IG Group Agrees To Acquire Underdog For Up To $1.3 Billion
By Amit Chowdhry ● Jul 31, 2026
IG Group Holdings has agreed to acquire Underdog, a leading US daily fantasy sports and prediction markets operator, for total consideration of up to approximately $1.3 billion. Upfront consideration is based on an enterprise value of approximately $1.1 billion, partly settled through the issuance of IG ordinary shares. An earnout of approximately $200 million is payable to Underdog's shareholders. Eligible Underdog employees will separately participate in a management incentive plan capped at $850 million, self-funded from Underdog's earnings. The maximum MIP payout requires Underdog to deliver EBITDA of at least $400 million in 2028 and $700 million in 2029.