Tennessee’s newest and most innovative sportsbook, Wagr, is now live on both iOS and Android devices.
It’s a social sports betting app unlike anything currently available. Here’s everything you need to know when it comes to getting familiar with the app and placing your first wager.
Wagr launches its social sportsbook app in Tennessee
At traditional Tennessee sportsbooks, an operator sets lines, then bettors wager against the house. When a bettor loses, a sportsbook wins.
After noting the limitations of such a model, Chief Executive Officer Mario Malave and Chief Product Officer Eliana Eskinazi set out to create an alternative. Thus, the concept of a sports betting app with a social aspect was born.
At Wagr, players bet against fellow players, not against the sportsbook. Much like nearly 85% of all US sportsbooks, odds and lines are provided by Sportradar, an international sports data analysis firm.
But by charging a small 5% transaction fee on wagers, Wagr generates the same profit regardless of outcome. This means the sportsbook is able to spend less time focusing on player losses and more time ensuring user satisfaction.
What’s more is that Wagr’s app doesn’t incorporate confusing gambling lingo or require extensive betting knowledge to use. The everyday sports fan is at the center of attention here rather than the seasoned bettor.
Eskinazi says this idea played an integral role in the app’s design:
“There are many fans who love sports, but for various reasons find current betting products complex, intimidating, or in some cases, even predatory. We built Wagr to give them a better experience, one that engages them in a more personal way and connects them with the sports communities around them.”
Wagr wagering is about being social
Wagr’s initial launch comes in a bite-sized format. Pre-game point spreads serve as the exclusive wagering option, and bets are set at a $500 maximum.
But not only can you utilize Wagr for betting, you can also use it to communicate. In fact, social interaction is the entire point.
Upon first opening the app, you’ll notice it appears less like a sportsbook and more like a social media platform. After all, Wagr is a social sports betting app. The goal is for players to be able to wager on games and engage with friends in one single location.
Eskinazi explains the importance of this social dynamic, saying:
“Social bets are a fundamentally different experience than traditional sportsbook betting – it’s about the banter, the bragging rights, and staying connected to others.”
Using the Wagr app for the first time
To begin your own Wagr journey, download the app via either Google Play or the Apple App Store, then begin the quick account setup process.
Once you create a username and password, you can access your contacts to see which friends are already on the platform.
From there, you’re free to start building your Community. Within this Community, you have the option to create and join various crews. Create a different crew for friends, family, coworkers, you name it.
Keep track of your crew’s recent betting activity by taking a scroll down the home page, then challenge someone to a wager yourself.
The more your community grows, the more you’re rewarded. Invite a friend to join using your personal referral link and receive three free bets to use against them once they’ve registered.
Investors pour $12 million into Wagr expansion beyond Tennessee
Rather than taking a well-deserved breather after the Tennessee launch, Wagr looks to jump right back into action by expand into five additional states by the end of the year.
But to accomplish that, they’ll need some help.
During an initial 2021 seed round to support its Tennessee application process, the sportsbook raised $4 million in funding. Last week, Wagr closed on a $12 million Series A round.
Investors in this latest round include a handful of high-profile companies and venture capital firms:
- Kraft Group (owners of the New England Patriots and New England Revolution)
- Harris Blitzer Sports & Entertainment (owners of the Philadelphia 76ers and New Jersey Devils)
- BITKRAFT Ventures
- Pear VC
- Seven Seven Six (founded last year by Reddit co-founder Alexis Ohanian)
Eskinazi says Wagr also plans to incorporate moneyline wagering, in-game betting, prop wagering and more as the app progresses. In the meantime, start building your crew and get a head start on the point spread action at Tennessee’s one and only social sportsbook.