Yahoo Buys Sports Betting App Wagr

Yahoo recently acquired Wagr, a sports betting app that had received high-level investment from firms like Seven Seven Six and the Kraft Group. Wagr was the first social sports betting operator to receive a license in the United States and has been known for its innovative emphasis on community and social engagement. The terms of the deal were not disclosed, but Yahoo confirmed that Wagr’s platform will be fully integrated into its own. Jim Lanzone, CEO of Yahoo, expressed excitement for the acquisition, stating that it represents the future of Yahoo’s gaming products. Mario Malav√©, co-founder and CEO of Wagr, also expressed enthusiasm about the deal, saying that joining Yahoo will allow Wagr to continue delivering on its mission to connect fandom to social gaming while elevating its ability to execute through expanded resources, new partnerships, and technological capabilities. As a “social wagering” application, Wagr allows friends and communities to place bets against each other and collects stakes from users, distributing winnings and taking a five percent transaction fee on every bet. In addition to the core platform, Wagr offers social feeds, online leaderboards, and chat functionality to enrich conversation and drive engagement. Yahoo Sports will integrate Wagr’s platform into its own.