Overview
- IG Group announced on July 30, 2026 that it has agreed to acquire Underdog for about $1.1 billion on an enterprise‑value basis with a roughly $200 million shareholder earnout that could raise total agreed consideration to about $1.3 billion.
- IG will fund the upfront consideration with roughly 24.1 million new IG shares and about $380 million in cash, has arranged a $450 million short‑term leveraged loan with Barclays and Goldman Sachs, and will repay about $160 million of Underdog debt on completion.
- IG disclosed Underdog’s recent results showing about 952,500 monthly active users in H1 2026 and positive EBITDA of $59.6 million for the first half of the year after the company shifted into prediction markets and cut staff earlier in 2026.
- Underdog will keep its own brand and management as a standalone business inside IG, the deal is subject to regulatory and antitrust review, and IG noted CEO Breon Corcoran held a small prior Underdog stake and recused himself from the board vote.
- IG says the acquisition should be broadly neutral to adjusted EPS in year one and double‑digit accretive by year three, but closing and future performance hinge on integration, financing conditions and ongoing U.S. regulatory risk for prediction markets.