Yahoo closes acquisition for Wagr sports betting app
The peer-to-peer sports betting app will be integrated into Yahoo Sports.
US.- Yahoo has announced the acquisition of Wagr, a social sports betting operator that specialises in community-driven games and social mobile app development. It will be integrated into Yahoo Sports.
Jim Lanzone, CEO of Yahoo, said Wagr aligned with the Yahoo fantasy platform. He said: “The acquisition of Wagr is an exciting step in the development of the next generation of Yahoo Sports’ gaming portfolio. 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.”
Mario Malavé, co-founder and CEO of Wagr, added: “Yahoo Sports offers us a stage to build products that will reach millions of loyal fans that have connected over fantasy sports for decades. The unique 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.”
Yahoo Sports SVP Jon Shaw commented: “We are incredibly excited to welcome Wagr to the Yahoo Sports family. While we know our fantasy leagues increase fan engagement and give people something to root for, the real value is in keeping friend groups together through competition and camaraderie around the sports they love.
“Acquiring Wagr creates an immediate opportunity for us to expand into new group formats that can take engagement and friendly competition to the next level.”
Wagr has attracted investments from prominent venture capital firms including 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.
