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.

“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.”

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

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

No financial details of the deal have yet been released.

Natasha Lyndon

Based in London, Natasha is a former sports journalist with experience working for some of the biggest athletes & brands in the world of sports and iGaming.