Yahoo Acquires Sports Betting App Wagr

May 14, 2023
Mark Patrickson

Yahoo has announced it has acquired sports betting app Wagr. The terms of the deal were not made public, but Yahoo confirmed that Wagr’s platform will be fully integrated into its own.

Yahoo Building Next Generation of Gaming Products

Wagr has attracted a lot of high-level investment in the past, including from high-profile firms such as Seven Seven Six, the Kraft Group, and the owners of the New England Patriots. Wagr was also the first social sports betting operator to receive a license in the United States.

Jim Lanzone, CEO of Yahoo, stated that the acquisition represents the future of Yahoo’s gaming products. 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.”

Meanwhile, Mario Malavé, co-founder and CEO of Wagr, also expressed enthusiasm about the deal. He added: "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 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."

What Is Wagr?

Wagr is a "social wagering" application that enables friends and communities to place bets against each other. Unlike peer-to-peer betting exchange platforms, Wagr collects stakes from both users and distributes winnings, taking a five percent transaction fee on every bet. This feature enables Wagr to remain indifferent to the outcome of the wager, making it unique in the industry.

In addition to the core platform, Wagr offers social feeds, online leaderboards, and chat functionality that enrich conversation and drive engagement. Yahoo Sports, one of the largest fantasy sports operators in North America, will fully integrate Wagr's platform into its own.

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