Alexis Ohanian, among others, invests seed funding in online gaming app Wagr with the intention of attracting more casual gamers

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Former Reddit co-founder Alexis Ohanian is investing $ 4 million in seed funding in an app named Wagr that seeks to link social media with sports betting, according to Bloomberg.

Wagr was founded in April 2020 and it is a gaming platform that allows fans to bet with friends instead of the typical virtual casino experience. The app focuses on users who do not need prior betting experience, which could expand the market by encouraging occasional betting on the platform. Ohanian is making the investment through his venture capital firm, named seven seven six.

“It’s about producing what is already happening in everyone’s group chat, which is betting between friends on sports results,” Ohanian said. “Currently these issues are being resolved via Cash App payment or Venmo payment on Mondays, and we can certainly do better. “

When Wagr launches, it will offer major sports betting, in which players will have the option to take one side of a point spread and bet with a friend. The company will look to capture some of the market share currently occupied by companies such as DraftKings and FanDuel, while attracting more casual players. In the future, Wagr intends to offer prop betting and online betting.

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According to bookmakers.com, prop bets are bets that are not made on the outcome of a game but rather on a single player or single outcome. SportsHandle defines an online bet as the simplest bet possible, where a bet is only placed on one team or player to win.

Wagr intends to launch the app with point spreads because they “lend themselves very well to the peer-to-peer model as they are 50/50,” said Mario Malave, founder and CEO of Wagr.

If a user does not have a friend to bet with, the platform will be able to match that player with another in their state. Wagr will also impose an upper limit of $ 500 for single bets and offer players the option to restrict their use of the app.

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“At the end of the day, it’s about creating a healthier approach to the game,” Ohanian said. “This is frankly the perfect time for a company like Wagr to come in and want to build something that really disrupts the way sports betting has traditionally been done.”

Wager expects to charge fees similar to those charged by typical casinos and has also applied for licenses to operate in both Tennessee and Virginia. The Wagr philosophy is one that believes consumers will pay for access to a single platform that provides odds, processes payments and promotes communication between players.

“Our app really cuts the betting experience down to the basics – we only launch with point spread bets,” said Malave. “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 bet.

Wagr also received funding from Justin Mateen, co-founder of Tinder; Brad Martin, former chairman and CEO of Saks; Pear Ventures and Greycroft. Former Caesars Entertainment CEO Gary Loveman will also act as an advisor to Wagr.

Currently, it is illegal in Canada to operate an online casino without a license, however, it is legal for Canadians to play online at offshore casinos, according to Canadian casinos.

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