Alexis Ohanian invests in sports betting app WagrJune 17, 2021 - 11:02 AMT PanARMENIAN.Net - Reddit Inc. co-founder Alexis Ohanian is leading a $4 million seed-funding round for the sports-betting startup Wagr, an app looking to wed social media with a fast-growing corner of the gambling market, Fortune reports. Founded in April 2020, Wagr has a gambling app that allows fans to bet on sports with friends instead of casinos. The company’s plan is to create a social platform that doesn’t require betting knowledge and expands the market for casual wagers. “It’s about productizing what already goes down in everyone’s group chat, which is wagers between friends about sporting outcomes,” the Armenian-American entrepreneur said. “Right now the way these get resolved is through a Cash App payment or a Venmo payment on Monday, and surely we can do better.” Wagr believes consumers will be willing to pay a platform fee in order to have access to a one-stop service that handles the odds, payments and smack talk. It expects to charge fees in line with what traditional casinos take and has pending license applications to operate in Tennessee and Virginia. When the app launches, it will initially offer major sports, with gamblers able to take either side of a point spread bet with a friend, family member or member of their community who’s willing to gamble. If a user can’t find a friend who wants to take a bet, the app will aim to match the gambler with someone in their state who does. Wagr plans to impose a $500 limit for a single bet and will allow users to restrict their own use. Top stories Yerevan will host the 2024 edition of the World Congress On Information Technology (WCIT). Rustam Badasyan said due to the lack of such regulation, the state budget is deprived of VAT revenues. Krisp’s smart noise suppression tech silences ambient sounds and isolates your voice for calls. Gurgen Khachatryan claimed that the "illegalities have been taking place in 2020." Partner news Most popular in the section | Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. Armenia, Russia discuss life extension of Metsamor nuclear plant Issues regarding the extension of life of the 2nd power unit of the Armenian Nuclear Power Plant were discussed in Yerevan. Armenians stage more campaigns against territorial concessions to Azerbaijan Protesters blocked more roads across Armenia on Friday, April 26 in continuing attempts to scuttle territorial concessions to Azerbaijan. Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. |