Rivalry Announces Oversubscribed US$20 Million Funding Round to Fuel Growth

 

Toronto-based platform is positioned for the next generation of bettors across all sports

Rivalry, an internationally-regulated sports betting and media property, today announced the completion of a US$20 million funding round to scale its operations and country licencing program. Institutional investors from Canada, the United States, the European Union, and a major gaming operator contributed to the raise. The company intends to pursue a potential going public transaction which it expects to complete this year.

Co-founder and CEO Steven Salz says, “At Rivalry we are building the leading sports betting and sports media property for the next generation of bettors globally, which we believe is an uncapped multi-billion dollar opportunity. With the close of this funding round we are able to accelerate our expansion plans through new licences and grey markets under our existing regulatory regime, new product development, and our goal to provide the safest and most engaging sports betting experience in the world. While Rivalry started by focusing on esports betting, an increasing percentage of our business is traditional sports, and shortly a suite of original casino IP. Our ambition has always been to leverage esports as a pathway to the next generation of sports bettors and build a truly novel experience for them top to bottom.”

Rivalry owns all of its intellectual property, and utilizes no white labels, which is a rarity in the world of sports betting and casino. This approach offers total control of the user experience, and has enabled Rivalry to inject enhanced gamification, delight, and surprise throughout its product.

As critical to the company as a great betting product is its media strategy. Rivalry’s social and content properties generate more engagement than any other brand in esports betting, and the company is still only in the first inning of its media vertical roadmap. Rivalry has built a betting platform designed to appeal to a new demographic that is now coming into the fold of sports betting. Creating a playful social and content experience that flows through that entire betting experience is key to achieving that. The company believes that betting is entertainment and content, as much as something transactional for a next-gen customer base, and keeps this at the forefront of its growth plans.

“We are more confident than ever in the future of Rivalry. 2020 saw the business grow nearly 10x over the prior year, and early into 2021 we are tracking at over 400% growth on a year over year basis,” noted Salz. “With this new round of funding we believe we will be able to accelerate our growth rate, and when combined with incredible new hires across all key divisions, multiple-country licences being completed in the near-term, and a brand that is growing rapidly amongst our target demographic in all key markets, we are excited for what the future holds at Rivalry.”