Rivalry Receives CA$10M in Strategic Financing

Ontario-based leading regulated sports wagering and media company, Rivalry Corporation announced that it has received CA$10,000,000 of private placement financing. The sum was obtained through the issuance of up to 6,666,666 subordinate voting shares in the capital of the company. Each share will be issued at a price of CA$1.50.

Rivalry Corporation is a well-known sports betting and media operator that provides regulated and online betting services for esports, traditional sports and casino products through its platform. The company is based in Toronto, Ontario, and is owned by Rivalry Limited. Rivalry Corporation has obtained licenses to operate in over 20 countries worldwide, including an official license in the Isle of Man since 2018.

Financing Will Enable Accelerated Grow

Steven Salz, Rivalry Co-Founder and CEO of Rivalry remarked that the terms of the strategic value of the stakeholders participating in the funding are a vote of confidence in the operator’s skilled team, market strategy, and aptitude to executive within this emerging vertical. He noted the company was rapidly expanding and with the latest funding will accelerate its growth even more.

It was reported that leading betting brand Pinnacle along with technology and payments stakeholders will be heading the strategic financing. The newly-acquired money will allow the Ontario operator to accelerate its operational goals while also pursuing strategic growth opportunities to scale the economic proceeds of its unique market undertaking.

CEO of Pinnacle, Paris Smith, commented that the firm is always on the lookout for partners who share similar growth in advancing the industry and its global presence. The CEO praised Rivalry on how quickly the brand made its way into the top iGaming brand bracket by disrupting traditional ways of thinking in the sector and paving the way for new industry economics.

In the meantime, Mr. Salz also noted that their partnership with Pinnacle was strong and it utilized the company’s industry-leading esports and risk management solution to offer the best in terms of offering to clients. He said that the operator’s commitment to the financing will bring an invaluable layer of expertise to the company and its credibility in its one-of-a-kind market approach.

Record-Setting 2022

This week, Rivalry also released its financial report for its 2022 FY. In its release, it revealed a total betting handle for 2022 of approximately CA$232.8 million or 198% more than the CA$78.2 million recorded in 2021. Meanwhile, revenue hit a record-setting CA$26.6 million which was a 140% improvement from 2021 with CA$11 million.

Meanwhile, the company is also keeping itself busy in 2023 as well. Recently it went online in Ontario’s iGaming market via its Casino.exe platform. For its debut, the company introduced eight online casino games for users to enjoy. Its CEO said the launch was a thrilling new step forward for it to grow its presence and brand in the province.

Source: “Rivalry Announces $10 Million Strategic Financing to Accelerate Growth in Esports and Next Generation Online BettingGlobeNewswire, April 26, 2023

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Yolina has followed closely the latest development on the Canadian gaming scene over the past years, monitoring the land-based, lottery, and online offerings up for grabs. The dynamic nature of the local lottery and casino fields, as well as the opportunities lying ahead of Canada fire her enthusiasm for what is to come. A sports betting enthusiast, in her spare time Yolina could be found in her natural habitat – turning the pages of biographies and catching up on the latest stand-up comedy podcasts.