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Leading Esports Sportsbook and Media Company Rivalry Closes Oversubscribed US$22 Million Subscription Receipt Financing
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.”
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
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.
The World Series of Poker winter series boasts the biggest prize guarantee in live poker history
The World Series of Poker (WSOP®) today revealed electrifying details of its highly anticipated WSOP Paradise winter tournament series, headlined by the $60,000,000-guaranteed Super Main Event – the largest prize guarantee in live poker tournament history. This monumental series is set to transform Atlantis Paradise Island in the Bahamas into poker’s ultimate winter playground from Dec. 4 through Dec. 18, hosted in exclusive partnership with GGPoker, the World’s Biggest Poker Room, and Triton, the leading high-stakes tournament organiser.
This third annual iteration of the WSOP Paradise festival will again showcase an unparalleled set of high roller and super high roller events. The tournament schedule will be jointly curated and hosted by WSOP and Triton Poker, ensuring a world-class experience for all players.
The festival’s undisputed crown jewel is the No Limit Hold’em Super Main Event Championship, with a buy-in of $25K. This record-setting tournament boasts an astounding $60,000,000 prize guarantee – a full $10,000,000 higher than last year’s landmark event. In 2024, Yinan Zhou famously outlasted a 1,977 field to claim his first coveted WSOP bracelet and the $6M winner’s prize.
Other festival highlights include:
- Event #1: WSOP Circuit Championship Mystery Bounty (Dec. 4) – $2,500 buy-in (all WSOP Circuit ring event winners from July 1 through Dec 2. will receive an exclusive $5K Ticket to Paradise package that includes entry to Event #1)
- Event #3: Triton Pot Limit Omaha Main Event (Dec. 5) – $100K buy-in
- Event #5: Triton Invitational (Dec. 7) – $250K buy-in (the field will be evenly split between invited players from the worlds of business and entertainment, and their professional poker player guests)
- Event #9: Triton No Limit Hold’em Main Event (Dec. 9) – $100K buy-in
- Event #14: GGMillion$ (Dec. 15) – $25K buy-in – $10M prize guarantee
“They called us crazy last year for launching the Super Main Event with the biggest live tournament guarantee ever, so consider this a re-raise,” said Ty Stewart, Chief Executive Officer of WSOP. “WSOP Paradise is here to stay, and we’re making poker history once again, with the $60,000,000 guarantee and some new signature events. The expanded partnership with Triton, alongside the new Super Mystery Bounty kickoff event, headlines what is a can’t-miss winter festival.”
Daniel Negreanu, GGPoker Global Ambassador, added: “I said last year that a $50M guarantee for the Super Main Event was crazy – adding another $10,000,000 on top is freaking insane! WSOP is bringing the biggest high rollers and the best poker experience possible back to Paradise, and I cannot wait to be part of it.”
“We’re thrilled to return to WSOP Paradise and bring the Triton experience back to this part of the world,” said Andy Wong, Chief Executive Officer of Triton Poker Series. “WSOP Paradise is a truly exciting stop for us at Triton, and we’re proud to be part of it once again.”
“Each year, WSOP Paradise at Atlantis Paradise Island continues to soar. From the electric atmosphere and high-stakes drama to the passionate fans and unforgettable moments, the tournament is quickly becoming the can’t-miss, most sought-after event of the poker season. With ever-growing prize pools — including a record-breaking $60 million guarantee for the Super Main Event — all set against the iconic backdrop of the world-renowned Atlantis Paradise Island in the Bahamas, there’s truly nothing else like it,” said Joe Brunini, Chief Gaming & Customer Development Officer, Atlantis Paradise Island.
Players can satellite into the WSOP Paradise Super Main Event exclusively at GGPoker, with Road to Paradise qualifier tournaments already live in the GGPoker tournament lobby and more qualifier options set to launch in the coming weeks with WSOP Express. Winning players will secure a $30K WSOP Paradise Super Main Event package, which includes their SME $25K buy-in, discounted accommodation at the exclusive Atlantis Paradise Island resort, complimentary meals, and more.
