According to Yahoo, the acquisition of Wagr is expected to augment and bolster Yahoo Sports’ goal of developing and providing the most compelling fantasy and gaming product
Peer-to-peer sports betting app Wagr acquired by Yahoo. (Credit: Beatrice Murch from South America/Wikimedia Commons)
Web services provider Yahoo has acquired Wagr, a peer-to-peer sports betting application developed to make gaming social and accessible, for an undisclosed sum.
According to Yahoo, the acquisition of Wagr is expected to augment and bolster Yahoo Sports’ goal of developing and providing the most compelling fantasy and gaming products.
Wagr is said to be the first social sports betting operator to receive a license in the US.
The platform offers a comprehensive experience in social mobile app development, community driven games, and user experience.
Wagr co-founder and CEO Mario Malavé said: “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 stated that Wagr has secured substantial investments from organisations, individuals, and venture capital firms, including Seven Seven Six, led by Reddit co-founder Alexis Ohanian.
Other investors in the sports betting app include Greycroft, BITKRAFT Ventures, the Kraft Group, owners of the New England Patriots and New England Revolution, Pear VC, Harris Blitzer Sports & Entertainment, New Jersey Devils and owners of the Philadelphia 76ers.
Through the acquisition, Wagr will be completely integrated into Yahoo Sports.
Yahoo CEO Jim Lanzone 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.”
In September last year, Yahoo announced its acquisition of algorithm-driven news rating company The Factual for an undisclosed price.