Yahoo reaffirms gaming ambitions with Wagr acquisition

Yahoo, a prominent media and tech company, has confirmed that it has acquired Wagr, a peer-to-peer sports betting platform that has been revolutionizing social gaming, making it more accessible amid a boom in the sports betting sector.

The acquisition is an important step forward for Yahoo and the Yahoo Sports’ gaming division, says company Chief Executive Officer Jim Lanzone who welcomed the move. The executive spoke of Wagr’s strengths, such as focusing on bringing more social engagement to sports gaming.

Wagr’s core product and focus align perfectly with what Yahoo wants to achieve with its fantasy platform, already catering to fans for more than 20 years, Lanzone elaborated. Wagr is an important acquisition because of the way the company has been able to position itself in the highly-coveted US market as well.

Wagr is in fact the first social sports betting operator to have obtained a proper license in the country at a time when regulation was a prelude to broader success. The company has successfully developed a range of experiences, such as social mobile apps, community-driven games, and more.

Wagr CEO and Co-founder Mario Malavé was excited to have the opportunity to see the company accelerate its product offering and market presence through the deal with Yahoo Sports. Yahoo would serve as a trampoline for Wagr’s future products which will aim at reaching millions of loyal fans who love fantasy sports and have been part of the Yahoo ecosystem for decades.

"The unique combination of Yahoo’s scale and engagement creates opportunities for virtuous product loops between sports media and gaming," Malavé teased speaking about the future and what possibilities this tie-up brought around. Above all else, Wagr will have access to expanded resources, new technological capabilities, and not least – more resources.

Yahoo Sports SVP Jon Shaw was equally pleased to welcome Wagr to the family. He argued that Yahoo’s fantasy platform was already on point when looking to engage with customers and give them additional value during the sports season.

However, Wagr would be a game changer as it brings people and fans together and creates tight communities which offer them camaraderie around the sports they love, the executive explained. "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," Shaw ended on an upbeat note.

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