Jeremy Levine has done it again. On Thursday, London-based IG Group announced that it will acquire Underdog Sports for as much as $1.3 billion. The acquisition news marks the third major “exit” achieved by serial entrepreneur and Underdog co-founder Jeremy Levine.
Underdog, which launched its own CFTC-regulated prediction exchange one week ago, will retain its current management and branding as part of the deal. Since entering the prediction market space on Crypto.com rails in 2025, Underdog has achieved approximately $6.5 billion in US-based notional trading volume. That figure puts it in third place overall, behind Kalshi and Robinhood.
IG Group’s official statement, published Thursday, features quotes from executive representatives of both sides of the agreement.
“The acquisition of Underdog establishes IG as a leader in US prediction markets, one of the most significant opportunities across trading and entertainment, and accelerates our growth in the world’s largest and fastest-growing retail trading market,” said IG Group CEO Breon Corcoran.
“Technology is reshaping the large, high-engagement markets in which IG operates – and increasingly bringing them together. Underdog puts us at the front of that convergence: a product-first team, a leading daily fantasy sports franchise and a full licence stack that together give us a differentiated position in US prediction markets.”
“I couldn’t be more excited about what we’re going to do together,” added Underdog Co-Founder and CEO Jeremy Levine. “We’re going to take an incredible leap in what we can offer customers and make Underdog the place to make predictions on sports and beyond. IG’s scale, expertise, resources and reach are going to unlock our potential, expand what we’ve built, and bring our products to more audiences.”
Thursday’s acquisition statement by IG Group cites approximate numbers for Underdog’s combined customer base.
Arguably, the most important conclusion from the stats listed above is that Underdog has been able to convert nearly 50% of all its account holders into actual depositing customers.
Jeremy Levine’s ability to provide a positive outcome for early investors has been well established. In 2009, he founded StarStreet with approximately $618,000 in total funding from seed investors. In 2014, that company was acquired by DraftKings for an undisclosed amount.
Once that sale went through, Levine immediately founded DRAFT, which was acquired in 2017 by Paddy Power Betfair (now Flutter Entertainment) for $48 million in cash and performance-based incentives.
“[Levine] will probably just build the same thing again once the non-compete expires like he did last time,” mused one observer within a topic thread created by gaming analyst Dustin Gouker on X. “[I’m not going to lie], Jeremy is the goat at this,” posted DraftKings Co-Founder Matt Kalish.
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