Corfai

History and Founding

Corfai, Inc. was created as the corporate vehicle for Underdog Fantasy, a daily fantasy sports operator that launched in 2020. The company was founded by Jeremy Levine and Dan Milian, who previously worked at FanDuel and drew on that experience to build a simpler alternative to traditional season-long and daily fantasy products. The brand quickly gained traction in the US market, particularly among mobile-first users who wanted a quick, straightforward way to enter contests. Although the legal entity is Corfai, nearly all public-facing activity takes place under the Underdog Fantasy name, and the company is headquartered in New York City.

Business Model

Underdog Fantasy generates revenue primarily through entry fees for its daily fantasy contests. Its signature pick'em format allows users to choose whether a player will go over or under a projected statistical line, such as passing yards or points scored, without needing to manage salaries or build a full roster. This model sits on the DFS side of US gaming regulation, which lets the company operate in states where traditional online sports betting is not yet available or is more tightly controlled. The simplified contest design and a strong social-media-led acquisition strategy have helped the company convert casual sports fans into paying DFS users.

Product Ecosystem

The flagship product is the Underdog Fantasy app and web platform, which includes pick'em contests, weekly drafts, and best-ball tournaments. Underdog Pick'em is the most distinctive offering and has become closely associated with the brand. Underdog Best Ball offers season-long contests in which lineups are submitted once and scored automatically, removing the weekly management burden. The company also acquired Fantasy Life in 2023, adding a media arm that produces fantasy news, analysis, podcasts, and community content. These products feed into a broader content ecosystem, with Underdog's own social channels and influencer partnerships supporting user acquisition and retention.

Market Position and Competitive Landscape

Underdog Fantasy competes with DraftKings, FanDuel, ESPN BET parent PENN Interactive, and other independent DFS operators such as PrizePicks. Its primary differentiators are product simplicity, brand personality, and aggressive user acquisition. The company has positioned itself as a challenger to the largest public operators, and its pick'em format has helped it carve out a substantial niche. While it remains much smaller than DraftKings and FanDuel in overall revenue, its growth has been notable enough to attract strategic investment from outside the traditional gaming sector.

Investment and Media Expansion

In a deal covered by iGaming Business, UK-listed online trading and spread-betting firm IG Group made a strategic minority investment in Corfai. The investment gave IG Group exposure to the US fantasy-sports and sports-gaming market while providing Corfai with capital and strategic backing. The transaction highlighted the growing interest in independent DFS platforms as the line between fantasy contests and sports betting continues to evolve. Underdog Fantasy followed with the acquisition of Fantasy Life, strengthening its media and community offerings, and has since continued to build out its content and promotional operations.

Regulatory Positioning

The company operates under daily fantasy sports regulations in US states where such contests are legal. It has consistently argued that its pick'em games are DFS products rather than sports betting products, allowing it to offer its app in a broader range of states than online sportsbooks. This classification has periodically drawn regulatory scrutiny, as some state regulators have questioned whether simplified player-prop contests function as a form of sports wagering. The outcome of those debates is a key strategic risk and opportunity for the company as it plans future expansion.

Key Leadership and Ownership

Jeremy Levine serves as Co-Founder and Chief Executive Officer, while Dan Milian serves as Co-Founder and Chief Operating Officer. Both remain closely tied to the company's product direction and public identity. Corfai is privately held, with the founders, venture capital investors, and IG Group among its significant shareholders. The company's exact employee count has not been formally disclosed, but LinkedIn and public business profiles place the organization in the range of roughly 200 to 500 staff.