ball” format, crew homeowners draft a crew of 18 gamers after which let it experience on auto-pilot for the season, as there aren’t any trades or releases allowed. The gamers who earn probably the most factors at every place will accrue factors for the proprietor’s crew. Meaning the proprietor received’t need to frantically set his or her lineup at 12:58 pm ET one Sunday as a result of they forgot till the final minute to interchange a beginning operating on a bye week earlier than they went together with his or her important different and their dad and mom for brunch.
Moreover season-long tournaments, Underdog additionally provides weekly multi-player “Battle Royale” video games, day by day multi-player fantasy video games, and single-player day by day fantasy. The latter is an over-under decide’em parlay-style sport a participant picks between two and 5 athletes and wins cash if every decide is appropriate.
Athletes, Rappers, Enterprise Leaders Amongst Traders
The $10 million in funding comes from an virtually surreal record 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 sport based by Underdog Chairman and co-founder Jeremy Levine.
Kevin Carter was the pure alternative 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 mentioned.
The investor record 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 activities media legend Adam Lefkoe.
Lefkoe, Schefter, and The Chainsmokers have 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 “Finest Ball” match final yr, is a part of an rising group of fantasy sports activities operators which have reworked the style. Others within the trade embrace Guillotine League, which options NFL leagues the place all gamers play in opposition to one another every week and the bottom level whole for that week is eradicated.
As well as, like Underdog, PrizePicks and Monkey Knife Struggle present sports activities betting-styled video games geared primarily, although not essentially completely, for individuals who stay 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 Struggle, 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.