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Underdog Fantasy gains a long list of sponsors who will fund a $ 10 million investment

Date posted: May 3, 2021, 11:37 a.m.

Last Updated: May 4, 2021, 12:44 PM.

Steve Bittenbender

Weaker Fantasy announced on Monday that it had secured an investment of $ 10 million, and then the fantasy sports operator threw in an online party to celebrate.

Underdog Fantasy sports
Kevin Durant of the Brooklyn Nets has been a cornerstone of many fantasy basketball teams during his career. On Monday, Underdog Fantasy announced that Duran is one of many other athletes, artists and business leaders who have come together to invest a total of $ 10 million in the emerging fantasy sports company out of Brooklyn. (Photo: Getty Images / NBA.com)

The Brooklyn-based company also announced that it will offer a $ 3.5 million fantasy football tournament in which the winner will receive $ 1, 000, 001. The tournament is run in the "Best Ball" Underdog format, which is one of four games currently on offer. .

In the Best Ball format, the team owners choose Team 18 and then let it ride autopilot all season long as no deals or waivers are allowed. The players with the most points in each position will receive points for the owning team. This means the owner won't have to frantically set his squad to 12:58 PM ET one Sunday, as they forgot to start the run until the last minute a week before leaving with their significant other and their parents for brunch.

In addition to seasonal tournaments, Underdog also offers weekly multiplayer Battle Royale games, daily multiplayer fantasy games, and daily single player fantasy games. The latter is an over-under pick parlay game in which the player chooses two to five players and wins money if each choice is correct.

Athletes, rappers, business leaders among investors

$ 10 million funds come from an almost surreal list of people. It includes Dallas Mavericks owner and Shark Tank investor Mark Cuban, former CEO of Paddy Power Betfair Breon Corcoran and venture capitalist Kevin Carter. co-founder of Jeremy Levine.

Kevin Carter was the natural choice to lead our round as he was the first investor in my last company when he was at SV Angel and he believed in us before anyone else did, ”Levine said.

The investor list also includes athletes such as Kevin Durant (of Rich Kleiman's Thirty Five Ventures), Jared Goff, Matthew Delladova, and Wilson Chandler. Also features the musical duo The Chainsmokers (with Mantis VC) and rappers Nas, Future and Gunna. There is also ESPN NFL insider Adam Schefter, as well as representatives of the gaming world, including Eilers & Krejcik, founders of SimpleBet, Fantasy Labs, Roto Grinders and Action Network.

Other attendees including Bleacher Report host and Louisville sports media legend Adam Lefkoe.

Lefkoe, Schefter, and The Chainsmokers were among those who joined Underdog founders and crew for the hours-long online event that heralded the occasion.

Underdog Among Fantasy Innovators

Underdog, which hosted its first "Best Ball" tournament last year, is part of an emerging group of fantasy sports operators who have transformed the genre. Others in the industry include the Guillotine League, which hosts the NFL leagues where all players play against each other weekly, with the week's lowest total being eliminated.

In addition, Underdog, PrizePicks, and Monkey Knife Fight offer sports betting-style games geared primarily, but not necessarily exclusively, to people living in jurisdictions where licensed bookmakers cannot operate.

This has led to significant investments in companies in recent months. In January, Bally's Corp. bought Monkey Knife Fight, while PrizePicks, like Underdog, raised funds from poker player Phil Hellmuth, former baseball player Andruwa Jones and former NBA player Andrew Bogut.

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