World’s most engaged esports betting brand goes live in its home market
Differentiated product and marketing that’s delivered among the industry’s lowest customer acquisition cost to be deployed across the province
Rivalry pursuing a leadership position among the next generation of sports bettors in a market estimated at $1 billion
TORONTO, April 04, 2022 (GLOBE NEWSWIRE) — Rivalry Corp. (the “Company” or “Rivalry”) (TSXV: RVLY) (OTCQX: RVLCF) (FSE: 9VK), an internationally regulated sports betting and media company, today announced that its online esports and traditional sports betting service is now live in Ontario. On the first day of regulated online gaming in the province, Ontario residents can access Rivalry’s full sportsbook at www.rivalry.com.
In a field of new entrants dominated by foreign-based operators, Rivalry is one of the only Canadian companies launching internet gaming services in Ontario. Founded in Toronto in 2016, Rivalry’s headquarters and origin are at the heart of the province, and the Company applauds the regulatory efforts that have led to it being able to now legally operate there. The Company trades on the TSX Venture Exchange and is growing rapidly, with month-over-month betting handle1 growth averaging more than 20% since the start of 2021.
In addition to being a local success story, Rivalry stands out from the pack in several other ways. Rivalry’s largest segment is esports betting, which is especially popular with the younger Millennial and Gen Z demographic. As a proud Toronto start-up, the Company built its brand among younger audiences through compelling content and quality product experiences that inspire loyalty and community. This approach has made Rivalry the most engaged brand in esports betting globally.2 High engagement results in lower customer acquisition cost which helps drive profitable unit economics in comparison to peers who often offer high up-front incentives to attract new users.3
Rivalry’s unique approach will be evident in the way it builds awareness in Ontario. The Company is launching a marketing campaign starting today, built around the theme: “Bet on Canada. Bet on Rivalry.” Local residents will be exposed to the Rivalry brand through a holistic campaign featuring uniquely captivating visuals that play out in a brand video delivered through social media channels, a full wrap (inside and out) enveloping one of Toronto’s most iconic symbols, a TTC streetcar, along with more grassroots wild postings that will be featured prominently in the city’s downtown core.
“We do things differently at Rivalry. We are aiming to be the sportsbook for the next generation through engaging content and innovative experiences that entertain and create loyal fans of Rivalry who come back for more,” said Steven Salz, Co-Founder and CEO of Rivalry. “To launch in our home market feels like a dream come true, and a very significant milestone in our creation of a leading global brand.”
Ontario is Canada’s largest province with a population of approximately 14.9 million people. It is the first province to allow regulated internet gaming by private operators since the Canadian government enacted legislation in August 2021 giving provincial and territorial governments discretion to conduct and manage single-event sports betting in their respective jurisdictions. According to the Government of Ontario, the size of the online gaming market in the province is estimated to be $1 billion annually.4
Ontario becomes Rivalry’s second fully regulated market following the approval of its Australian license earlier this year. The Company continues to pursue licenses in additional regulated markets around the world, and will explore opportunities for further expansion within Canada as other provinces develop their respective regulatory frameworks.
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. Based in Toronto, Rivalry operates a global team in more than 20 countries and growing. Rivalry Limited has held an Isle of Man license since 2018, considered one of the premier online gambling jurisdictions. Rivalry holds a sports bookmaker license in Australia and an internet gaming registration in Ontario and is currently in the process of obtaining additional country licenses. The Company also has a variety of originally developed products, including Quest, an on-site engagement experience, and an original casino game called Rushlane, a proprietary casino game that marks the creation of a new category for online gaming: Massively Multiplayer Online Gambling Games (MMOGG).
Jeff Codispodi I [email protected]
Kell Cholko I [email protected]
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 Company’s prospects and operations in 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 esports 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 esports and other betting products are not guaranteed; changes in public perception of the esports 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 and other disclosure documents 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.
2 Source: Twitonomy, Social Blade, Rival IQ.
3 Source: Company estimates.
4 Source: iGaming Ontario, https://igamingontario.ca/en/operator/ontarios-igaming-market-landscape