Yahoo Sports is expanding its offering with the recently announced acquisition of Wagr. Wagr is a social gaming app and the first social sports betting operator to gain a license in the United States. With this acquisition, Yahoo will integrate Wagr’s social features on all its sports products, including the award-winning fantasy sports platform.
Yahoo Meets Wagr
Wagr’s product allows for peer-to-peer wagering and offers challenges and leaderboards for users. The goal is for friends to be able to compete and communicate with one another through Wagr. This product option will now be available across Yahoo Sports.
“The acquisition of Wagr is an exciting step in the development of the next generation of Yahoo Sports’ gaming portfolio,” said Jim Lanzone, CEO of Yahoo. “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.”
Wagr was founded in Nashville and has managed to raise approximately $16 million in funding from a slew of investors. These investors include Justin Mateen of Tinder fame, Robert Kraft and the Kraft Group, and Alexis Ohanian.
The acquisition shows that Yahoo sees a lot of benefits with what Wagr is doing. Fans who utilize the Yahoo Sports platform will have new ways to play thanks to the full integration.
“Yahoo Sports offers us a stage to build products that will reach millions of loyal fans that have connected over fantasy sports for decades,” said Mario Malavé, co-founder and CEO of Wagr. “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.”
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What Does This Mean For Wagr?
Details of the deal have not yet been made public. But, it is likely that the Wagr platform will eventually become Yahoo Sports. Wagr is currently only available in Tennessee, but with this acquisition, the Wagr technology can now reach even more players.
Yahoo’s daily fantasy sports product is available in Arizona, Calgary, Colorado, Illinois, Louisiana, Michigan, New Jersey, New York, Ontario, Pennsylvania, Tennessee, Virginia, and West Virginia. This will expand the reach of the social gaming platform.
This acquisition shows Yahoo’s dedication to expanding its footprint in the sports gaming industry.
