Previously, Xpoint served as Underdog’s geolocation provider. Under the terms of the deal, Underdog will now access GeoComply’s Core suite and Solus product for its fantasy sports offering and planned sports betting operations.
GeoComply’s Core product is a flagship geolocation service that includes fraud prevention tools to protect operations from bonus abuse, identity theft, and chargeback fraud.
The Solus solution is a web-based fantasy sports geolocation solution that runs on HTML5 browsers, eliminating the need for additional downloads or plug-ins.
GeoComply vice-president of business development and licensing, Sam Basile, expressed excitement about working with Underdog and praised their customer focus, commitment to innovation, and compliance, stating that Underdog has become a market leader in the daily fantasy sports market.
Underdog’s senior director of operations, Matt Garrigan, highlighted their pride in partnering with GeoComply to meet their commitments to customers and regulators. He stated that this partnership is crucial for providing customers with a safe, compliant, and frictionless experience.
Underdog also announced that they have finalized several market access agreements in legalized online sports betting states and have raised $35.0m in their Series B funding round to build licensed sports betting products and hire new staff. Investors in this round included BlackRock, Acies, billionaire Mark Cuban, professional basketball player Kevin Durant, American football star Odell Beckham Jr, and former Paddy Power Betfair chief executive Breon Corcoran. Underdog’s acquisition of sportsbook technology platform Goat Gaming in 2021 was mentioned as a cornerstone of their sports betting ambitions.
