Yahoo Acquires Social Sports Betting App Wagr

Yahoo has announced that it has acquired peer-to-peer sports betting app Wagr, the first social sports betting operator to receive a license in the United States.

Wagr differs from conventional sportsbooks in that it doesn’t compete against bettors. Instead, its customers make predictions and other users bet against their predictions. Wagr’s profit model relies on charging a 5% fee on all of those wagers. The model has been a successful one that has attracted investors such as Seven Seven Six, Greycroft, Pear VC, the Kraft Group, Harris Blitzer Sports & Entertainment, and BITKRAFT Ventures.

Speaking of the deal Jim Lanzone, CEO of Yahoo said:

Jon Shaw, SVP of Yahoo Sports went on to add:

“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.”

Mario Malavé, co-founder and CEO of Wagr added:

Previously available in the state of Tennessee, Wagr is currently offline but will be fully integrated into Yahoo Sports once the acquisition deal is complete.

Natasha Lyndon

Yahoo Acquires Social Sports Betting App Wagr