To kick off the Road to Paradise in true style, WSOP is happy to announce that the player who is knocked out on the prize bubble in this year’s WSOP 2025 $10K Main Event in Las Vegas will be awarded a $30K WSOP Paradise Super Main Event package, instantly transforming the Bubble Boy’s moment of bad luck into a second shot at glory.
The full WSOP Paradise 2025 daily schedule will be revealed later this year. The WSOP reserves the right to cancel, change, or modify the tournament or any tournament event, in part or in whole, without notice.
Please follow @WSOP on X (formerly Twitter) and Instagram or check WSOP.com for more event news and updates. More information about this year’s Road to Paradise and WSOP Express qualifiers will be revealed at GGPoker.com in the near future.
The post WSOP® PARADISE 2025 TO BREAK RECORDS AGAIN WITH $60M-GUARANTEED SUPER MAIN EVENT appeared first on European Gaming Industry News.
| Fruity King partners with iGaming titan Playtech to bring a diversity of new bingo options for its player base to enjoy. |
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Fruity King, a well-established name in the UK online casino market and operated by ProgressPlay, has officially launched its all-new bingo product, made possible through a newly announced partnership between ProgressPlay and Playtech, one of the world’s leading gambling technology companies. The new bingo offering is powered by Playtech Bingo, one of the largest and most respected bingo networks globally. Through this integration, Fruity King players can now enjoy an elevated bingo experience, complete with a wide range of game formats, jackpot options, social rooms, and mobile-optimised features – all accessible directly via the Fruity King Bingo platform. This partnership is a significant milestone for both companies and underscores ProgressPlay’s ongoing commitment to innovation and product diversification within the online gaming sector. It also marks an exciting new chapter for Fruity King as the brand evolves from a slots and casino-focused site into a more well-rounded, multi-vertical platform. “We’re excited to bring a fresh bingo experience to our players with the backing of Playtech’s best-in-class technology and network,” said a Fruity King spokesperson. “This launch strengthens our commitment to delivering top-tier entertainment and expands our game offering in a way that reflects what UK players want — quality, variety, and trust.” Fruity King’s bingo section offers a selection of 90-ball and 75-ball bingo alongside exclusive rooms, community chat features, and daily jackpot draws. These are hosted within Playtech’s established network, which is trusted by leading UK operators and attracts tens of thousands of players daily. The integration also ensures compatibility across devices, with seamless play on desktop, tablet, and mobile, and is fully supported by responsible gaming features in line with UKGC requirements. The move aligns with broader trends in the UK iGaming space, where bingo remains a strong growth category, especially among mobile-first users seeking more social and casual gaming experiences. Fruity King’s entry into the space is timely, strategic, and designed to enhance both acquisition and retention metrics across its player base. As part of the rollout, Fruity King will also support the bingo launch with dedicated promotions, onboarding offers, and cross-vertical incentives for existing slot and table game players.
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The post Fruity King Launches Bingo Offering Through Strategic Partnership with Playtech appeared first on European Gaming Industry News.
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Movers and Shakers – Beyond integration: Why system interoperability is the real game changer
“Movers and Shakers” is a dynamic monthly column dedicated to exploring the latest trends, developments, and influential voices in the iGaming industry. Powered by GameOn and supported by HIPTHER, this op-ed series delves into the key players, emerging technologies, and regulatory changes shaping the future of online gaming. Each month, industry experts offer their insights and perspectives, providing readers with in-depth analysis and thought-provoking commentary on what’s driving the iGaming world forward. Whether you’re a seasoned professional or new to the scene, “Movers and Shakers” is your go-to source for staying ahead in the rapidly evolving iGaming landscape.
Dominic Le Garsmeur (CPO) at Fincore, says integrations without a clear interoperability strategy add technical and operational debt, hampering future growth.
System integrations are hugely important for any online sportsbook or casino, adding capabilities and features to drive growth. But integrating without considering and optimising interoperability can do more harm than good by adding technical and operational debt to the business and ultimately hitting growth.
