The co-founder of Reddit Inc., Alexis Ohanian, is heading a 4 million USD seed funding for a unique startup. The company will come up with an app that will link social media with the massively growing gambling market. The company is named Wagr and was founded in April 2020.
Wagr application enables the fans to bet on sports. Here, casinos aren’t in the picture. Instead, the platform targets the casual wagers instead of the betting pros who already have a plethora of options.
In an interview, Alexis Ohanian revealed that the wagering between friends regarding sports events that go down every chatbox is productized. The wagering with Wagr will get resolved by payment apps like Cash App or Venmo.
Alexis Ohanian’s firm Seven Seven Six is investing with major companies, Greycroft, Tinder co-founder- Justin Mateen, CEO of Saks- Brad Martin.
According to Mario Malave, founder, and CEO of Wagr, the application slims down the betting experience to bare essentials. Users will have to pick a team, select their favorite and punch in the wager amount.
Analysts have estimated that the total addressable market for U.S. sports online betting in March was accumulated around $30 billion. The pandemic came with a silver lining for the betting industry as the state legislature legalized online betting. The locked-up consumers were now open to gambling from their respective places.
With the launch of Wagr app, the wagers interested in spicing the game will set a bet with friends and family. In addition, the company is planning to launch money-line wagers, prop bets, and others in the future. Presently, Wagr is focusing on point spreads.