Wagr, a P2P sports betting app, has been acquired by Yahoo and will be fully integrated into Yahoo Sports.

Yahoo CEO Jim Lanzone expressed his excitement over the acquisition of Wagr, saying it marks a significant step towards developing Yahoo Sports' gaming portfolio for the future.

"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."

Wagr is well-versed in community support, app development, and social game creation.

"Yahoo Sports offers us a stage to build products that will reach millions of loyal fans that have connected over fantasy sports for decades," stated Mario Malavé, Co-Founder and CEO of Wagr.

Virtuous product loops connecting gaming and sports media are made possible by Yahoo's unique combination of engagement and scale.

"By combining our strengths in technology, partnerships, and resources, we will be able to further our mission of bringing together fandom and social gaming with Yahoo, enhancing our capacity to execute."

"We are tremendously thrilled to welcome Wagr to the Yahoo Sports family," stated Jon Shaw, senior vice president of Yahoo Sports.

While it's true that our fantasy leagues bring in more fans and offer them a team to cheer for, we've found that the true benefit is in the way they bring friends closer together as they compete and bond over their shared love of sports.

"With the acquisition of Wagr, we have the chance to explore new group formats that can revolutionise engagement and friendly competition."