Connect with us
MARE BALTICUM Gaming & TECH Summit 2024

Latest News

Leading Esports Sportsbook and Media Company Rivalry Closes Oversubscribed US$22 Million Subscription Receipt Financing

Published

on

Next gen sports betting and media company Rivalry has now raised over US$40 Million in the last twelve months to support its rapid growth

TORONTO, June 22, 2021 (GLOBE NEWSWIRE) — PMML Corp. (the “Company”), the parent company of Rivalry Limited (“Rivalry”), an internationally regulated sports betting and media company, is pleased to announce that, on June 9, 2021, it completed an oversubscribed subscription receipt financing for gross proceeds of approximately US$22 million (the “Offering”). The Offering was co-led by Eight Capital and Cormark Securities Inc., with a syndicate of agents including Canaccord Genuity Corp. and M Partners Inc. Institutional investors from Canada, the United States, the European Union, and Australia participated in the Offering. The Company expects to use the proceeds from the Offering to fund Rivalry’s growth through hiring, country expansion, new product and media expansion.

“At Rivalry we are working to innovate the sports betting category for a new generation of consumers globally,” says Steven Salz, Co-Founder and CEO of Rivalry. “Since launch, our strategy has been to lead from the front with esports and gaming media as a brand, and pair that with a market-leading product built top to bottom in-house. Creating a brand that fans love and is organically a part of their respective community is critical, and the product must be innovative and original as well. We have been executing on this vision, delivering double digit month over month growth on average for more than two years, and are eager to begin deploying this new capital against our plans to materially enhance our output across all key pillars of the business.”

As a company founded and based in Canada, Rivalry is closely monitoring and preparing for the potential national legalization of single event sports betting, and obtaining an iGaming license in the province of Ontario. Rivalry is a proud member of the Toronto tech community, having built the foundation of its team with local talent. The Company intends to continue making Toronto home for its innovative product development and is excited by the prospect of offering its products to Canadians for the first time.

“Following significant growth in 2020 and Q1/21, this injection of new funding comes at a critical inflection point in the Company’s history,” continued Steven Salz. “To meet the rapid growth we are seeing within the business we are meaningfully scaling our team while simultaneously expanding into new markets, increasing our original product IP portfolio and materially enhancing the volume and production quality of our media arm. Combined with operational execution across all levels of the business, pending legalization of sports betting at home, and our intention to complete a public listing later this year, we are more excited than ever about what the future holds for Rivalry.”

Advertisement

Within 120 days following the June 9, 2021 closing of the Offering (the “Escrow Release Deadline”), the Company intends to file and obtain a receipt for a final prospectus (the “Qualifying Prospectus”) qualifying the securities issuable upon conversion of the subscription receipts (the “Underlying Shares”) and to obtain the conditional approval to list the Underlying Shares on a recognized public stock exchange (the “Exchange Approval”). The filing of, and receipt for the Qualifying Prospectus and the Exchange Approval must be satisfied prior to the Escrow Release Deadline in order for the net proceeds of the Offering to be released from escrow to the Company.

About PMML Corp. and Rivalry
Rivalry Limited, a wholly owned subsidiary of PMML Corp., is a leading sport betting and sports media property offering fully regulated online wagering on esports, traditional sports, and casinos for the next generation of bettors. Rivalry Limited currently holds an Isle of Man license, considered one of the premier online gambling jurisdictions. Based in Toronto, Rivalry operates a global team of nearly 70 staff and growing. Rivalry Limited was granted its Isle of Man license in early 2018, officially launching in August of that year, and the Company is currently in the process of obtaining multiple country licenses in parallel. The Company also has a variety of originally developed products, including Quest, a gamified on-site betting experience, and a growing suite of original casino games called Rushlane that offers both B2C and B2B opportunities.

Company Contact:
Steven Salz, CEO
[email protected]

Media Contact:
BRANDSTYLE COMMUNICATIONS
Kell Cholko / [email protected]
484.797.2014

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

Advertisement

This news release contains certain forward-looking information within the meaning of applicable Canadian securities laws (“forward-looking statements”), including but not limited to statements regarding the intended filing and timing of the Qualifying Prospectus and Exchange Approval, and the use of the net proceeds of the Offering if the foregoing are receipted and obtained, respectively, prior to the Escrow Release Deadline. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “project” and similar words, including negatives thereof, suggesting future outcomes or that certain events or conditions “may” or “will” occur. These statements are only predictions.

Forward-looking statements are based on the opinions and estimates of management of the Company at the date the statements are made based on information then available to the Company. Various factors and assumptions are applied in drawing conclusions or making the forecasts or projections set out in forward-looking statements. Forward-looking statements are subject to and involve a number of known and unknown, variables, risks and uncertainties, many of which are beyond the control of the Company, which may cause the Company’s actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Such factors, among other things, include: the ability for the Company to meet all securities regulatory and other stock exchange listing requirements in order to obtain a final receipt for the Qualifying Prospectus and Exchange Approval within the intended timeframe and prior to the Escrow Release Deadline, regulatory or political change such as changes in applicable laws and regulations; the ability to obtain and maintain required licenses; the e-sports and sports betting industry being a heavily regulated industry; the complex and evolving regulatory environment for the online gaming and online gambling industry; the success of e-sports and other betting products are not guaranteed; changes in public perception of the e-sports and online gambling industry; failure to retain or add customers; the Company having a limited operating history; negative cash flow from operations; operational risks; cybersecurity risks; the impact of the COVID-19 pandemic; reliance on management; reliance on third parties and third-party networks; exchange rate risks; risks related to cryptocurrency transactions; risk of intellectual property infringement or invalid claims; the effect of capital market conditions and other factors on capital availability; competition, including from more established or better financed competitors; and general economic, market and business conditions.

