Emerging sports betting player Underdog was named the No. 3 startup in the United States on LinkedIn's annual Top Startups list, a jump from 15th in 2024.
Key Takeaways
- Underdog was ranked the No. 3 startup in the United States by LinkedIn.
- The article notes the sports gaming player has recently hit unicorn status with a $1.3-billion valuation.
- Underdog recently hit $500 million in revenue while continuing to emerge in high-visibility spaces, including partnerships with major teams and athletes.
The list is often an indicator of future success, as previous entrants include Uber, Airbnb, and DoorDash in their early stages.
“We got here through a relentless, simple focus: people and product,” said Jeremy Levine, founder and CEO of Underdog, said in a statement. “Our belief is if we have the best people and build the best products, we can build the biggest company in the space - and we are on our way.”
Remarkable year of growth
Underdog’s expansion has been rapid and explosive in many ways, with the 2020 startup already reaching unicorn status with a $1.3-billion valuation earlier this year and engaging in major partnerships with professional clubs such as the NHL’s St. Louis Blues.
“This year, with all the incredible disruption the industry has faced, has been more proof of concept, as we have the ability to create innovative offerings with speed and scale to take advantage of opportunity,” Levine added. “We’ll hit nearly $500 million in revenue in 2025, our fifth full year.”
Alongside the company's massive revenue growth and revenue evaluations, Underdog recently became the first sports gaming operator in the U.S. to offer prediction markets and recently reached the top spot in the free sports app category in Apple's App Store ahead of several other major operators such as FanDuel and DraftKings sportsbooks.
Underdog, which is based in Brooklyn, New York, is currently available in 40 states, as well as Washington, D.C. and most of Canada. It has partnered with major athletes such as Gilbert Arenas and Bryson DeChambeau in an effort to become a ubiquitous brand in not only the online sports betting space but in the fantasy sports and broader sports ecosystems.
As the startup's user base expands across North America, new players can take advantage of Covers’ exclusive Underdog sign-up bonus to get started.
