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.
