Underdog has appointed Nick Lundgren as Chief Legal Officer. Lundgren joins Underdog as the company continues to expand its prediction market offerings, including on its own exchange, following the acquisition of a Commodity Futures Trading Commission (CFTC) registered Designated Contract Market (DCM) and a Derivatives Clearing Organization (DCO).

Underdog is also a registered Futures Commission Merchant (FCM), making it the first sports company with the complete prediction market license stack.

Lundgren is the former Chief Legal Officer of Crypto.com and CEO/President of its CFTC-regulated division, where he certified the first sports entries in any U.S. prediction market and led the company to become the second-largest U.S. prediction market DCM, while acquiring and operating Crypto.com’s DCM, DCO, and FCM licenses. Previously, he held roles at Perkins Coie LLP and Amazon, focused on crypto, fintech, and derivatives.

“Nick has been one of the true leaders and innovators in our category, and we’re psyched to have him at Underdog to help lead the continued growth of our business,” said Underdog CEO and co-founder Jeremy Levine. “He has been a pioneer in this nascent space, and we’re excited to continue building new and compelling experiences for sports fans with his expertise.”

“I’ve worked with every U.S. sports company live in prediction markets to date, and after working with Underdog on Crypto.com’s platform, seeing them become the first sports enterprise with the full stack of CFTC licenses, I knew they were best equipped from a team, expertise and product standpoint to run away with the largest category in prediction markets — sports,” said Lundgren. “And I knew I had to be there.”

In September 2025, Underdog became the first sports gaming operator to offer sports prediction markets in its app, via access to Crypto.com’s exchange.