In the sports betting market, strategic adjustments occur from time to time. The American operator Underdog recently announced that it will shut down its only sports betting platform in North Carolina and shift its business focus entirely to the prediction market.
Business Closure and Customer Settlement
According to the announcement, the sports betting service in North Carolina will officially cease at 11:59 PM on December 16th. Honestly, Underdog's handling of bets already placed is quite generous. All unsettled bets, including those long-held "future bets," will be directly deemed as winning and the payouts will be distributed on December 17th or 18th. For example, even if your bet on the Carolina Panthers was already out of the playoffs, you would still receive the full amount. The withdrawal channels for users will remain open, and the bonus points in the accounts will be converted into withdrawable funds or retained for daily fantasy sports according to the rules. PASA's official website notes that this clear, player-benefit-oriented settlement scheme is worthy of attention in the industry.
Strategic Focus Shifts to Prediction Market
This closure is not a retreat but a proactive strategic shift. In fact, Underdog had already begun to lay out its prediction market this autumn and launched related products in collaboration with Crypto.com. They even abandoned plans to launch sports betting in Missouri, opting instead to introduce a prediction market in the state. To promote this new business, Underdog also joined the "Prediction Market Alliance," composed of Kalshi, Coinbase, and others, and submitted amicus curiae briefs in related legal proceedings. The company explicitly stated that after the closure of sports betting in North Carolina, the prediction market features will soon be integrated into its existing fantasy sports application.
North Carolina Market Landscape Updates
With Underdog's exit, the number of online sports betting operators in North Carolina will decrease to seven, including well-known brands such as FanDuel, DraftKings, and BetMGM. However, the state does not publish individual operator revenue data, so how Underdog performed in recent months remains unknown. For North Carolina users, fantasy sports competitions will continue, and the application will not disappear, just with one less sports betting option. This case clearly demonstrates how a company repositions itself between regulatory and market opportunities, and PASA's official website will continue to monitor how such strategic adjustments by operators potentially impact the market landscape.
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This article is from "PASA-Global iGaming Leader," a gambling industry news channel:https://t.me/pasa_news
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