On July 30, 2026, IG Group Holdings plc — the London-listed derivatives broker already behind tastytrade — announced it agreed to acquire Underdog Sports Holdings for total consideration of up to up to approximately $1.3 billion. The deal, if it closes, hands IG Group simultaneous exposure to two of the largest prediction market infrastructure stacks in the US: Kalshi's DCM (via tastytrade and Apex Fintech) and Underdog's proprietary UDX exchange.
No other company currently spans both lanes. For traders, the short answer is: nothing changes today — but the ownership map of US prediction markets is being redrawn at the institutional level.
IG Group Holdings plc (LSE: IGG) is a UK-based financial technology firm headquartered in London, UK. It operates online trading platforms for retail and institutional clients worldwide, specializing in derivatives: contracts for difference (CFDs), spread betting, and — increasingly — event contracts.
In the US, IG Group acquired tastytrade in 2021, giving it a foothold in active retail options trading. tastytrade subsequently launched CFTC-regulated prediction markets on July 27, 2026, powered by Apex Fintech Solutions connecting to Kalshi's DCM.
IG Group CEO Breon Corcoran called the Underdog deal “a defining step establishing IG as a leader in US prediction markets, one of the most significant opportunities across trading and entertainment.”
After the deal closes, IG Group will be the only entity with direct or indirect exposure to both of the US's major prediction market infrastructure providers.
| Platform | PM Exchange / Infra | IG Group Relationship | Status |
|---|---|---|---|
| tastytrade | Apex Fintech Solutions → Kalshi DCM | Wholly owned subsidiary since 2021 | IG-owned |
| Underdog | UDX (Aristotle Exchange DCM/DCO) | Acquisition announced July 30, 2026 | Pending close |
Note: IG Group does not own Kalshi. tastytrade connects to Kalshi's exchange via Apex Fintech — a business relationship, not ownership.
Subject to US regulatory approvals including Hart-Scott-Rodino Antitrust Improvements Act clearance
Source: IG Group official investor relations announcement, July 30, 2026
tastytrade connects retail traders to Kalshi's DCM through Apex Fintech Solutions, an FCM (Futures Commission Merchant). Kalshi holds both a DCM and DCO license from the CFTC. When you trade on tastytrade's event contracts tab, your order clears through this infrastructure. IG Group has owned tastytrade — and therefore has commercial exposure to this lane — since 2021.
Underdog operates its own proprietary exchange — UDX, run by Aristotle Exchange — which holds both a DCM and DCO license independently of Kalshi. This is structurally separate: different clearing, different regulatory filings, different market structure. When the acquisition closes, IG Group will control a platform that sits on top of its own fully licensed exchange stack.
No other single company currently has direct commercial exposure to both the Kalshi DCM lane and the CDNA/UDX lane simultaneously. If the acquisition closes as announced, IG Group will occupy a structurally unique position in the US prediction market infrastructure map.
Underdog launched in 2020 as a daily fantasy sports operator. It expanded into prediction markets and, ahead of the acquisition announcement, launched its in-house exchange (UDX via Aristotle Exchange) — giving it a CFTC-licensed exchange and clearing stack independent of Kalshi.
This page cites the platform's official investor relations release as its primary source. No commercial relationship exists between PredictionMarkets.us and IG Group, Underdog, tastytrade, or Kalshi.
