ESPN Insider Adam Schefter Early Investor in Acquired Betting Firm

ESPN NFL insider Adam Schefter was an early investor in the betting company Underdog, which a London-based holding company acquired for $1.3 billion. Schefter’s initial stake was part of a $10 million investment round in 2021.

What Happened

ESPN NFL insider Adam Schefter was an “early-stage investor” in Underdog, a sports-focused prediction-market platform, according to Dailymail.com. This information emerged following the acquisition of Underdog by IG Group Holdings, a London-based holding company, for $1.3 billion. Underdog confirmed Schefter’s status as an early investor to Front Office Sports (FOS), as reported by Dailymail.com.

IG Group paid $1.1 billion upfront for the betting website, with an additional $200 million allocated for shareholder payouts. The deal reportedly includes a potential $815 million in future earnings earmarked for “eligible Underdog employees,” which could further benefit early investors, according to Dailymail.com. While Schefter’s stake was described as small, he was reportedly part of a group that raised $10 million for Underdog in 2021, FOS reported, according to Dailymail.com.

Key Details

• Adam Schefter was an “early-stage investor” in the betting company Underdog, according to Underdog’s confirmation to Front Office Sports (FOS) and reported by Dailymail.com.
• A London-based holding company, IG Group Holdings, acquired Underdog for $1.3 billion, with an upfront payment of $1.1 billion and $200 million for shareholders, as reported by Dailymail.com.
• Schefter was reportedly among initial investors who raised $10 million for Underdog in 2021, and has not made subsequent investments, according to FOS, as cited by Dailymail.com.
• The deal includes a reported $815 million in potential future earnings designated for “eligible Underdog employees,” Dailymail.com stated.
• Other investors in Underdog reportedly include Dallas Mavericks minority owner Mark Cuban, NBA great Kevin Durant, and NFL quarterback Jared Goff, FOS reported, according to Dailymail.com.
• ESPN does not have a partnership deal with Underdog; the network has a partnership with DraftKings, according to Dailymail.com.

Why It Matters

The revelation of a prominent sports journalist like Adam Schefter as an early investor in a sports betting platform highlights the increasing intersection between sports media personalities and the regulated sports betting industry, according to Dailymail.com. This financial interest in a betting company could be relevant for industry observers and regulators, particularly given Schefter’s role as an NFL insider at ESPN. The structure of the acquisition, including the upfront payment and potential future earnings for early investors, demonstrates the financial valuations and growth potential within the sports betting market.

The absence of a partnership between ESPN and Underdog, despite Schefter’s investment, underscores ESPN’s existing strategic alliance with DraftKings, as noted by Dailymail.com. This situation illustrates the complex landscape of media partnerships and individual financial interests within the rapidly evolving sports betting sector.

What’s Next

It is currently unclear what Schefter’s specific payout from the IG Group sale will be, as his agent has not responded to The Daily Mail’s request for comment, according to Dailymail.com. Schefter recently signed a multi-year extension with ESPN, reportedly extending into the 2030s, the details of which have not been revealed, Dailymail.com stated.

Originally reported by Dailymail.com·Published 1 Aug 2026, 23:24