IG Group has agreed to acquire US-based Underdog, although the transaction is still subject to regulatory approvals. The IG Underdog acquisition is expected to close in late 2026 or early 2027. The deal would expand IG’s position in the US prediction markets sector.

• The proposed deal is worth up to USD 1.3 billion (ca. EUR 1.1 billion). It includes an upfront enterprise value of around USD 1.1 billion (ca. EUR 959 million) and a potential earnout of up to USD 200 million (ca. EUR 174 million). A separate management incentive plan is linked to future performance.
• Underdog operates daily fantasy sports and prediction markets. The company has around one million monthly active users, more than five million depositing customers and over 11 million registered accounts. IG said Underdog is the third-largest US prediction markets venue by regulated notional trading volume.
• Underdog generated around USD 466 million (ca. EUR 406 million) in net revenue in the 12 months to June 2026, up 21% year-on-year. The business also reported USD 46 million (ca. EUR 40 million) in Q2 2026 EBITDA.
• The IG Underdog acquisition would more than double IG’s US revenue and increase its US monthly active customer base by more than tenfold. Underdog will continue to operate as a standalone business after the transaction closes. Underdog’s CEO would report directly to IG Group’s CEO.
• IG expects the transaction to be broadly neutral for adjusted earnings per share in year one and accretive by year three. CEO Breon Corcoran said: “The acquisition of Underdog establishes IG as a leader in US prediction markets.”

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