Underdog hiring for director of trading and risk as sportsbook investment intensifies
Fantasy sports start-up Underdog is seeking a new director of trading and risk as it looks to build a sportsbook following a $30m funding round last month.
The New York-based business, which is now valued at $485m, has kicked off an aggressive recruitment drive as it prepares to diversify beyond DFS and into real-money wagering.The director of trading and risk position is the first to be publicly advertised by the firm.
The successful applicant will act as the leader of sports trading within the business and will own sports betting liabilities and KPIs across all product verticals.
They will also be tasked with leading and developing a team of traders focused on US sports, as well as well as ensuring compliance of a “sports betting trading platform” within the current US regulatory landscape.
The job posting reads: “Using its own proprietary sports trading platform, Underdog is launching its innovative sports betting experience into the US-regulated marketplace and is looking for someone to lead the trading operations for the business.
“The director of trading and risk will work alongside the key stakeholders to implement trading and risk strategies to complement Underdog’s unique approach to the US market, while delivering a fun and safe product to consumers.”
Candidates are expected to have experience in managing a modern-day sports trading team, combined with knowledge of quantitative analysis and an understanding of behavioural trends.The position is remote as Underdog is a remote-first company, offering a $500 home office allowance to new employees.
Investors in the company include US billionaire Mark Cuban, New York rap legend Nas and former Paddy Power Betfair CEO Breon Corcoran.
The job was posted to LinkedIn by Underdog head of go to market strategy Matt Garrigan, who was previously director of new market strategy at US market leader FanDuel.
However, the company is seeking to do something different to those two behemoths, according to founder and CEO Jeremy Levine.
“There are 55 brands out there [in licensed betting] and they are all trying to do the same thing as FanDuel and DraftKings,” said Levine at iGaming NEXT NYC ’22 in May.
“I don’t think very many of them will succeed in playing the same game,” he added. “We are trying to do something very different in that we view ourselves as a games studio in a licensed betting environment, and not a sportsbook company.”