Rivalry applies for Ontario's iGaming and sports betting license, expects H1 2022 launch

Sports betting and media company Rivalry Corp. has submitted an application to become a fully registered Internet gaming and sports betting operator in Ontario, the business announced on Thursday. By making this move, Rivalry targets being among the first to market in the province’s new iGaming framework.

The company submitted the application to the Alcohol and Gaming Commission of Ontario (AGCO) in an effort to launch operations in Canada’s most populous province. Upon Rivalry’s application being approved and the registration issued through the AGCO’s subsidiary, iGaming Ontario, Rivalry will be able to offer its esports and sports betting products.

Additionally, it will also bring its latest casino offering, Rushlane, to customers in the region. The company calls it the first Massively Multiplayer Online Gambling Game (MMOGG), a new gaming category. A cyberpunk-themed multiplayer race, the game merges social gaming and casino with video game quality 3D graphics.

The company anticipates that the successful completion of the process could result in Rivalry commencing esports, sports betting, and iGaming operations in the province “within the first half of 2022.”

“As a Toronto-based company, and long-standing member of the tech ecosystem here, we could not be more excited for the opportunity to finally offer our incredible product and brand experiences at home in our own backyard,” said Steven Salz, Co-Founder and CEO of Rivalry. “We applaud the government of Ontario for its leadership in developing a robust licensing regime for iGaming.”

According to the CEO, Ontario’s iGaming framework “has the potential to set an international precedent” for how to successfully launch an open licensing modern in North America, protect consumers through prudent responsible gambling practices, and attract and create thousands of highly-paid tech jobs.

On August 27, the Canadian government enacted Bill C-218, which gave each of Canada’s provincial and territorial governments discretion to conduct and manage single-event sports betting in their respective provinces. Ontario is now the first province to accept applications for registration from prospective iGaming operators.

This past July, the province established iGaming Ontario to conduct and manage internet gaming when provided through private gaming operators. The Ontario government stated as its objectives to create a safe, regulated and competitive iGaming market to help protect consumers and provide more choice while ensuring a level playing field for new businesses.

Rivalry currently holds a gaming license in the Isle of Man, which allows the company to access over 100 markets globally. It further counts with a conditional license in Australia with launch slated for Q4 2021. The Company intends to apply for additional licenses in select regulated markets around the world.

Earlier this month, the company's shares began trading on Canada's TSX Venture Exchange, which is expected to allow it to continue pursuing markets and verticals outside of its initial esports-first offering, as well as to add more capital to its operations.