ESPN NFL insider Adam Schefter was an early-stage investor in sports betting platform Underdog, the company confirmed to Front Office Sports following its $1.3 billion sale to London-based IG Group Holdings.
IG Group paid $1.1 billion upfront for the website, plus a $200 million payout to shareholders. Early investors could see additional returns from a reported $815 million in potential future earnings earmarked for eligible Underdog employees.
Schefter’s stake was small, but he was among a group of initial investors that raised $10 million for Underdog in 2021, according to Front Office Sports. Dallas Mavericks minority owner Mark Cuban, NBA star Kevin Durant, and NFL quarterback Jared Goff have also since invested in the platform.
Schefter has made no subsequent investments in Underdog, and the size of his payout from the sale remains unclear. His agent did not respond to a request for comment.
ESPN does not have a deal with Underdog and has instead partnered with DraftKings.
The news comes as Schefter recently signed a multi-year extension with ESPN that will keep him with the network into the 2030s. He was previously reported to earn around $9 million annually from ESPN.
In other ESPN news, broadcaster Molly McGrath has been promoted from college football coverage to the network’s NFL team, where she will serve as sideline reporter for games aired on NFL Network. McGrath joined ESPN in 2016. The network also recently parted ways with NFL analysts Ryan Clark and Bart Scott amid widespread layoffs.
