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Canada

Rivalry Announces $14 Million Investment to Accelerate Growth

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1 year ago

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Rivalry Corp. (the “Company” or “Rivalry”) (TSXV: RVLY) (OTCQX: RVLCF) (FSE: 9VK), the leading sportsbook and iGaming operator for Millennials and Gen Z, today announced a non-brokered private placement offering of convertible debentures (“Convertible Debentures“), and the closing of the first tranche of such offering for aggregate gross proceeds of $14,000,000. The investment comprising this initial closing came from an existing institutional shareholder. All dollar figures are quoted in Canadian dollars.

Under the Offering, each Convertible Debenture will consist of $1,000 principal amount of 10% senior secured convertible debentures of the Company, maturing on November 14, 2027 (the “Maturity Date“). The outstanding principal under the Convertible Debentures will be convertible at the option of the holder, at any time prior to the close of business on the last business day immediately preceding the Maturity Date, into subordinate voting shares in the capital of the Company (“Subordinate Voting Shares“) at the conversion price of $1.40 per Subordinate Voting Share (the “Conversion Price“).

“We are very pleased to receive the support of a long-standing institutional shareholder of Rivalry with this investment,” said Steven Salz, Co-founder and CEO, Rivalry. “Rivalry’s unique product mix and position in the marketplace has brought the business to the inflection point it’s reached today. We’re deeply confident in the underlying trends the business is showing and maintain our expectation to achieve profitability in H1 2024.”

“Strengthening our balance sheet positions the company to maximize the opportunity in front of us. The capital will enable Rivalry to accelerate the development and release of new products, expand marketing efforts, and extend into new geographies and verticals, setting us on a path where we can pursue growth and profitability at the same time,” Salz added.

Terms of the Offering
The Convertible Debentures will bear interest from the date of issue at 10.0% per annum, and will be payable in cash quarterly in arrears on March 30, June 30 September 30 and December 30 of each year (each, an “Interest Payment Date”) commencing December 31, 2025 and will consist of interest accrued from and including the date of issue to the initial Interest Payment Date. Additional tranches of the non-brokered private placement offering may close for aggregate gross proceeds of up to $27,500,000 (inclusive of the initial closing) (the “Offering“).

The Convertible Debentures will be senior secured obligations of the Company, subject to certain exceptions, and will be secured by all of the assets and property of the Company, subject to certain permitted encumbrances, pursuant to a general security agreement, and guaranteed by the Company’s wholly-owned material subsidiaries, and such guarantee shall be secured by a security agreement executed by such subsidiaries granting a first priority security interest on all of their present and after acquired personal property.

The net proceeds received by the Company are expected to be used to fund general working capital and corporate purposes.

The Convertible Debentures shall be offered and sold (i) to investors in Canada on a private placement basis; (ii) to institutional accredited investors in the United States pursuant to available private placement exemptions; (iii) to investors residing in jurisdictions outside of Canada and the United States, in each case in accordance with all applicable laws; provided that no prospectus, registration statement or similar document is required to be filed in such foreign jurisdiction.

All securities issued in connection with the Offering will be subject to a hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.

The securities issuable in connection with the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act“) or any U.S. state securities laws and may not be offered or sold in the United States absent registration or an available exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities referenced in this press release, in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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Caesars Entertainment

OLG Selects Caesars Entertainment as the Service Provider for Windsor Casino

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1 day ago

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May 13, 2025

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The Ontario Lottery and Gaming Corporation has selected Caesars Entertainment as the Service Provider in the Windsor Casino procurement process. This is the final procurement process in the OLG’s land-based gaming modernization initiative.

Tom Reeg, CEO of Caesars Entertainment, said: “We are thrilled to be selected as the service provider for the Windsor Casino by the OLG. Caesars has a long history of managing Windsor and looks forward to continuing to deliver exceptional guest service and experiences at the property.”

Caesars and its predecessor companies have partnered with the OLG to operate Caesars Windsor (fka. Casino Windsor) since the opening of the temporary facility in 1994. Caesars will assume responsibility for gaming and non-gaming operations of the Windsor casino on behalf of the OLG under a 20-year operating agreement, which is expected to begin in 2026.

OLG requires an 18-month restriction on any organizational changes consistent with other gaming bundle modernizations in Ontario. Unionized employees will continue to be governed by the terms of their collective agreement.