No assurance can be given that the expectations reflected in forward-looking statements will prove to be correct. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Advertisement

Continue Reading
Advertisement

Latest News

SIS and Premier Greyhound Racing reveal improved greyhound race time schedule

Published

on

sis-and-premier-greyhound-racing-reveal-improved-greyhound-race-time-schedule
Reading Time: 2 minutes

Sports Information Services (SIS), the leading multi-content supplier of 24/7 live betting services, and Premier Greyhound Racing (PGR), the media rights company supplier of greyhound racing to the betting industry and direct to viewers, have collaborated to offer a revised race time schedule starting from 20 May.

Designed to protect the long-term future of UK greyhound racing, the new schedule will see morning fixtures start slightly later – moving from 10.47 to 11.01 and 10.54 to 11.09. Additionally, there will also be a slightly later start time for some evening fixtures aimed at a retail audience, with the first evening fixture now starting at 18.08.

Commenting on the improved schedule, Terry Mahoney, Head of Business Development at ARC, said: “The new race times will help make it easier for customers to navigate busy racing schedules as well as improving operations trackside. We will continue to listen, monitor, and adapt schedules where and when needed as we move forward to deliver the best service possible for betting operators as well as punters.”

Paul Witten, Managing Director at SIS, added: “We are passionate about delivering a greyhound racing service that benefits all of the sport’s stakeholders. Together with Premier Greyhound Raxing, we have introduced a revised racing schedule that benefits operators and their customers.

Advertisement

“Our approach to greyhound racing is grounded in sustainability and flexibility. This collaboration with fellow service providers allows everyone to enjoy all the high-quality action produced on a daily basis from tracks across the UK and Ireland.”

SIS has long-term agreements in place with bet365, William Hill, Paddy Power and Betfred to deliver its greyhound content across UK and Irish retail and digital channels. SIS also promotes this content across dozens of leading international operators, as well as through SISRacing.tv.

PGR offers greyhound action, cards, video replays, results, news and info on greyhounds.attheraces.com, and regular live broadcasts on Sky Sports Racing. Premier Greyhound Racing is a joint venture between Arena Racing (ARC) and Entain, the global sports betting, gaming and interactive entertainment group. Between them, the two companies own nine of the 20 licensed British greyhound tracks and ARC manage the media rights for five independent tracks.

The post SIS and Premier Greyhound Racing reveal improved greyhound race time schedule appeared first on European Gaming Industry News.

Advertisement
Continue Reading

Latest News

The Importance of Data Quality Review Checks in the Gaming Industry

Published

on

the-importance-of-data-quality-review-checks-in-the-gaming-industry
Reading Time: 3 minutes

 

By Lorenzo Nardini, Head of Technical Compliance and Maths Services

In the dynamic world of online gaming, data plays a pivotal role. Databases containing personal and financial information, often referred to as “Safe” databases, serve as the backbone of any gaming platform.

In this short article, I focus on control databases (CDBs) – that is how Safe databases are referred to in the Dutch landscape – and why it is important to ensure their completeness, accuracy, and consistency through continuous data quality review. In any case, the topics here covered apply to most regulated markets.

Advertisement

Control databases contain critical information related to player accounts, financial transactions, game rules, and security protocols. Essentially, they ensure the smooth functioning of the entire gaming ecosystem. It is no wonder that the Dutch regulator (KSA) enforces specific technical regulations on them and often perform audits on these systems that can result also in fines in cases errors are detected.

Data quality review checks

Data quality review checks play a pivotal role in maintaining the integrity of control databases, ensuring continuous compliance. Here are some key reasons why they are essential:

  1. Accuracy and Consistency: Control databases handle vast amounts of data, including player profiles, game logs, and financial records. Ensuring accurate and consistent data is crucial for fair gameplay, financial transparency, and regulatory compliance.
  2. Player Experience: Imagine a player losing progress due to a database glitch or loss of connectivity. Such incidents can lead to frustration and loss of trust. Data quality checks ensure that the control database is correctly functional, and the information therein contained can be used to handle such incomplete games, enhancing the overall player experience.
  3. Regulatory Compliance: Gaming companies must adhere to strict regulations regarding data privacy, security, and fairness. Regular reviews ensure compliance with industry standards and legal requirements.

Most importantly, regular reviews can help gaming companies reducing the risk of an unsuccessful audit that could typically lead to a fine and negative PR.

Ideally, data quality reviews should be ongoing. Real-time monitoring is crucial for identifying issues promptly. Additionally, scheduled audits—monthly or quarterly—help catch any long-term discrepancies or trends.

