Underdog Fantasy has appointed Nick Lundgren as its new Chief Legal Officer, less than one month after the executive stepped down from his roles as Crypto.com Chief Legal Officer and OG.com CEO.
Addressing his new appointment with Underdog, Lundgren said, “I am very proud to have created the first-ever CFTC-regulated sports prediction market in 2024 and to now double down on that with Jeremy Levine and an exceptional sports-native team.
“With our full stack of CFTC licenses and a foundation built upon numerous first-in-time products, we’re perfectly positioned to redefine the largest category in the prediction market industry – sports. Game on.”
Lundgren notified Crypto.com CEO Kris Marszalek of his intentions to resign as Crypto.com Chief Legal Officer and OG.com CEO on April 15, stating he had “full confidence” in the leadership of Group General Counsel Chloe Young.
“Since joining in 2020, it has been an incredible privilege to help build Crypto.com’s industry-leading regulatory resume from ground zero – securing the most comprehensive sets of licenses and registrations globally, including numerous firsts,” Lundgren said at the time of resignation.
“Thank you Kris for the master class in business and the entire team for the opportunity to contribute to this remarkable journey. I remain an eternal optimist and a strong supporter of Crypto.com’s mission.”
Underdog recently acquired Aristotle Exchange DCM and Aristotle Exchange DCO, entities registered with the Commodity Futures Trading Commission (CFTC) as a designated contract market (DCM) and derivatives clearing organization (DCO).
The acquisition allows Underdog to operate its own federally compliant prediction market exchange and broaden access to event-based contracts within its ecosystem.
“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,” Underdog Co-Founder and CEO Jeremy Levine said.
“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.”
As Chief Legal Officer, Lundgren will be tasked with overseeing legal matters, ensuring compliance, managing risk and aligning Underdog’s legal strategy as it continues to broaden prediction market efforts.
Underdog’s responsible play innovation fund, GuardDog, announced a new investment in Regen on January 22, a financial wellness platform designed to help players save money while gambling
