Fantasy-sports app Underdog said it has completed a second fundraising round that values the company at $485 million with plans on expanding into the growing sports-betting market in the U.S.
Underdog said it raised $35 million in a B round including BlackRock and Acies Investment, the latter a venture-capital firm focused on sports betting and online gambling. Underdog says it intends on expanding from fantasy-sports contests into sports wagering, which has rapidly grown into a more than $4 billion industry in the U.S. The company plans to launch licensed sports-betting operations in Ohio and Colorado next year.
