Yahoo Acquires 'Social' Sports Betting App

Yahoo announced the acquisition of Wagr, a peer-to-peer sports betting app. Wagr will be fully integrated into Yahoo Sports.

Terms of the deal were not disclosed.

The acquisition of Wagr “augments and accelerates” Yahoo Sports’ plan to further enter the online sports betting space. Wagr has a negligible market share in the U.S. compared to other betting sites.

“The acquisition of Wagr is an exciting step in the development of the next generation of Yahoo Sports’ gaming portfolio,” said Jim Lanzone, CEO of Yahoo. “Wagr stands out for their innovative emphasis on community and social engagement in sports gaming, which aligns perfectly with the Yahoo award-winning fantasy platform that has brought tens of millions of fans together around their love of sports for over 20 years.”

Wagr claims to have received the first license in the U.S. for a “social sports betting operator.”

Mario Malavé, co-founder and CEO of Wagr, said that Yahoo Sports offers the company “a stage to build products that will reach millions of loyal fans that have connected over fantasy sports for decades.”

According to Malavé, the combination of Yahoo’s scale and engagement creates opportunities for “virtuous product loops between sports media and gaming.”

“Joining Yahoo allows us to continue delivering on our mission to connect fandom to social gaming while elevating our ability to execute through expanded resources, new partnerships and technological capabilities,” he added.

Wagr has attracted investments from the likes of Seven Seven Six, led by Reddit co-founder Alexis Ohanian; Greycroft; Pear VC; the Kraft Group, owners of the New England Patriots and New England Revolution; Harris Blitzer Sports & Entertainment, owners of the Philadelphia 76ers and New Jersey Devils and BITKRAFT Ventures.

Wagr was first licensed in the state of Tennessee. The Volunteer State kicked off sports betting in 2021 after legalization in 2019.

Related Articles

Missouri Voters Approve Sports Betting

Seminoles Reach Deal To End Sports Betting Litigation

NBA Commissioner Says He Still Supports Sports Betting

Most Viewed Articles