Yahoo has announced the acquisition of peer-to-peer sports betting app Wagr, bolstering its fantasy and gaming offerings.
While the terms of the acquisition were not disclosed, Yahoo did make clear that, as part of the deal, Wagr will be fully integrated into Yahoo Sports.
The betting platform has previously attracted a number of high-level investments, including support from Seven Seven Six – spearheaded by Alexis Ohanian, Reddit co-founder – the Kraft Group and the owners of the New England Patriots.
Wagr was also the first social sports betting operator to receive a licence in the United States.
Jim Lanzone, CEO of Yahoo, said that the acquisition represents the future of Yahoo’s gaming products.
“The acquisition of Wagr is an exciting step in the development of the next generation of Yahoo Sports’ gaming portfolio,” said Lanzone.
“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, said that the deal allows Wagr to extend its reach.
“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 Malavé. “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.”