Yahoo announced the acquisition of social sports betting operator Wagr on Tuesday, a deal the company believes will allow it to augment plans to create one of the most compelling fantasy and gaming products on the market.
Wagr, a peer-to-peer sports betting app, became the first social sports betting operator to receive a license in the U.S. last year. The Yahoo deal comes at a time when the sports betting industry is resetting expectations on the value of comprehensive media partnerships, as the challenges of acquiring customers at a moderate cost intensifies.
“The acquisition of Wagr is an exciting step in the development of the next generation of Yahoo Sports’ gaming portfolio,” Yahoo CEO Jim Lanzone said in a statement. “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.”
With the acquisition, Wagr will be fully integrated into Yahoo Sports, the companies said in a joint press release. The acquisition has already closed, and terms of the deal were not disclosed.