Underdog CEO tells IG Group investors what $1.3B buys in prediction markets

Underdog co-founder and CEO Jeremy Levine presented to IG Group investors at a virtual shareholder seminar Thursday, explaining the $1.3 billion acquisition of the sports-gaming company by the London-listed trading firm. Levine described Underdog as a sports company that rebuilt itself into a vertically integrated, federally regulated prediction markets operator positioned to adapt to a changing U.S. regulatory landscape. The presentation aimed to justify the price tag to IG Group shareholders as the deal moves toward completion.

The $1.3 billion price signals institutional confidence that federally regulated prediction markets can scale beyond niche political trading, and Levine's emphasis on vertical integration suggests Underdog is betting it can own the full stack rather than rely on third-party infrastructure.