Previously, Xpoint served as Underdog’s geolocation provider.
Under the terms of the deal, Underdog will access GeoComply’s Core suite and Solus product for its fantasy sports offering, as well as its planned sports betting operations.
GeoComply’s Core product is the supplier’s flagship geolocation service. Customers who have the licence to operate this product can also access the business’s range of fraud prevention tools to protect their operations from bonus abuse, identity theft and chargeback fraud.
The business’s Solus solution is a fantasy sports geolocation solution for web-based players. The system runs on HTML5 browsers, removing the need for players to download additional apps or plug-ins.
GeoComply praise deal
GeoComply vice president of business development and licensing, Sam Basile, said the business was “thrilled” to be working with Underdog.
“With its customer focus and commitment to product innovation and compliance, it has quickly become one of the market leaders in the daily fantasy sports market.”
Underdog senior director of operations Matt Garrigan added: “We are proud to work with partners like GeoComply to meet our commitments to our customers and regulators.
“This partnership is a key component of ensuring that our customers benefit from a safe, compliant, and frictionless experience.”
The company said that it has “finalised” a number of market access agreements in legalised online sports betting states.
Underdog sports betting ambitions
In July 2022, Underdog raised $35.0m in its Series B funding round, which the business said would be used begin building licensed sports betting products and hire new staff.
During the round, BlackRock and Acies joined existing investors which included billionaire Mark Cuban, pfessional basketball player Kevin Durant, American football star Odell Beckham Jr, and former Paddy Power Betfair chief executive Breon Corcoran.
The investment followed on from Underdog’s 2021 acquisition of sportsbook technology platform Goat Gaming.
In a statement announcing the deal, the business said the transaction would represent the “cornerstone” of its sports betting ambitions.
Original article: https://igamingbusiness.com/tech-innovation/regtech/underdog-north-america-deal-geocomply/
