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. 

The Isle of Man-licensed esports operator, which says the ongoing COVID-19 crisis has served as an accelerant for esports betting, has teamed up with UK-based Bitcoin exchange, CoinCorner, to accommodate the increasing demand for alternative online banking and payment methods, like Bitcoin, which benefit from cheaper fees and no chargebacks. 

Commenting on the news Rivalry CEO, Steven Salz, said:

“Our integration with CoinCorner has allowed us to offer Bitcoin as a payment option to our players and further simplify the payment experience. It’s partnerships like these that help us evolve the betting experience for a new cohort of bettors that think and behave differently”.

While Business Development Manager at CoinCorner, Sam Tipper, added:

“Since I joined CoinCorner in 2019, we’ve been making huge strides in assisting businesses across multiple industries to accept Bitcoin – preparing them for the new reality of a changing payment landscape. This is particularly true for businesses regulated out of the Isle of Man, like Rivalry, who cater to a global market.”

AYO.NEWS says:

Considering the majority of esports bettors are young, supporting cryptocurrencies is now a must for esports betting platforms. Indeed, some, like Unikrn and Luckbox have gone way beyond merely accepting the major cryptos, to integrating a wide range of tokens and creating entire ecospheres. 

While we’re in the Isle of Man, a couple of weeks ago the island’s government underlined its commitment to esports by appointing Chris Kissak, formerly with Amber Gaming, as Head of Esports at Digital Isle of Man. 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

All original content featured on this site is © Pentagon Digital Limited, 2020