A well-funded US daily fantasy sports platform whose Pick'em product has faced serious multi-state regulatory pushback
Visit Underdog Fantasy →Underdog Fantasy welcome bonus in United States
Context for United States: The United States regulates online gambling state by state, not nationally, so an offer on this page is only claimable if you are physically located in a state where that operator holds a licence - most US states license no online casino or poker at all. Check the state, not the country. The Multi-State Internet Gaming Agreement lets state-regulated poker operators pool players across state lines; as of April 2026 its members are Nevada, New Jersey, Delaware, Michigan and Pennsylvania. Nevada also requires an online operator to partner with an in-state casino, keeping its poker market small. SWEEPSTAKES CASINOS ARE A SEPARATE, RAPIDLY CLOSING CATEGORY: dual-currency sites (Gold Coins to play, Sweeps Coins redeemable for cash) are being banned outright, not regulated, in a growing list of states including Montana, Connecticut, New Jersey, New York, California, Nevada, Maine, Indiana and Oklahoma. Sources disagree on the exact total, so check your own state rather than any single figure - and note these laws can reach payment processors and affiliates too, not just the operator.
Here is the current Underdog Fantasy welcome offer for players in United States. Bonus terms change and are set by Underdog Fantasy for each market — always confirm the live offer on its own site. See every licensed betting site in United States →
Pros
- Well-capitalized major platform, $1.225 billion valuation with prominent investors
- Real, generous play-and-get welcome offer (10x the initial stake)
- Shifted to peer-to-peer 'Champions' format in some states in response to regulatory concerns
Cons
- At least 7 states have issued cease-and-desist orders or rules specifically targeting its Pick'em product
- Florida's regulator alleged possible illegal wagers/illegal lottery activity
- Federal class-action lawsuit alleges undisclosed house-edge betting and misleading odds (unresolved allegations)
- Legal availability varies significantly and is actively changing by state
Our verdict
Underdog Fantasy is a well-funded, major US daily fantasy sports (DFS) platform, founded in 2020 and now valued at $1.225 billion, backed by investors including BlackRock, Acies Investment, Mark Cuban and Kevin Durant. We need to lead with a serious, well-documented concern: its core Pick'em product has faced real regulatory pushback from at least seven US states - Florida, Massachusetts, Arkansas, Maryland, West Virginia, Wyoming and New York - which have issued cease-and-desist orders or rules specifically targeting the format. Florida's regulator went as far as alleging Underdog 'may be offering or accepting illegal bets or wagers' and 'promoting and conducting an illegal lottery.' A federal class-action lawsuit (Ballentine et al. v. Underdog Sports LLC) further alleges players were never shown Terms of Service at signup, were never told they were betting against the house, and were misled about their real odds - these are allegations in active litigation, not proven findings, but serious ones. In response to the regulatory pressure, Underdog has shifted toward player-vs-player formats (a peer-to-peer product branded Champions) in several states, since regulators typically use the 'betting against the house' structure to determine whether something legally qualifies as sports betting rather than fantasy sports. On the product side, the welcome offer is real and generous: play $5 and get $50 in bonus entries. A well-capitalized, major platform - but the regulatory and legal disputes around its flagship Pick'em product are serious enough that we'd encourage real caution and checking your specific state's current legal status directly before playing.
How we rated it
Bonuses & value (18%)8
A real play-and-get offer worth 10x the initial stake, unlocked with a low $5 entry.
Fantasy Sports (36%)7
A well-funded, major US daily fantasy sports platform, valued at $1.225 billion with prominent institutional and celebrity investors.
Customer support (18%)6
No major documented support-specific complaint pattern found, separate from the broader legal/regulatory dispute.
Trust & licensing (27%)3
This is the core concern: at least seven states have issued cease-and-desist orders or rules specifically targeting Underdog's Pick'em product, with Florida's regulator alleging the company may be running an illegal lottery and accepting illegal wagers. A federal class-action lawsuit further alleges players weren't shown Terms of Service, weren't told they were betting against the house, and were misled about their odds. These are serious, well-documented regulatory and legal disputes - allegations, not proven facts, but ones we score trust conservatively for given how many states have acted.
Quick facts
| Founded | 2020, by Jeremy Levine, Brandon Stakenborg and Trevor John |
| Valuation | $1.225 billion (Series C, early 2025) |
| Notable investors | BlackRock, Acies Investment, Mark Cuban, Kevin Durant |
| Regulatory pushback | Cease-and-desist orders/rules from 7+ states (FL, MA, AR, MD, WV, WY, NY) targeting Pick'em |
| Florida allegation | Regulator alleged possible illegal wagers/illegal lottery |
| Litigation | Federal class action alleges hidden ToS, undisclosed house-edge betting, misleading odds (allegations, unproven) |
| Welcome bonus | Play $5, get $50 in bonus entries |
How we verified this
The 2020 founding, founder names, and the $1.225 billion Series C valuation with named investors are corroborated across independent trade sources (Wikipedia, Legal Sports Report). The multi-state cease-and-desist history (Florida, Massachusetts, Arkansas, Maryland, West Virginia, Wyoming, New York) and Florida's specific 'illegal lottery' language are drawn from independent regulatory-trade coverage. The federal class-action allegations (Ballentine et al. v. Underdog Sports LLC) are drawn directly from the publicly filed complaint; these are allegations in active litigation, not proven findings, and we present them as such.
Where Underdog Fantasy is licensed
Underdog Fantasy appears on the official register in 1 countries. Highlighted countries have a full local review — pick yours for its welcome bonus and licence details.
North America (1)
About Underdog Fantasy
Underdog Fantasy is a well-funded, major US DFS platform whose Pick'em product has drawn cease-and-desist orders from at least seven states and a federal class-action lawsuit alleging undisclosed house-edge betting. We report this regulatory and legal history directly and score trust conservatively, while noting these are unresolved allegations, not proven findings.
Underdog Fantasy FAQ
Is Underdog Fantasy legal?
It depends on your state. At least seven states (Florida, Massachusetts, Arkansas, Maryland, West Virginia, Wyoming, New York) have issued cease-and-desist orders or rules specifically targeting its Pick'em product, with Florida's regulator alleging possible illegal wagering. Availability is actively changing state by state, so check your specific state's current status directly.
Is Underdog Fantasy being sued?
Yes - a federal class action (Ballentine et al. v. Underdog Sports LLC) alleges players were never shown Terms of Service at signup, weren't told they were betting against the house, and were misled about their real odds. These are allegations in active litigation, not proven findings.
Who owns Underdog Fantasy?
It's privately held, founded in 2020 by Jeremy Levine, Brandon Stakenborg and Trevor John, and valued at $1.225 billion in an early-2025 funding round backed by investors including BlackRock, Acies Investment, Mark Cuban and Kevin Durant.
What is the Underdog Fantasy welcome bonus?
New users who play $5 get $50 in bonus entries, depositing $10 or more via PayPal, debit card or online banking, credited after the first entry settles.
What is Underdog's 'Champions' format?
It's a peer-to-peer (player-vs-player) product Underdog introduced in some states in response to regulatory pressure on its house-edge Pick'em format - regulators typically use the against-the-house structure to determine whether a product legally qualifies as sports betting.