In a major win for the U.S. sports gaming market, Underdog Sports Gaming has raised $70 million in the first close of its Series C round, led by top-tier Silicon Valley VC firm Spark Capital. The round is expected to exceed $100 million, pushing the company’s pre-money valuation to a staggering $1.225 billion—nearly triple its 2022 Series B valuation.
This funding round marks the biggest sports gaming investment to date from a leading venture capital firm, signaling strong investor belief in Underdog’s momentum and market potential.
Founded in 2020, Underdog has quickly become a force in the online sports gaming space, serving nearly four million users across the U.S. The company now ranks as the fourth most downloaded sports gaming app nationwide, including both fantasy sports and betting platforms.
Spark Capital Backs Underdog’s Bold Vision for U.S. Sports Fans
Spark Capital’s investment highlights a growing confidence in Underdog’s unique approach to the American sports gaming experience. Unlike many competitors who rely on third-party international software, Underdog stands out by building on its own tech stack—allowing it to create tailored, user-centric products that deliver smoother gameplay and faster innovation.
“Spark’s investment is a real accelerator,” said Jeremy Levine, Underdog’s CEO and founder. “We’re going to keep investing aggressively in people and product. There’s so much more to build, and we’re not slowing down.”
With the fresh capital, Underdog plans to double down on expanding its team and enhancing product offerings specifically for American sports fans. The focus remains on scaling fast while maintaining a top-tier customer experience.
From Fantasy to Betting: How Underdog Sports Gaming Is Redefining the Market
Underdog blends original fantasy games with integrated sports betting, real-time news, and exclusive sports content. This full-spectrum approach gives users a richer and more engaging sports experience.
One of its standout offerings is Gil’s Arena, a daily sports show that has quickly become the fifth-largest in the U.S. across all formats. This content strategy complements Underdog’s gaming platform by keeping users informed and entertained—all within the same ecosystem.
Spark Sees Long-Term Play in Product-Led Growth
“Underdog has shown they can win on product, and that’s what matters most,” said Will Reed, General Partner at Spark Capital. “Their ability to attract top talent from across sports, tech, and gaming is unmatched. We’re backing a team that’s all-in on making sports more fun, and we’re excited for what’s ahead.”
Reed emphasized that Spark’s philosophy aligns closely with Underdog’s user-first approach. The VC firm sees long-term potential in a business that combines cutting-edge technology, engaging content, and a growing, loyal user base.
As Underdog continues scaling, the company is positioning itself not just as a fantasy sports operator—but as a next-gen sports entertainment platform that’s redefining the way fans interact with sports.
