Wagr, a peer-to-peer sports betting application that will be completely integrated into Yahoo Sports, has been acquired by Yahoo.

"The acquisition of Wagr is an exciting step in the development of the next generation of Yahoo Sports' gaming portfolio," said Jim Lanzone, CEO of Yahoo.

"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 possesses expertise in social gaming, application development, and user community support.

Co-Founder and Chief Executive Officer of Wagr, Mario Malavé, remarked, "Yahoo Sports provides us with a platform to develop products that will reach the millions of devoted enthusiasts who have interacted via fantasy sports for decades.

"Owing to Yahoo's unprecedented scale and user engagement, virtuous product loops between gaming and sports media are conceivable."

"By obtaining Yahoo, we are able to further our objective of linking fandom with social gaming and enhance our operational capabilities through the addition of supplementary resources, fresh alliances, and technological prowess."

The SVP of Yahoo Sports, Jon Shaw, stated, "We are overjoyed to have Wagr join the Yahoo Sports family.

"Although we acknowledge that our fantasy leagues enhance fan engagement and provide individuals with a cause to support, their true worth lies in fostering cohesive friend groups through competitive activities and camaraderie centred around their favourite sports."

"Our immediate opportunity to expand into new group formats that elevate engagement and friendly competition is presented by the acquisition of Wagr."