Yahoo closes acquisition for Wagr sports betting app
The company said the deal could potentially unlock opportunities for Yahoo Sports in social gaming.
Yahoo has acquired Wagr, a peer-to-peer sports betting app. The company said the deal “augments and accelerates Yahoo Sports’ vision to create and deliver the most compelling fantasy and gaming products.”
Yahoo CEO Jim Lanzone discussed the importance of the acquisition and commended Wagr for its achievements.
He said: “The acquisition of Wagr is an exciting step in the development of the next generation of Yahoo Sports’ gaming portfolio.
“Wagr stands out for their innovative emphasis on community and social engagement in sports gaming, which aligns perfectly with the Yahoo fantasy platform that has brought tens of millions of fans together around their love of sports for over 20 years.”
Wagr is a social sports betting operator that specializes in community-driven games and social mobile app development.
Group Co-Founder and CEO Mario Malavé explained why he believes the acquisition is a win for both companies.
He commented: “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. 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.”
Yahoo Sports SVP Jon Shaw echoed similar sentiments and spoke on the potential opportunities the merger could create.
Shaw said in closing: “We are incredibly excited to welcome Wagr to the Yahoo Sports family. 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.”
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