Yahoo has acquired peer-to-peer sports betting app Wagr
Yahoo has acquired peer-to-peer sports betting app Wagr, the first social sports betting operator to receive a license in the US. Wagr’s profit model relies on charging a 5% fee on all bets made by customers who make predictions while other users bet against them. Wagr’s model has attracted investment from several firms such as Greycroft, Pear VC and Seven Seven Six, among others. The acquisition creates an immediate opportunity for Yahoo Sports to expand into new group formats, and Yahoo said that Wagr’s social engagement approach aligns with Yahoo’s fantasy sports platform that has brought together millions of fans for over two decades. Wagr is currently offline, but it will be fully integrated into Yahoo Sports once the acquisition deal is complete.