Underdog prediction markets

Underdog started as a fantasy sports app and has moved into prediction markets in two steps. In September 2025 it began offering Crypto.com’s event contracts inside its app. In 2026 it bought a CFTC-approved exchange and launched its own. This profile covers that history, the state fights it’s in and how it compares, checked October 2026.

How Underdog’s prediction markets work

• 2025, through Crypto.com: on September 2, 2025 Underdog announced it would offer Crypto.com‘s CFTC-regulated sports event contracts in its app, in 16 states, most of which don’t have legal sports betting.
• 2026, its own exchange: on March 9, 2026 Underdog bought Aristotle Exchange DCM, Inc. and Aristotle Exchange DCO, Inc., a CFTC-approved exchange and clearing house. Underdog launched its in-house exchange inside the app on July 18, 2026.
• Contracts: yes/no event contracts on sports outcomes, priced by trading between users rather than set by a sportsbook.

Legal fights

• On September 10, 2026 Connecticut’s Department of Consumer Protection ordered nine companies, including Underdog Predict, to stop offering sports event contracts in the state.
• Underdog has sued seven states in federal court to stop them applying their gambling laws: Massachusetts, New Mexico, Washington, Wisconsin, Connecticut, Ohio and Tennessee. The Tennessee suit followed a cease-and-desist letter. None had been decided when we checked.

State-by-state detail: Ohio · Massachusetts · Wisconsin · Washington.

Underdog vs other sports prediction apps

See also Novig, Fanatics Markets and Novig alternatives.

FAQ

Sources, checked October 28, 2026:

• Covers: Underdog partners with Crypto.com (Sep 2, 2025)
• Covers: Underdog launches in-house exchange (Jul 21, 2026)
• WFSB: Connecticut orders nine prediction market companies to stop (Sep 11, 2026)
• CDC Gaming: Underdog sues Tennessee (Oct 16, 2026)

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