Type "Caesars vs Underdog" into a search bar and the engine assumes you want a sportsbook-versus-sportsbook breakdown. Only one of these two brands still fits that description. Caesars Sportsbook is the digital rebrand of William Hill’s US business, owned by Caesars Entertainment and live in roughly two dozen states as of September 2026. Underdog is a daily fantasy app that also ran a real-money sportsbook for a while — and closed it nationwide in December 2025. What is left to compare is a licensed book against a pick’em app plus a brand-new federal exchange.
Caesars: The Legacy Vegas Operator
Caesars Entertainment did not build a sportsbook from a blank slate. It bought William Hill’s US operation for roughly $4 billion in a deal that closed in April 2021, then repainted it Caesars that August and kept the Liberty betting platform underneath. That gives the brand a Las Vegas footprint (Caesars Palace is the flagship property), a Nasdaq ticker (CZR), and a sportsbook live in states including Arizona, Colorado, Illinois, Michigan, New Jersey, New York, Pennsylvania, and Washington DC — plus a much narrower Caesars Palace Online Casino product limited to New Jersey, Pennsylvania, Michigan, and West Virginia.
Underdog: DFS App That Tried a Sportsbook
Underdog started in 2020 as a Brooklyn pick’em fantasy app, added a real-money sportsbook at some point after, then reversed course in December 2025 — settling every open North Carolina wager and shutting the book down everywhere rather than compete for more state licenses. What is left is Classic Pick’em (running under the standard DFS exemption in roughly 15 states) and the separately licensed peer-to-peer Pick’em Champions, plus Underdog Predict, a CFTC-registered prediction exchange the company launched in July 2026 on its own Designated Contract Market and clearing registrations.
Caesars vs Underdog, side by side
| Caesars Sportsbook | Underdog | |
|---|---|---|
| Product today | Licensed sportsbook (~24 states + DC) + 4-state casino | Pick’em DFS (Classic + Champions) + Underdog Predict |
| Sportsbook status | Live and operating as of September 2026 | Closed nationwide, December 2025 |
| Owner / structure | Caesars Entertainment, public (NASDAQ: CZR) | Privately held, founded 2020 in Brooklyn |
| Biggest regulatory event | Inherited William Hill’s state licenses via 2021 acquisition | $17.5 million New York settlement, March 2025 |
| Casino / prediction product | Caesars Palace Online Casino: NJ, PA, MI, WV only | Underdog Predict: CFTC-licensed exchange, launched July 2026 |
Not the same category. A reader who lands here wanting to bet a spread or moneyline should go to Caesars, and only in a state where it is licensed. A reader who wants pick’em-style DFS contests, or is curious about a federally regulated prediction market, wants Underdog — and Underdog Predict specifically, not a sportsbook that no longer exists.
Is Underdog Still Legit Without a Sportsbook?
Yes — it just does a narrower job than it did in 2025. Underdog still pays out through PayPal, Venmo, and Trustly, still runs two distinct pick’em products with two different state footprints, and used its own federal registrations to open Underdog Predict rather than quietly exit the space after closing its book. Caesars, for its part, answers to state gaming regulators everywhere it operates and to a parent company that also runs the Las Vegas Strip property that shares its name — a different kind of accountability, not a better or worse one.
Who It Fits
Adults 21+ who want a real book — spreads, moneylines, parlays — in a state where Caesars Sportsbook is actually licensed should go there; Underdog cannot fill that role anymore. Readers who want DFS pick’em contests, or want to try a CFTC-licensed prediction market instead of a traditional book, want Underdog. Neither is presented here as a way to make money — treat a deposit into either one as entertainment spend, and call 1-800-GAMBLER if it stops feeling that way.