Wagr, Sports Betting App, Is Purchased by Yahoo and Fully Integrated Into Its Own Platform

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Yahoo recently revealed that it had purchased the sportsbook app Wagr. Its platform is going to be entirely integrated into Yahoo’s own, although the specifics of the acquisition weren’t made public by either of the two parties.

Yahoo Is Developing Cutting-Edge Gaming Products

Wagr has already drawn a lot of high-level investment, including from well-known companies like a consortium of privately held businesses involved in manufacturing, professional sports, and real estate development Kraft Group, the owners of the NFL team New England Patriots, and a venture capital firm Seven Seven Six. Wagr also happened to be the first provider of social sports betting to be granted a license in the US.

The acquisition, according to Yahoo CEO Jim Lanzone, illustrates the company’s gaming offerings in the future. According to him, getting hold of Wagr is an intriguing move in the creation of Yahoo Sports’ next gaming lineup.

“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,” the highest-ranking person within a global American technology corporation and also of the earliest Internet pioneers in the 1990s said.

Wagr’s co-founder and CEO, Mario Malavé, also expressed excitement about the agreement. He continued by saying that joining Yahoo gave them the opportunity to carry out their aim of bridging fandom and social gaming while improving their capacity to execute thanks to increased resources, new alliances, and technological advancements.

“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,” a person in charge of for expanding the Nashville-based company.

Uniqueness of Wagr Betting System

Wagr is a social betting platform that was established three years ago and that allows friends and groups to wager against one another. In contrast to peer-to-peer betting exchange platforms, such are those among the best mobile bookmakers, Wagr takes a five percent transaction charge on each bet and collects stakes from players as well as distributes wins. Wagr is unique in the business because of this capability that allows it to disregard the result of the wager. They have 11 investors and a $16 million total funding amount as per Crunchbase.

Wagr provides online leaderboards, chat features, and social feeds, in addition to its core platform to enhance communication and increase participation. One of the biggest fantasy sports companies in North America, Yahoo Sports, will completely incorporate Wagr’s platform into its own.