Rivalry Delivers Over 350% Increase in Betting Handle YoY, Record Performance in Other KPIs, and Multiple Corporate Milestones in Its First Month as a Public Company
TORONTO, Nov. 03, 2021 (GLOBE NEWSWIRE) — Rivalry Corp. (the “Company” or “Rivalry”) (TSXV: RVLY) (FSE: 9VK), an internationally-regulated sports betting and media company, is pleased to announce that the Company saw record results in its business across multiple key performance indicators in the month of October 2021. The Company also provided clarification on its regulatory application in Ontario. All dollar figures are quoted in Canadian dollars.
“In October Rivalry delivered an all-time record performance across nearly all KPIs. I believe this is a testament to the focus and drive of the team in our first month as a public company,” said Steven Salz, Co-Founder and CEO of Rivalry. “In addition to going public, we launched Rushlane, an innovation in Casino games that we believe will reinvent the category (MMOGGs), applied to become a fully registered operator for sports betting and internet gaming in our home province of Ontario, and experienced record activity across the business. These milestones help to enhance Rivalry’s global brand equity as a leader in next gen esports betting, our position as innovators in the sector, and increase the number of geographies globally that Rivalry can legally operate in.”
Highlights for October 2021 include the following:
- Betting handle1 of $12.8M was the highest monthly figure ever recorded by the Company, exceeding the previous monthly high by more than 40% and the October 2020 (YoY) figure by more than 350%.
- Monthly active bettors similarly reached a new all-time high, more than 80% above the previous monthly record and up more than 200% from October 2020.
- The Company officially launched Rushlane, a proprietary casino game that marks the creation of a new category for online gaming: Massively Multiplayer Online Gambling Games (MMOGG).
- With the official launch of Rushlane, therefore exiting the soft launch phase, Rivalry saw a more than 150% increase in total Rushlane wagers over the previous month.
- Brand engagement continued to grow, with nearly all Rivalry content channels seeing a 50% increase month-over-month in engagement through October, with some growing by triple digits.
- The Company’s subordinate voting shares commenced trading on the TSX Venture Exchange on October 5, 2021.
“This October saw a great combination of esports events. We had both League of Legends Worlds and Dota 2 The International in October, which marks two of the biggest esports events of the year. Esports like traditional sports does have seasonality, that said, the results we delivered in October demonstrate the significant torque in the business and our ability to attract and convert new customers, and engage existing ones,” said Steven Salz, Co-Founder and CEO. “We also saw a meaningful increase in traditional sports betting, which will support our product mix, and reduce seasonality as the esports and traditional sports betting calendar generally spike at different times in the year,” Salz continued. “Given the demographic we primarily serve, being on average at least a decade younger than sports bettors on traditional sportsbooks, the volume of bets Rivalry saw to deliver a $12.8 million monthly handle was significant. As our user demographic matures, we believe the corresponding growth in our total addressable market presents a significant value capture opportunity that will continue to differentiate Rivalry from its peer group as we deliver the product and brand of choice to this next generation.”
The Company expects to provide additional details later this month when it reports financial results for the quarter ended September 30, 2021.
Clarification on Ontario Regulatory Process
On October 28, 2021, the Company announced that it had submitted an application to the Alcohol and Gaming Commission of Ontario (the “AGCO”) to become a fully registered operator of internet gaming and sports betting in the province. The Company wishes to provide further details to more fully describe the anticipated regulatory process.
Upon Rivalry’s registration with the AGCO, the Company will seek a commercial agreement with the AGCO’s subsidiary, iGaming Ontario. With this registration and agreement, the Company will be able to offer its esports and sports betting products and one-of-a-kind casino offering, Rushlane, to customers in Ontario. The Company anticipates that the successful completion of this process could result in Rivalry commencing esports, sports betting, and iGaming operations in Ontario within the first half of 2022.
Rivalry Corp. wholly owns and operates Rivalry Limited, a leading sport betting and media property offering fully regulated online wagering on esports, traditional sports, and casino 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 in more than 18 countries 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 additional country licenses. The Company also has a variety of originally developed products, including Quest, a gamified on-site betting experience, and an original casino game called Rushlane that offers both B2C and B2B opportunities.
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Steven Salz, Co-Founder & CEO
Cautionary Note Regarding Forward-Looking Information and Statements
This news release contains certain forward-looking information within the meaning of applicable Canadian securities laws (“forward-looking statements”). 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 in this news release include, but are not limited to, statements in respect of the growth of the Company’s monthly betting handle and other performance indicators, including with respect to traditional sports betting, the growth of the Company’s total addressable market and the Company being approved as a registered licensed operator of internet gaming and sports betting in Ontario and entering into a commercial agreement with iGaming Ontario.
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 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. For additional risks, please see the Company’s prospectus dated September 17, 2021 available on the Company’s SEDAR profile at www.sedar.com.
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 information and 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 information and/or 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.
Source: Rivalry Corp.
1 The Company deﬁnes “betting handle” as the total dollar value accepted in wagers, adjusted for cancellations and corrections. Betting handle is a performance metric that is distinct from revenue.