Rivalry sees all-time high business perfomance in Oct., betting handle up 350%

Sports betting and media company Rivalry has posted an all-time record business performance in October, the Toronto-based business announced on Wednesday. Rivalry delivered an over 350% increase in betting handle year-over-year, plus record performance in other KPIs in its first month as a public company.

Highlights for the month include a betting handle of $10.3 million, the highest monthly figure ever recorded by the company, exceeding the previous monthly high by more than 40%. Monthly active bettors also reached a new all-time high, more than 80% above the previous monthly record and up more than 200% from October 2020.

“In October Rivalry delivered an all-time record performance across nearly all KPIs,” said Steven Salz, Co-Founder and CEO of Rivalry. “I believe this is a testament to the focus and drive of the team in our first month as a public company.” 

The company’s subordinate voting shares commenced trading on the TSX Venture Exchange on October 5, 2021. In addition to going public, Rivalry launched Rushlane, “an innovation in casino games that we believe will reinvent the category,” added Salz.

The proprietary product, a cyberpunk-themed multiplayer race which merges social gaming and casino with video game quality 3D graphics, marks the creation of a new category for online gaming: Massively Multiplayer Online Gambling Games (MMOGG). With the official launch, exiting the soft launch phase, Rivalry saw a more than 150% increase in total Rushlane wagers over the previous month.

The company also submitted an application to the Alcohol and Gaming Commission of Ontario (AGCO) to become a fully registered operator for sports betting and internet gaming in its home province, a move first announced on October 28.

Upon Rivalry’s registration with the AGCO, the company will seek a commercial agreement with the AGCO’s subsidiary, iGaming Ontario. With this registration and agreement, the company will be able to offer its esports and sports betting products, including Rushlane, to customers in the province. 

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

“These milestones help to enhance Rivalry’s global brand equity as a leader in next-gen esports betting, our position as innovators in the sector, and increase the number of geographies globally that Rivalry can legally operate in,” described the company’s CEO.

The month also saw record activity across the business, while brand engagement continued to grow: nearly all Rivalry content channels saw a 50% increase month-over-month in engagement through October, with some growing by triple digits.

Operations were aided by a favorable combination of esports events, including some involving popular games League of Legends and Dota 2. But a meaningful increase was also seen in traditional sports betting, which supports the product mix and reduces seasonality, as the esports and traditional sports betting calendar generally spike at different times in the year.

Given the demographic the company primarily serves, which is on average at least a decade younger than sports bettors on traditional sportsbooks, the volume of bets Rivalry saw to deliver a $12.8 million monthly handle was “significant.”

“As our user demographic matures, we believe the corresponding growth in our total addressable market presents a significant value capture opportunity that will continue to differentiate Rivalry from its peer group as we deliver the product and brand of choice to this next generation,” concluded Salz.