Yahoo has made an acquisition it hopes will bolster its sports gambling portfolio.
Yahoo is acquiring 100% of peer-to-peer sports betting app Wagr, adding to its sports betting and gaming space that has built the second largest fantasy sports user base behind ESPN.
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Adding peer-to-peer betting was the “logical extension” for Yahoo, CEO Jim Lanzone told Front Office Sports. The company has been in the fantasy sports space for two decades. It has both real-money daily fantasy and traditional sports betting already available on its platform.
Wagr was founded in 2020 in Nashville, Tenn. It received $16 million in funding, most recently a $12 million Series A round in January 2022 that included investments from The Kraft Group -- which is owned by New England Patriots owner Robert Kraft -- and Harris Blitzer Sports & Entertainment, who own the Philadelphia 76ers, New Jersey Devils, and have supposedly agreed to a deal to purchase the Washington Commanders.
Its purchase is further proof of the looming consolidation many pundits have envisioned for the sports gambling space, as players try to take market share from FanDuel and DraftKings.
