NEW YORK--(BUSINESS WIRE)--Yahoo today announced the acquisition of Wagr, a peer-to-peer sports betting app focused on making gaming social and accessible. The acquisition of Wagr augments and accelerates Yahoo Sports’ vision to create and deliver the most compelling fantasy and gaming products.
“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 the first social sports betting operator to receive a license in the United States. They bring extensive experience in social mobile app development, user experience and community driven games.
“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.”
“We are incredibly excited to welcome Wagr to the Yahoo Sports family,” said Jon Shaw, SVP of Yahoo Sports. “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.”
Wagr has attracted significant investments from renowned organizations, individuals, and prominent venture capital firms including Seven Seven Six, led by Reddit co-founder Alexis Ohanian; Greycroft; Pear VC; the Kraft Group, owners of the New England Patriots and New England Revolution; Harris Blitzer Sports & Entertainment, owners of the Philadelphia 76ers and New Jersey Devils and BITKRAFT Ventures.
With the acquisition, Wagr will be fully integrated into Yahoo Sports. The acquisition closed and the terms of the deal were not disclosed.
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