Underdog  – an US online sports gaming operator focused on fantasy sports and sports betting – generated around USD 105m (ca. EUR 90m) in net revenue during Q3 2026 (July to September 2026), more than double the previous year. The figure was disclosed by IG Group, which has agreed to acquire the US sports gaming operator.

• IG Group published the Underdog figures as part of its Q3 2026 trading update. IG is primarily an online financial trading company, offering products such as CFDs, spread betting and other trading services. Its wider Q3 financial results therefore mainly relate to financial trading rather than gambling.
• Underdog Q3 2026 revenue exceeded USD 105m, representing year-on-year growth of more than 100%. IG also highlighted the importance of the upcoming fourth quarter for the business. Q4 generated more than one-third of Underdog’s total revenue in 2025.
• The Underdog figures are separate from IG Group’s approximately GBP 240m (ca. EUR 276m) Q3 2026 total revenue. IG’s Group revenue was down around 14% from GBP 280.1m (ca. EUR 322m) in Q3 2025, mainly due to lower OTC revenue retention. These figures largely relate to IG’s financial trading activities and should not be treated as gambling revenue.
• IG Group has agreed to acquire Underdog, but the transaction had not yet closed when the Q3 2026 update was published. IG referred separately to acquisition-related expenses that are contingent on closing. The company will host a virtual seminar on Underdog for institutional investors and analysts on 8 October.

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