Underdog is exiting the only market where it operates a sports betting platform.
Key Takeaways
- Underdog makes “business decision” to cease offering a traditional sportsbook in its only sports betting market.
- All open wagers at the online sportsbook will be settled Dec. 17.
- The operator will still offer DFS in state.
The daily fantasy sports operator and traditional sportsbook informed customers in North Carolina on Wednesday that sports betting will no longer be available after Dec. 16.
Underdog will continue to offer fantasy games in the Tar Heel State.
During a Regulated Gaming Committee meeting Wednesday, North Carolina regulators said Underdog reached out to them “back before Thanksgiving” to inform them the operator was making a “business decision to cease offering sports wagering” in the state.
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Account status
The sportsbook is honoring all wagers placed before Dec. 17. Futures wagers that haven’t been settled by that day will be paid out as a win, and accounts will automatically be updated with those funds.
Withdrawals can be made anytime since the app will continue to operate DFS. Underdog said active bonuses will remain available for fantasy game use after Dec. 17.
“We’re grateful to have you as part of the Underdog community and can’t wait to keep delivering great experiences your way,” Underdog’s support team said in the email sent to customers.
Down to 7
Underdog will continue to work with Tar Heel State on the exit plan and to meet regulatory obligations, such as paying out customers.
Regulators said they will post a consumer notice by Thursday at ncgaming.gov that will include an FAQ presented by Underdog to help customers with outstanding wagers and withdrawals.
Underdog’s departure leaves North Carolina sports betting with seven online sportsbooks, including FanDuel, DraftKings, BetMGM, Fanatics Sportsbook, Caesars, bet365, and theScore Bet, the latter of which rebranded from ESPN BET earlier this month.
The Tar Heel State does not release individual operator revenue, so it’s unknown where Underdog stood among North Carolina sportsbooks since online wagering launched in March 2024.
Change in focus?
As of Dec. 17, Underdog will no longer operate a sportsbook in the U.S. The company was set to launch its second sports betting platform in Missouri on Dec. 1, but Underdog pulled out of the Show-Me State just days before wagering went live.
Underdog reportedly opted to focus on prediction markets in Missouri instead of sports betting, and it could do the same in North Carolina with the decision to exit the market as a traditional sportsbook.
The company’s DFS games are available in 41 states. Underdog partnered with Crypto.com in September to offer prediction markets on the DFS platform.
