Underdog Convenience vs FanDuel Depth
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Trevor John, co-founder of Underdog Fantasy, on the business model of fantasy sports
Why wouldn't I bet on Underdog Sports instead of FanDuel? There's one less app to manage, less overhead, and a single wallet.
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The real barrier is not app count, it is product depth and habit. A casual Underdog user may prefer one login, one balance, and one home screen, which is exactly why fantasy is such a strong funnel into betting. But FanDuel wins when a bettor wants deeper menus, sharper pricing, and the confidence that almost any game or prop will be available and well set.
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FanDuel built the modern playbook here. Fantasy users were a cheap customer acquisition channel before PASPA fell, then sportsbooks monetized those users far better. That is why FanDuel and DraftKings turned DFS into a launchpad for betting, and why Underdog is following the same path.
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Underdogs advantage is convenience inside a narrower product. It launched its sportsbook in North Carolina in March 2024 and runs DFS and sportsbook in a unified app and account flow. That makes switching easy for an existing fantasy user, especially one placing simple bets rather than line shopping across books.
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The catch is that the best sportsbook is not always the simplest one. FanDuel had about 44% online sportsbook share in its live states in 2024, which reflects stronger market making, broader bet coverage, and years of operating scale. For serious bettors, those things matter more than having one wallet.
This market is heading toward bundled sports fandom apps. Fantasy companies like Underdog and Sleeper can chip away at FanDuel by owning the fan relationship first, then layering in betting. Incumbents will keep defending with broader markets and better pricing, so the next phase is a fight between convenience driven bundles and best in class sportsbook depth.