IG Group’s $1.1bn Underdog takeover doubles revenue, stock wobbles
Underdog has sued multiple states under the Supremacy Clause after shutting DFS operations in seven states.
The hit
IG Group says Underdog’s net revenue jumped over 100% year-on-year to around $105m in Q3 2026, ahead of the $1.1bn takeover closing. IG Group’s own Q3 2026 total revenue is expected to be approximately £240m, a drop of around 14% year-on-year, according to the FTSE 100 firm.
Why it matters
The numbers suggest Underdog is becoming the growth engine IG Group is paying for, just as IG’s core business slows. Underdog has shut DFS operations in seven states after rulings barred mixing state DFS licences with federal event contracts, hinting at a prioritisation of its predictions business, according to SBC News. For bettors, the FCA says it is in discussions to reassess wider consumer access to investment products, which could lead to UK access to prediction products.
The record
| Deal value | $1.1bn |
|---|---|
| IG Group share price move | fell from £9.79 to £9.58 within 40 minutes, now £9.88 (SBC News) |
What happens next
IG Group hosts a virtual seminar on Underdog for institutional investors & analysts on Thursday. Underdog’s lawsuits against multiple states remain unresolved.
Sources: Mixed fortunes at Underdog and IG Group ahead of $1.1bn deal
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