Underdog Fantasy, a sports betting app, has achieved a valuation of $1.2 billion following a Series C funding round led by Spark Capital. The round has successfully closed with $70 million raised so far, contributing to an expected total of over $100 million. This marks a significant increase from the company's previous valuation of $485 million in 2022. The funding round is noted as the largest investment from a top-tier Silicon Valley venture capital firm in the sector. The announcement of this funding comes as Underdog continues to expand its presence in the competitive sports betting market.