IG Group announced a blockbuster acquisition of US prediction markets platform Underdog for approximately $1.3 billion, including $1.1 billion upfront and a $200 million performance-based earnout. The deal, expected to close in late 2026 or early 2027, positions IG to more than double its US revenue and increase monthly active customers tenfold while gaining vertically integrated infrastructure covering brokerage, exchange, and clearing operations. The expansion extends beyond sports into financial, crypto, and macroeconomic event contracts.
Meanwhile, Squared Financial’s offshore operations appear to have collapsed, with the broker’s Seychelles entity reportedly unable to process new account openings approximately six months after surrendering its Cyprus licence. Clients have complained of withdrawal delays and unreachable support, while Trustpilot flagged fake reviews. Former Nigeria Managing Director Temitope Ijibadejo publicly demanded investigation into pending client withdrawals, though the Seychelles licence technically remains active.
FXnCO Insight
IG’s aggressive move into prediction markets signals mainstream acceptance of this growing sector, while Squared Financial’s operational breakdown serves as a red flag for clients and partners to immediately verify broker regulatory standing and withdrawal capabilities.
Source: Finance Magnates