Reddit co-founder Alexis Ohanian invests in social sports betting app

Wagr's funding round is also backed by Justin Mateen and Brad Martin.
Wagr's funding round is also backed by Justin Mateen and Brad Martin.

Alexis Ohanian, co-founder of the social news aggregator Reddit, has invested in Wagr, an app that blends social media and sports betting.

US.- Reddit co-founder Alexis Ohanian has invested in the social sports betting app Wagr as part of a $4m seed-funding round.

According to Bloomberg, the entrepreneur has invested through his firm Seven Seven Six. Other investors in Wagr include Tinder co-founder Justin Mateen and former Saks Inc. chairman and CEO Brad Martin. 

Wagr is part of a rising wave of non-traditional betting platforms, such as Simplebet, Ryu Games, and Underdog Fantasy.

The app allows users to place bets on sports with friends. It links up with people from a user’s social network and promises to open sports betting to all, with no knowledge of betting platforms necessary

. If Wagr users don’t have a friend to take a bet, it will match them with someone in their state who also uses the platform. 

Ohanian said: “It’s about productizing what already goes down in everyone’s group chat. Right now, the way these get resolved is through a Cash App payment or a Venmo payment, and surely we can do better.”

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