Underdog Sports Betting Site Exiting North Carolina

Already a player in the daily fantasy sports industry, Underdog entered the US online sports betting market in March of 2024 with grandiose plans. The first Underdog sportsbook app went live in North Carolina at that time.

Not even two years later, Underdog is completely abandoning the sports betting industry. The company has announced that it will cease operation of its sportsbook app in North Carolina as of December 17.

Calling it a business decision, Underdog customer support notified players of the shutdown via email.

“Starting December 17, sports betting will no longer be available via the Underdog platform,” the email read. “We’re grateful to have you as part of the Underdog community and can’t wait to keep delivering great experiences your way.”

The North Carolina State Lottery Commission, the regulator of sports betting in the state, was expected to make an official announcement confirming the departure of Underdog’s sports betting platform later this week.

With Underdog departing, seven sportsbooks are remaining in operation in North Carolina. That list includes BetMGM, Bet365, Caesars, DraftKings, FanDuel, Fanatics Sportsbook, and theScore Bet (formerly ESPN Bet).

Underdog made an about-face in Missouri

Underdog was all set to launch its second US online sportsbook platform in Missouri when that state began legal and regulated sports betting on December 1. The company was licensed and approved by state regulators.

Underdog had formed a sports betting partnership in Missouri with the MLB’s Kansas City Royals, as was required by state sports betting law. The company had invested heavily in advertising revenue leading up to launch day.

However, the week before launch, Underdog informed the Missouri Gaming Commission (MGC) that the company was pulling its license application.

Underdog officials informed Missouri regulators that the company was exiting the traditional sports betting market to pursue the prediction market model.

“They have decided to go to that market,” MGC executive director Mike Leara told St. Louis television news Fox2Now. “It’s not regulated at any level compared to what traditional sports betting is regulated, and obviously, there’s no tax on it.”

Underdog Pursuing Prediction Markets

In September, Underdog announced a partnership with Crypto.com/Derivatives North America (CDNA), a CFTC-registered exchange and clearinghouse, to launch its own prediction market site, known as Prediction Picks. At the time, Underdog was the first US online sports betting site to officially launch its own prediction market platform.

“Prediction markets are one of the most exciting developments we’ve seen in a long time,” Underdog founder and CEO, Jeremy Levine said in a statement. “While still new and evolving, one thing is clear – the future of prediction markets is going to be about sports.”

The decision made by Underdog to make a complete exit from sports betting isn’t all that surprising. Several state regulators have cautioned sports betting sites that they would be putting their license at risk if they were to also enter into the prediction market space.

Underdog also operates DFS sites in 41 US states.

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