ESPN NFL insider Adam Schefter is a rich man.
The prominent NFL reporter earns millions of dollars per year in salary at ESPN, covering the biggest league in America. But Schefter is an even richer man today, thanks to a smart investment.
Schefter, who previously worked for the Denver Post and the NFL Network, was an early investor in Underdog. The sports gambling company recently got acquired for $1.2 billion. Front Office Sports confirmed that Schefter was an investor in the company.
“Underdog confirms Schefter was an early-stage investor,” an Underdog spokesperson tells Front Office Sports. ESPN declined to comment.
According to Front Office Sports, it was not a very big investment.
"Sources say that the NFL insider’s investment in the company was a 'small investment.' He hasn’t made any further investments or had any role with Underdog or the company’s operations since then."
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Still, Schefter is facing some scrutiny for the decision.
Should reporters and journalists be allowed to invest in betting or prediction market type companies?
Schefter faces backlash for the investment
Former ESPN reporter Joon Lee was among those to call out Schefter on social media.
"Someone who makes a living breaking news should not directly make money from a company where people bet on breaking news," he wrote.
"It appears sports are pretty much WWE at this point. Not completely rigged but we know who is going over," one fan added.
"Preach! No conflict of interest," one fan added.
What do you make of Schefter's investment decision? Should this kind of thing be allowed?