The post OLG Selects Caesars Entertainment as the Service Provider for Windsor Casino appeared first on Gaming and Gambling Industry in the Americas.

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AGCO

AGCO issues penalties of $151,000 against Great Canadian Entertainment for alleged age verification failures

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2 days ago

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May 12, 2025

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The Alcohol and Gaming Commission of Ontario (AGCO) has issued $151,000 in penalties to Great Canadian Entertainment for allegedly failing to prevent minors from accessing gambling on multiple occasions at three Toronto-area casinos.

As part of its investigation, the AGCO reviewed four separate incidents in which minors allegedly gained access to the casino floors and in which some of these minors participated in gambling activities – two cases at Great Canadian Casino Resort Toronto, and one at each of Casino Ajax and Pickering Casino Resort.

The AGCO is committed to ensuring casinos meet Ontario’s high standards of harm reduction and responsible gambling. The AGCO’s Standards require operators to ensure only eligible individuals are permitted into a gambling site and strictly prohibit access to anyone under 19 years of age (except in the course of employment). The Standards also mandate that casino employees have the necessary competence, skills, experience and training to effectively carry out their duties, including age verification.

This enforcement action underscores the AGCO’s dedication to protecting youth and other vulnerable individuals.

A casino operator served with an Order of Monetary Penalty by the AGCO Registrar has the right to appeal the Registrar’s decision to the Licence Appeal Tribunal (LAT), an adjudicative tribunal that is part of Tribunals Ontario and independent of the AGCO.

“Ontario casino operators have an obligation to ensure minors are not able to access casino floors or activities such as slot machines or table games. The AGCO will continue to monitor and hold all casino operators accountable for fulfilling this important role.”  – Dr. Karin Schnarr, Chief Executive Officer and Registrar, AGCO.

The post AGCO issues penalties of $151,000 against Great Canadian Entertainment for alleged age verification failures appeared first on Gaming and Gambling Industry in the Americas.

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Canada

ToonieBet Launches its Sportsbook on Apple App Store and Google Play Store

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6 days ago

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May 8, 2025

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ToonieBet, Soft2Bet’s flagship online casino and sportsbook for Ontario, has officially launched its sportsbook on the Apple App Store and Google Play Store. The platform is tailored specifically for local players, offering a dynamic betting experience with a broad range of sports events and competitive odds. The platform also features personalised promotions and loyalty rewards designed to match the preferences of Ontario’s diverse betting community.

The sportsbook uses official data feeds, ensuring players have access to the most accurate and up-to-date information on top local and international sports events. Additionally, the platform offers live broadcasting with real-time match analytics, allowing users to make informed betting decisions as events unfold. Integrated with MEGA and advanced player account management features, the operator is committed to delivering a seamless and responsible gaming environment that enhances the overall player experience while supporting local sports initiatives.

As part of this launch, the platform has also introduced a Sportsbook section on its official website, expanding its portfolio and bringing more choice to its growing customer base. With access to over 85,000 live events each month and more than 70,000 pre-match events across a wide range of sports, players now have even more ways to bet on what they love. Soft2Bet’s Canadian brand invites all players to explore its standout online casino and the full spectrum of sports betting, all delivered through a fast, secure, and fully localised platform.

‍Since its debut at the end of 2024, ToonieBet has offered a fast, fair, and secure online casino and sportsbook experience, fully localised for Ontario’s vibrant gaming market. The Apple App and Google Play additions further enhance accessibility, bringing ToonieBet’s premium entertainment to players on the go.

Additionally, this milestone complements the operator’s recent partnership with the NHL’s Ottawa Senators, which made ToonieBet the Official Online Casino Partner of the team. The partnership includes in-arena branding, digital promotions, and fan engagement initiatives like social contests, allowing ToonieBet to connect with Ontario sports fans in exciting ways and offering chances to win team merchandise and tickets.

Yoel Zuckerberg, Soft2Bet’s Chief Product Officer, said: “As Soft2Bet continues our rapid growth, we are excited to provide Ontario players with access to ToonieBet’s sportsbook which is now available on the Apple App and Google Play Store, offering seamless access to a customised experience tailored for the province’s passionate gaming community.”

The post ToonieBet Launches its Sportsbook on Apple App Store and Google Play Store appeared first on Gaming and Gambling Industry in the Americas.

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