ESPORTS-FIRST BETTING PLATFORM RIVALRY SECURES $20M IN FUNDING ROUND

Canada-based esports-first betting platform Rivalry has completed a $20M funding round. 

The Toronto-headquartered company says it attracted institutional investors from Canada, the United States, and the European Union, along with a “major gaming operator.” The new capital has been earmarked to scale operations and its country licensing program. 

Rivalry has also confirmed its intention to pursue an initial public offering (IPO), which is expected to be completed sometime later this year. 

Since launching in February 2018, Rivalry has added both traditional sports betting and proprietary casino games to its core esports offering.

Discussing the news Rivalry Co-founder and CEO, Steven Salz, said:

“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.”

AYO.NEWS says:

While other esports-first wagering platforms have also expanded into the traditional sports betting and casino space, Rivalry stands out as investing in developing its own tech and content, rather than relying on third-party white label solutions. Though this might be more expensive and difficult initially, it will be interesting to see if it gives the platform an edge in the longer term. 

In October last year, AYO.NEWS’ very own Simona Pinterova caught up with Steven Salz, Co-founder and CEO of PMML Corp, operator of Rivalry, to find out what makes the platform different, and what’s planned for the future.