Underdog Acquires CFTC-Registered Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO)

Underdog will Expand Prediction Markets Offerings Under Its Own Exchange

NEW YORK--(BUSINESS WIRE)--Underdog, the fastest-growing private sports company in the U.S., today announced the purchase of Aristotle Exchange DCM, Inc. and Aristotle Exchange DCO, Inc., which are a Commodity Futures Trading Commission (CFTC) registered Designated Contract Market (DCM) and a Derivatives Clearing Organization (DCO), respectively. The acquisition enables Underdog to offer its own federally-compliant prediction market exchange, giving customers even more ways to express their opinions on sports and beyond. Underdog was the first sports gaming operator to offer access to sports prediction markets in its app last September.

“We look forward to working with the CFTC to offer an exchange that brings even more options to enjoy sports to our customers,” said Jeremy Levine, CEO and Co-Founder of Underdog. “We’re in the early innings of what prediction markets can be, especially for sports fans. We’ll use this opportunity to bring the same relentless focus on innovation and experience that we’ve always brought to our customers. The reality is, prediction markets are primarily about sports and no company knows how to engage with sports fans and create products for sports fans better than Underdog.”

Underdog’s exchange will allow customers to access sports event contracts and more. Underdog currently offers access to prediction markets as an intermediary to other exchanges, and the company will continue to expand its prediction offerings under its own exchange.

Aristotle’s financial advisor is Lazard and its legal advisor is Willkie Farr & Gallagher LLP.

About Underdog

Underdog, the fastest-growing private sports company in the U.S., was founded in 2020 with the simple objective of making sports more fun. The company’s core operating principle: There’s so much more to be built for sports fans in America. Underdog has a unique ability to create new, engaging products for the U.S. consumer. The company offers prediction markets, fantasy sports games, and a growing media network featuring former professional athletes, coaches, analysts, and the fastest breaking news. Underdog is built for and by sports fans to make sports more fun. For more information, visit underdogfantasy.com.