Integrating without interoperability pushes information from one system to another, but the connection itself has no intelligence. It’s a mechanical link, and the systems remain fundamentally separate, each operating with its own distinct rules. Any real understanding, like why that data was sent or what other processes it should trigger, is lost, creating data silos that are technically connected but strategically disconnected.
System interoperability provides the intelligence the connection lacks, establishing a shared operational model for the platform so all systems can act in concert. Most importantly, it creates a future-proof foundation, allowing new capabilities and features to be added with agility and confidence, turning the platform into an engine for innovation rather than a source of technical debt.
Before looking at why interoperability is more powerful than integration, and how companies can solve it, it’s important to understand how disconnects between platforms and systems occur in the first place.
Why does disconnection happen?
Operators acquire their tech stacks in different ways, but usually through a combination of building, inheriting legacy tech, acquisition and third-party providers. This often leads to platform and system silos with little to no compatibility between them.
Ultimately, disconnected systems drag down delivery and without interoperability, companies waste time reconciling platforms and tech rather than advancing forward.
Interoperability is more powerful than integration
Integration often means linking systems at a basic level, but interoperability ensures that data, logic and workflows are aligned and extensible.
It’s critical to have a strategic data layer and shared data structures that enables standardising of data representations, aligning systems at the logic level, not just the interface, and building an architecture designed to unify and extend across platforms.
In complex industries such as gaming, where tech plays such an important role in the user experience and the trust consumers have in brands, system interoperability is the only way to scale with control. In short, integration links, interoperability empowers.
Why interoperability is such a challenge in the gaming industry
Each integration is unique. Why? Because the combination of legacy systems, niche vendors and varying regulations in markets across the world means there is no blueprint for operators to follow.
Remember, most operator platforms are now decades old and were not built with modularity or openness in mind. And even those developing new platforms and systems from scratch often lack the in-house capability to design for interoperability from the get-go.
The risk of not achieving interoperability
When systems don’t interoperate, things start to fall apart. For example, delivery can grind to a halt, with every new feature launch or market entry becoming a grind. There are compliance risks, too, especially when it comes to fractured data and an increased risk of errors and audit gaps.
Then, of course, there is the poor player experience that will be provided. This could be anything from glitchy games to failed deposits and even the wrong marketing communications being sent to the wrong player cohorts.
It also impacts an operator’s ability to develop and innovate, as IT and tech become reactive rather than proactive. And in such a competitive market, this can see a brand quickly fall behind the curve.
How to solve the interoperability conundrum
Ensuring interoperability is a complex and comprehensive undertaking, but there are some high-level things operators can do.
This starts with standardising critical data flows and logic, not just the interface. Remember, a single view of data is what ensures all the platforms, systems and networks communicate with each other in the same language.
Operators should also design for change, as architecture must support long-term growth and plug-and-play modularity. In most cases, it’s best to invest in strategic partners, not just tools.
How strategic partners can help
Partners such as Fincore can provide the strategic clarity operators need, defining what interoperability looks like for them and based on their business goals. We also bring execution muscle – we don’t just design it, we build it.
The right partner also brings compliance confidence. Companies such as Fincore are highly experienced when it comes to interoperability, and everything we do stands up to regulatory scrutiny.
This can be seen in our proven track record for delivering interoperability for everything from complex migrations to global-scale game roll-outs.
A real-world example of interoperability
Fincore worked with a US-based gaming services provider whose legacy systems across its land-based venues had created silos in payments, loyalty and in-resort experiences.
The solution we proposed saw us design and deliver a digital wallet that became the unified digital layer across the physical properties. We also integrated deeply with multiple rigid legacy systems to provide secure and compliant interoperability at scale.
The result? We delivered on time, unlocked a new digital product line and created a long-term tech foundation for the company to continue to build on.
When it comes to integrations, you can always wire systems together, but if you don’t do it in the right way, you get chaos. Interoperability is about creating order within platforms and systems, which in turn allows for unlimited scaling and growth.
And that’s why interoperability is the real game-changer.
The post Movers and Shakers – Beyond integration: Why system interoperability is the real game changer appeared first on European Gaming Industry News.
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