Underdog, a fantasy sports operator in North America, has chosen GeoComply’s fraud prevention solutions as its geolocation provider.
Underdog has agreed to purchase GeoComply’s Core Suit and Solus product in order to use it for its fantasy sports offerings, as well its future sports betting operations.
GeoComply Core is the company’s flagship service for geolocation. Customers with a license to use this product have access to the company’s fraud prevention tools, which protect them from bonus abuse and identity theft.
Solus is the business’s solution to geolocation for fantasy sports players on the web. The system is compatible with HTML5 browsers and does not require players to install additional plug-ins or apps.
GeoComply praise deal
GeoComply’s vice president for business development and licensing Sam Basile said that the company was “thrilled to work with Underdog”.
It has become a market leader in daily fantasy sports because of its commitment to innovation, customer service and compliance.
Matt Garrigan, Underdog’s senior director of operations, said: “We work with partners such as GeoComply in order to meet our obligations to our customers and to regulators.”
This partnership is key to ensuring our customers have a frictionless, safe and compliant experience.
The company stated that it had “finalized” several market access agreements with states which have legalized online betting.
The Underdog Sports Betting Ambitions
Underdog will raise $35.0m as part of its Series B funding in July 2022. The money raised by the company is expected to be used for building licensed sports betting and hiring new staff.
BlackRock and Acies were joined by existing investors, including billionaire Mark Cuban and professional basketball player Kevin Durant. Also included in the round was American football star Odellbeckham Jr. and former Paddy Power Betfair Chief Executive Breon Corcoran.
The investment was made after Underdog acquired Goat Gaming, a sportsbook technology platform in 2021.
The business announced the deal in a press release, stating that the transaction was the “cornerstone of its sports betting goals”.