Underdog, the sports prediction market and fantasy sports pioneer, announced the launch of its own federally licensed prediction market exchange. The new prediction market exchange, wholly owned and operated by Underdog and licensed by the Commodity Futures Trading Commission (CFTC), will provide Underdog customers even more ways to express their opinions on sports, culture and beyond, all within the existing Underdog app.
“We started this company with a clear belief – there is so much more to be built for sports fans in America. Despite incredible changes in the U.S. market in recent years, through the twisting journey from fantasy sports to regulated sports betting to prediction markets, we still see an industry that far too often simply misses in serving sports fans. Now with our own exchange, we’re going to unlock so much for more sports fans. Prediction markets are largely about sports, and Underdog is the best at sports,” said Jeremy Levine, CEO and co-founder of Underdog.
Underdog was the first sports gaming operator to offer access to sports prediction markets in its app last fall, operating as an intermediary partner to other prediction market exchanges. In March 2026, the company acquired a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO). Underdog is also a registered Futures Commission Merchant (FCM), making it the first sports company with the complete prediction market license stack.
