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US Sports Betting 2023: Yahoo Acquires Wagr; March Madness Again Proves Popular; NASCAR Embraces PrizePicks

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Jeff Hawkins
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Jeff Hawkins Sports Editor

Jeff Hawkins is an award-winning sportswriter with more than four decades in the industry (print and digital media). A freelance writer/stay-at-home dad since 2008, Hawkins started his career with newspaper stints in Michigan, North Carolina, Florida, Upstate New York and Illinois, where he earned the 2004 APSE first-place award for column writing (under 40,000 circulation). As a beat writer, he covered NASCAR Winston Cup events at NHIS (1999-2003), the NHL's Chicago Blackhawks (2003-06) and the NFL's Carolina Panthers (2011-12). Hawkins penned four youth sports books, including a Michael Jordan biography. Hawkins' main hobbies include mountain bike riding, 5k trail runs at the Whitewater Center in Charlotte, N.C., and live music.

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Sports Editor

Updated4 hours ago on April 25, 2024

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yahoo nascar wagr (1)

Yahoo on Tuesday announced it has bolstered its presence in the social sports betting sector by acquiring Nashville-based Wagr. 

Terms of the deal were not disclosed, according to TechCrunch. 

A three-year startup, Wagr’s business model is focused on developing technology to allow sports fans to place bets with friends and peers, highlighted by online challenges and chat rooms. 

Wagr previously raised approximately $16 million in early funding rounds. Greycroft, Seven Seven Six and the Kraft Group were among the company’s roster of investors.

An early player, Yahoo Sports rivals ESPN as one of the giants in the fantasy sports space. 

“While we know our fantasy leagues increase fan engagement and give people something to root for, the real value is in keeping friend groups together through competition and camaraderie around the sports they love,” Yahoo Sports Senior Vice President Jon Shaw said via press release. “Acquiring Wagr creates an immediate opportunity for us to expand into new group formats that can take engagement and friendly competition to the next level.”

Bettors Like March Madness More Than Super Bowl 

In terms of sports betting handles, March 2023 proved to be a record-setting month for several states. 

March Madness wagering is proving to be more popular than Super Bowl 57, according to a study. 

Despite the college basketball’s Final Four being played in April, New York and New Jersey reported $2.7 billion in bets. It was just a slice of the broadening pie. 

The American Gaming Associated anticipated $3 billion in wagers on men’s college basketball during 2022. This year, AGA predicted the figure would spike to $15 billion. 

With 33 states and the District of Columbia legalizing sports betting since 2018, the AGA sponsored a survey that claimed more than 68 million US residents were poised “to place a bet online, with a bookie, or with a casino sportsbook, casually with family or friends or as part of a bracket contest for March Madness.” 

The figure represents about 18 million more individuals who planned to bet on the Super Bowl. 

NASCAR Enters 2nd Betting Partnership 

NASCAR is expanding its US sports betting footprint. 

After partnering with the Powerball lottery earlier this season, the stock car racing giant broadened its hold in the gambling space with a partnership with PrizePicks, a daily fantasy sports betting platform. 

Before embracing the two partnerships, NASCAR previously shied away from the gambling sector.

Not anymore.  

With new revenue streams opening, NASCAR appears to be betting new sponsorships will follow and help with sagging television ratings.