Underdog Fantasy is building out its leadership team after launching sports prediction markets with Crypto.com earlier this month.
Underdog announced on Tuesday it has appointed Rishi Garg as Chief Financial Officer and Kimberly Pointer Corbett as Chief Marketing Officer, adding senior experience from major tech and gaming firms as it pushers deeper into sports gaming. The hires come a few weeks after the company launched its sports contracts trading platform in 16 states through a partnership with Crypto.com’s federal exchange.
Sports prediction markets have drawn scrutiny from state regulators and attorneys general, a growing number of which have sued to stop what they allege is unlicensed sports wagering. At the same time, Underdog projects nearly $500 million in revenue this year, five years after its founding, according to a press release.
Underdog adds Twitter, Warner Bros. vets
Garg will oversee finance and corporate strategy after more than two decades across investing and consumer tech. He previously held senior roles at Twitter and Square before spending nearly a decade as a partner at venture capital firm Mayfield Fund, where he led its consumer practice.
“After only 5 years, Underdog is growing fast and is beloved by fans,” Garg said. “Right now, we have a pivotal opportunity to be a great consumer company and build the essential daily companion to the American sports fan, and I am excited to be a part of it.”
Pointer Corbett joins from Warner Bros. Games, where she was senior vice president of digital publishing. She also held leadership positions at Zynga and Kabam, helping scale multiple billion-dollar gaming franchises through data-driven marketing strategies. At Underdog, she will be tasked with strengthening brand and user acquisition as the company expands beyond fantasy contests.
“Underdog has amazing talent and is positioned to be the biggest company in the space with what they’ve built for sports fans,” Pointer Corbett said. “The company has an unwavering focus on the fan experience and a one-of-a-kind media ecosystem that makes it a unique place. I am thrilled to join the team, and I can’t wait to build on Underdog’s strong foundation to reach new heights.”
Expanding to new markets after $1.3B valuation
Best known for its daily fantasy sports offerings, the Brooklyn-based company has a history of catering to markets where sports betting is not legal. In 2023, it relaunched its popular pick’em contests under a new format after more than a dozen states took issue with them too closely resembling parlays offered by licensed sportsbooks.
It is also suing in a legal battle in California’s attorney general over an opinion that declared DFS contests illegal in the Golden State.
Underdog raised $70 million in Series C funding earlier this year led by Spark Capital, valuing the business at more than $1.3 billion. The latest hires reflect its effort to scale into new products at a time when several states, including Nevada and New Jersey, are challenging whether those markets fall under federal derivatives law or state gambling regulation.
“Our formula to win is simple: invest in people and product, and we bring in leaders who know what it takes to build the type of company we want to be,” CEO and founder Jeremy Levine said.
