Underdog Sports, one of the fastest-growing fantasy sports companies, announced Wednesday that it had obtained a license in Ohio.

The company disclosed that its entry into Ohio follows its receipt of a license for online sports betting from the Ohio Casino Control Commission, the state’s gambling regulator. 

When the state launches its legal market, the operator can introduce its sports betting services if it holds a license. Underdog announced a partnership with the Cincinnati Reds, a renowned Major League Baseball (MLB) franchise, to expand its presence in Ohio. 

Under the terms of the partnership, the team was designated as Underdog’s market-access partner. Consequently, upon entering the Ohio market, Underdog intends to offer a variety of wagers to sports fans and gamblers.

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Creating Deeper Connections with Sports Fans Across the Country

Obtaining a license in Ohio also contributes to Underdog’s ongoing expansion. Ultimately, the company intends to expand and offer its innovative real-money sportsbook and daily fantasy products in multiple U.S. states. 

Underdog’s ultimate goal is to “create deeper connections with sports fans across the country” by establishing a presence in multiple states and increasing the availability of its products.

The company intends to expand further

Underdog’s chairman and president, Jeremy Levine, acknowledged that obtaining an Ohio license is a momentous occasion for the company. In addition, he emphasized that Underdog is excited to offer its superior services to customers in the state. 

Levine concluded, “They are constructing a novel, immersive sports betting platform, and their partnership with the Cincinnati Reds will create an immediate channel to users in the state once its products are introduced.”

Underdog’s Significant Milestone to Market 

The most recent announcement follows Underdog Fantasy’s recent agreement with Xpoint Ink. 

Under the terms of the partnership announced at the beginning of this month, the geolocation technology expert was designated as Underdog’s official geolocation partner.

In contrast, Underdog secured a $35 million funding round this summer. In July, the company was valued at $485 million, and it secured funding to help it continue to grow and innovate within the sports betting and fantasy sports verticals. 

BlackRock and Acies Investment were two of the well-known investors who supported Underdog at the time, along with a large number of other celebrities and corporations.

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