Key areas of data quality reviews

Advertisement

When performing checks on the quality of CDBs, the following are the main areas to consider:

  1. Data Completeness: Ensure that all necessary fields are populated correctly. Missing or incomplete data can lead to errors downstream.
  2. Data Accuracy: Cross-check data against reliable sources. For example, player balances should match financial records.
  3. Data Consistency: Verify consistency across different databases and systems. Inconsistencies can cause confusion and operational inefficiencies.

Starting from the specific Dutch case and then expanding to other markets, here at ComplianceOne Group we have developed a data quality review service using our experience in dealing with this form of analysis. Leveraging feedback obtained directly from regulators, we created a testing procedure that performs the following:

  1. Tests on triggering reports from staging environment. We access the client’s staging environment with test accounts and perform actions that are aimed at triggering specific reports in the control database. We then check that these have been correctly generated and that they contain all necessary information, checking their accuracy against the back-office.
  2. Data quality tests on production environment. We download a large number of reports directly from production and run a battery of tests that we have designed and that is tailored specifically at checking completeness and consistency of the information contained in the control database.

All findings are promptly reported to the client and, if needed, we can assist with solving any issues found.

Conclusion

When I started being exposed to control databases, I understood that for many this is a very technical area and that maintaining this environment functioning correctly can be quite cumbersome. Nevertheless, a commitment to data quality is a necessary for ensuring continuous compliance of gaming platforms. If you are interested in running regular data quality reviews, or even just a one-time overall check, contact me and I will be happy to assist!

 

The post The Importance of Data Quality Review Checks in the Gaming Industry appeared first on European Gaming Industry News.

Advertisement
Continue Reading

Latest News

7777 gaming signs a strategic iLottery content deal with Scientific Games

Published

on

7777-gaming-signs-a-strategic-ilottery-content-deal-with-scientific-games
Reading Time: 2 minutes

 

7777 gaming, a leading provider of digital gaming solutions, has announced a significant strategic partnership with Scientific Games a global leader in retail and digital lottery games, technology, analytics and services, to deliver digital lottery games through the SG Content Hub Partner Program.

The SG Content Hub Partner Program is a unique platform and game content partnership program featuring an expanding, highly curated selection of iLottery games from best-in-class, game studios worldwide in a variety of play styles appealing to all player types in multiple languages, as well as access to select licensed properties from the largest licensed brands portfolio in the lottery industry. Scientific Games currently serves 150 lotteries in 50 countries.

 

Advertisement

Elena Shaterova, Chief Commercial Officer at 7777 gaming, expressed enthusiasm about the partnership: “Partnering with Scientific Games represents a significant milestone for 7777 gaming, solidifying our position as a global leader in digital lottery solutions. Through this collaboration, we are poised to deliver unparalleled gaming experiences to players worldwide, driving innovation and growth in the lottery industry.”

 

Steve Hickson, VP of Digital Games at Scientific Games commented: “We are delighted to welcome yet another top-class lottery game studio to the SG Content Hub Partner Program. The addition of 7777 gaming and their fantastic games aligns perfectly with our goal to make a variety of digital lottery content available to existing and new Scientific Games customers. Our SG Content Hub Partner Program is developing at pace as we continue to provide our customers with frictionless access to the very best content in the industry.”

The SG Content Hub Partner Program offers a one-stop solution for accessing multiple iLottery game studios, seamlessly integrating with a lottery’s existing gaming systems and iLottery technology. It streamlines operations, simplifies tech integrations, and enhances data analytics to drive game development and iLottery portfolio management.

7777 gaming is renowned for its ability to deliver high-quality iLottery games tailored to the unique requirements of different lotteries. The company ensures that its game content meets stringent government regulations and operators’ expectations for customization. With custom-made lottery concepts, 7777 gaming guarantees enhanced player satisfaction and fosters a deeper sense of connection and loyalty to the brand.

Advertisement

 

The post 7777 gaming signs a strategic iLottery content deal with Scientific Games appeared first on European Gaming Industry News.

Continue Reading

Trending

Get it on Google Play

Offering comprehensive coverage on all aspects of the gaming sector, our daily posts include online and land-based gaming, betting, esports, regulatory and compliance updates, and technological advancements. Regular features encompass daily news articles, press releases, exclusive interviews, and insightful event reports.

The platform also hosts industry-relevant webinars, and provides detailed reports, making it a one-stop resource for anyone seeking information about operators, suppliers, regulators, and professional services in the European gaming market. The portal's primary goal is to keep its extensive reader base updated on the latest happenings, trends, and developments within the gaming and gambling sector, with an emphasis on the European market while also covering pertinent global news. It's an indispensable resource for gaming professionals, operators, and enthusiasts alike.

Contact us: [email protected]

Editorial / PR Submissions: [email protected]

Copyright © 2015 - 2024 - Gaming News Room is part of HIPTHER Agency. Registered in Romania under Proshirt SRL, Company number: 2134306, EU VAT ID: RO21343605. Office address: Blvd. 1 Decembrie 1918 nr.5, Targu Mures, Romania