Underdog has filed the first seven sports event-contract templates for UDX, the federally regulated exchange it acquired in March. The filings target an initial listing no later than July 17, moving Underdog closer to controlling its own contracts rather than relying exclusively on outside exchanges.
The seven contract templates represent the first tangible step in Underdog's strategy to bring its exchange operations in-house. Until now, the company relied on external exchanges to host and settle its wagers, ceding control over contract design and settlement. By acquiring UDX earlier this year, Underdog obtained a federally regulated platform that can list and settle its own contracts. The July 17 deadline signals a fast timeline, suggesting technical and regulatory groundwork has been underway since the deal closed.
Business Model Shift
Underdog's move from distributor to exchange operator has direct implications for its business model. As a distributor, it had limited influence over contract structures, liquidity pools, or settlement rules. Operating its own exchange allows Underdog to set the terms of each contract, control the listing calendar, and determine settlement outcomes. The federal regulatory status of UDX also provides a compliant national foundation.