Rivalry Corp., 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.
