Yahoo has confirmed its acquisition of Wagr, a peer-to-peer sports betting app, in a move to strengthen its fantasy and gaming portfolio. Although the specific details of the acquisition were not revealed, Yahoo emphasized that Wagr will be seamlessly integrated into Yahoo Sports.
Wagr has previously garnered significant investments from prominent entities such as Seven Seven Six, led by Alexis Ohanian (co-founder of Reddit), the Kraft Group, and the owners of the New England Patriots.
Wagr, which holds the distinction of being the first social sports betting operator to receive a license in the United States, is now part of Yahoo’s gaming portfolio. Jim Lanzone, CEO of Yahoo, expressed excitement about the acquisition, stating that it represents the future of their gaming products.
Lanzone highlighted Wagr’s innovative approach to community and social engagement in sports gaming, which aligns well with Yahoo’s renowned fantasy platform that has fostered a strong fan community for over two decades.
“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, noted that the deal provides an opportunity for Wagr to expand its reach through Yahoo Sports’ extensive audience.
Malavé emphasized the synergies between Yahoo’s scale and engagement and Wagr’s mission to connect fandom to social gaming. He further added that joining Yahoo would enable Wagr to leverage expanded resources, new partnerships, and technological capabilities to continue delivering on their vision.
“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.”