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.”