Wagr recently completed its Series A funding round at $12 million. This app was created for casual betting among friends, and it’s business model has caught the eye of some prominent investors. We’ll look at why the Kraft Group, founded by Robert Kraft, chose Wagr to stake.
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Series A included not just the owner of the New England Patriots and New England Revolution, but also the owner of the 76ers and New Jersey Devil. The Kraft Group and Harris Blitzer Sports & Entertainment joined VC firms BITKRAFT Ventures, Greycroft, Pear VC, and Seven Seven Six to fund the enterprise.
Wagr plans to use this capital to fund license applications as well as to further develop the platform. The company has already received one pertinent license from the state of Tennessee in 2021 and hopes to receive several more before the end of 2022.
The Mission of Wagr
Wagr had already attracted serious interest in its services during its seed round. Reddit co-founder, Alexis Ohanian, led the raise of $4 million in June 2021 through firm Seven Seven Six. Wagr received support from the co-founder of Twitter, Justin Mateen, and the former CEO of Saks Inc., Brad Martin.
Wagr was designed to simplify betting on a casual level. It matches people with friends in the same state who are willing to bet on the opposite side, and the platform collects 5% for every bet placed. The company is based in Massachusetts with hopes of collecting licenses in five additional states by this year’s end. The staff is also working on perfecting its Android app to ensure everyone has access to the platform.
Why Are Investors Choosing Wagr?
Robert Kraft has been a sports lover for his whole life, long before he ever had the money to buy the Patriots. He has his fingers on the pulse of sports fans, understanding how to deliver the thrills that come from watching great athletes do what they do best. Part of what makes games so exciting is the natural progression to bet on the outcomes.
This is the first peer-to-peer betting platform available. Right now, it’s only in Tennessee, but it’s potential is endless in the US. Kraft recognizes that casual betting can give people the fun of winning without the same stress of losing. When you’re playing for lower denominations with your buddies, it’s a much more relaxing environment where everyone can win.
This is what Wagr is building toward. CEO Mario Malavé remarked that so many fans are turned off from the betting products available on the market. They’re not only complex and intimidating, they can feel downright predatory. This is a more personal way to get involved, one that can help people find or build a community. All the bettor has to do is challenge someone else, and Wagr takes care of the rest. The platform keeps track of payments to records.
Sports betting may be complex, but it’s also a fast-growing market. Despite its popularity, though, it’s still ignoring a major segment of the sports audience. This is what investors like Kraft are tapping into. They see that Wagr is not just practical and streamlined, it’s also transparent. It’s easy to use and creates a social atmosphere that is welcome for bettors.
The Philosophy of Robert Kraft
Kraft has built a reputation for knowing what fans are looking for. After watching the Patriots lose time after time, he decided he could be the one to bring them a championship. When he bought the team in 1994, it wasn’t long before he was able to pull them out of their slump and set them on a course for success.
This is his approach with nearly every investment that he makes. Kraft taps into what the fan wants to get from their experience. He wants to appeal to a wide range of people, regardless of their age, income levels, or cultural background. Wagr has the potential to introduce a new facet of betting to the casual watcher, which could bring a new level of enjoyment to a game he’s already passionate about.