Wagr will be fully integrated into Yahoo Sports now that the acquisition has been finalized. The terms of the deal were not made public.
The social betting aspect is not being brought in as a mere standalone asset—Yahoo plans to use it as a platform to build off of and expand, per Mario Malavé, Wagr’s co-founder and chief executive officer.
“The unique combination of Yahoo’s scale and engagement creates opportunities for virtuous product loops between sports media and gaming,” said Malavé.
Wagr unified with Wager Wire, a platform where users can buy and sell sports bets, last December.
Yahoo Sports previously had a robust news section, a full-fledged sportsbook, online casino games, and daily fantasy sports, combining up-to-the-minute information and gaming into a mecca for sports fans and gamblers.
Even though the sports betting market, as previously mentioned, is tough to break into, it is much easier with a top-notch product. That is exactly what Yahoo Sports is assembling with the help of Wagr and other assets.
Just over two months ago, Yahoo announced a 20% layoff (roughly 1,600 people) from its ad tech business. Lanzone said that was not a reflection of tough economic times but an attempt to reset an unprofitable unit within the company.
Yahoo Sports launched in December 1997. It launched its first mobile fantasy football app in 2008 and has been innovating ever since.