Social betting platform Wagr purchased by Yahoo
This latest acquisition will enable the technology firm to enhance its Yahoo Sports subsidiary with Wagr’s innovative betting offerings. The latter was one of the United States’ first social wagering companies and has attracted investment opportunities from a number of major VC firms and other organizations since its founding in 2020.
The Chief Executive of Yahoo, Jim Lanzone, commented:
“Our latest purchase of Wagr represents an excellent step toward further enhancing the offerings of our sports subsidiary. Its outstanding social wagering products align perfectly with our long-term strategy and mission, and we are certain that by utilizing them we will be able to grow the betting side of our business at pace.”
Wagr Chief Executive and co-Founder Mario Malave stated:
“Being part of the Yahoo family, we will be able to vastly expand the reach of our offerings and have them enjoyed by a large audience of loyal sports fans and bettors. Yahoo’s immense scale, combined with our innovative wagering opportunities, is sure to bring lots of success for us and our new parent company. Additionally, through this deal, we will be able to dedicate more resources to our core mission of enhancing social betting, which we are looking forward to.”
Yahoo Sports Senior VP, Jon Shaw, remarked:
“While our fantasy sports wagering offerings provide excellent engagement and player retention rates, Wagr’s unique social betting opportunities will deliver a novel experience to our users and further enhance our operations. We are thrilled to welcome our new subsidiary into our family.”
Lastly, it is noteworthy to mention that the technology company did not disclose any further details of the acquisition, although it stated that Wagr is going to be wholly integrated into its Yahoo Sports brand.