The Colorado Limited Gaming Control Commission on Thursday approved a temporary operating license for Underdog Sports, clearing the way for the company to launch sports betting operations in its first two states next year.
Underdog disclosed a $35 million Series B funding round in July and now is poised to launch mobile sports betting in 2023 in both Colorado and Ohio, while also planning for operations in Massachusetts. The company's focus had been on fantasy sports until this latest push into sports betting.
The company's temporary license in Colorado will expire in two years.
“Receiving our first temporary license for sports betting in Colorado is a significant milestone for the Underdog Fantasy family,” Jeremy Levine, founder of the company, told via email. “Our goal has always been to become an industry leader in the fantasy sports and sports betting spaces, and this important step brings us closer to fulfilling that goal.”