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Reddit co-founder joins in on US sports betting

Sports betting startup, Wagr, is catching the eye of many well-known investors. So, who's behind the lucrative investment?

Reddit co-founder Alexis Ohanian, is at the forefront of a $4million seed-funding round targeting the sports betting startup Wagr.

Who is Wagr?

Founded in 2020, Wagr aims to merge social media with the gambling industry. The startup manages to do this by allowing fans to bet with friends rather than via casinos. Wagr plans on introducing a relaxed feel to betting through its social media platform that does not require any intense betting knowledge, therefore targeting casual punters.

A word from Reddit co-founder Ohanian

Alexis Ohanian - SiGMA News

Photo Credit: Nytimes

 

According to Bloomberg, Alexis Ohanian, during a telephone interview stated:

“It’s about productizing what already goes down in everyone’s group chat, which is wagers between friends about sporting outcomes. Right now the way these get resolved is through a Cash App payment or a Venmo payment on Monday, and surely we can do better.”

The investors

Ohanian will be investing through his own firm, Seven Seven Six. While the whole funding round is also backed by Greycroft, Pear Ventures, Tinder co-founder Justin Mateen, and Brad Martin - former chairman and CEO of Saks Inc.

Furthermore, Gary Loveman - the former CEO of Caesars Entertainment is also acting as an adviser to Wagr.

The competition

Wagr is aiming to go head to head with Draft Kings and Flutter Entertainment Plc's FanDuel who are dominating the market right now, even when it comes to casual gamblers.

According to Bloomberg - Mario Malave, Wagr's founder & CEO also said, during a phone interview:

“Our app really strips down the betting experience to the bare essentials -- we’re launching with point-spread bets only. From a user’s perspective, all you have to do is pick a team, decide who you want to bet against, and select how much you want to wager.”

Wagr's market approach

Wagr indicates that their consumers will be willing to pay a platform fee in order to have a service that handles odds, payments & banter between users. Meanwhile, Wagr will also charge fees similarly to traditional casinos and also has pending licence applications to operate in two states - Tennesse & Virginia.

Once launched, the app will include sports offerings of major leagues and sports. The app will also enable gamblers to take either side of a point spread bet with any friend, member of the community or family members.

Once the app continues to develop, Wagr will look to introduce prop bets or money-line wagers!

Source: Fortune

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