Underdog, the sports betting, fantasy, and prediction markets operator, has announced the acquisition of CFTC-registered Aristotle Exchange on March 9, 2026.Aristotle...
Underdog cuts 125 workers as part of a strategic refocus
As Underdog changes its focus from traditional sports betting and fantasy contests to prediction markets, the company has decided to lay off 125 employees, of which two-thirds comprise its fraud operation team.
Initially, the cuts were supposed to be smaller, with only 15 employees laid off; however, on February 27, 2026, 125 workers were notified of the decision, as the number represents 20% of Underdog’s workforce. Jobs in customer support, graphics, and marketing were also on the list of cuts.
The CEO and founder of Underdog, Jeremy Levine, stated that the strategic change was the main reason behind the reductions.
Levine said:
“It’s simply a different operation, and the changes we made are a part of that transition. We take pride in hiring people who are passionate, good human beings, and who really care about their work, so if you’re hiring and come across an ex-Underdog person, you’d be lucky to have them, and call me for a reference.”
The layoffs came after Underdog’s deal with Crypto.com in September 2025, which introduced event contracts to players in 16 states, as Levine added that the company transitioned from a state-by-state framework to a national prediction market platform.
Underdog is exiting the North Carolina sports betting market and will cease betting on December 16, 2025, with full sportsbook operations ending on December 17, 2025.The...
