Underdog, a fantasy sports operator in North America, has chosen GeoComply’s fraud prevention solution provider GeoComply to be its geolocation partner.
Xpoint was previously Underdog’s provider of geolocation.
Under the agreement, Underdog has access to GeoComply’s Solus and Core Suite products for its Fantasy Sports offering as well as planned sports betting operations.
GeoComply Core is a supplier’s geolocation flagship service. The business offers a range of tools for fraud prevention to customers who hold a licence. These include protection against bonus fraud, identity theft, and chargeback fraud.
Solus is the business’ solution to geolocation for fantasy sports players on web. It runs in HTML5-enabled browsers and does not require players to install additional plug-ins or apps.
GeoComply praise deal
GeoComply’s vice president of licensing and business development, Sam Basile said that the company was “excited” to work with Underdog.
It has become a market leader in daily fantasy sports because of its commitment to innovation, customer service and product compliance.
Matt Garrigan is Underdog’s Senior Director of Operations. He said: “We work closely with GeoComply in order to fulfill our obligations to customers and regulators.”
This partnership will ensure that customers have a frictionless, safe and compliant experience.
The company stated that they have “finalized” several market access agreements with states which allow online sports betting.
The Underdog Sports Betting Ambitions
Underdog will raise $35.0m as part of its Series B round in July 2022. The money raised by the company is expected to be used for developing licensed sports betting products, and hiring new staff.
BlackRock and Acies were among the existing investors, which also included Mark Cuban (billionaire), Kevin Durant (professional basketball player), Odell Beckham, Jr., an American footballer, and Breon Corcoran, former Paddy Power Betfair Chief Executive.
Underdog acquired Goat Gaming, a sportsbook software platform in 2021.
The business announced the agreement in a press release, stating that the transaction was the “cornerstone of their sports betting goals”.
