Canada’s Rivalry Corp Obtains Australian Betting License
The Northern Territory Racing Commission has approved Canadian outfit Rivalry Corp for a sports bookmaker licence. The license allows Rivalry to operate throughout Australia. Furthermore, Australia is Rivalry’s first fully regulated market; it marks a key milestone in the company’s growth.
Gaining an Australian license comes a week after obtaining an Ontario, Canada, license. The Canadian Rivalry license makes it one of the first fully registered operators of internet gaming and sports betting in Ontario.
Rivalry CEO Delighted With Australian Licence
Steven Salz is the co-founder and CEO of Rivalry. He gave his thoughts on the Australian licence via an official press release.
“Expansion into regulated markets across the globe is a key part of our growth strategy, and we couldn’t be more thrilled to officially receive our license for Australia. We believe the country’s sport and gaming culture is a great fit for our brand and look forward to connecting with existing fans of Rivalry, and creating many new ones. The approval of the NTRC also demonstrates that we are capable of meeting what are undoubtedly some of the world’s highest regulatory standards.”
“Australia has been described as the world’s most valuable betting market per capita. It has a strong sports betting culture, supported by a robust regulatory framework. Australia has hosted some of the world’s biggest esports tournaments and has a population of deeply engaged esports fans.”
“Rivalry is among the first entrants in Australia to focus on esports betting and the younger Millennial and Gen Z demographic. The Company intends to invest in building its brand and acquiring customers through an expanded toolkit of marketing initiatives that have not been available in its existing markets.”
“Australia is the first regulated market in which Rivalry has obtained a license. The Company has operated in multiple international markets since 2018 through its Isle of Man license. Further expansion into selected regulated markets is a key element of the Company’s growth strategy. On February 4th, 2022 the Company announced that it became one of the first fully registered operators of internet gaming and sports betting in the Province of Ontario.”
Who And What Is This Company?
Rivalry is a fully regulated sports betting and entertainment company based in Canada. The company focuses on esports as a brand and product. In addition to offering betting on all major esports, Rivalry offers traditional sports betting. The company developed Rushlane, an in-house developed casino game. Rushlane is the world’s first Massively Multiplayer Online Gambling Game (MMOGG), which is proving extremely popular with customers. As a result, Rushlane is pushing new sign-ups at a record rate.
Rushlane is a stroke of genius and represents the future of betting. Players join the game via the Rivalry website and head to a room with up to 25 other players. It is possible to chat with other players while watching cyberpunk-themed races. They pay an entrance fee when they are ready to bet on the action.
Races take place on a randomly generated track from dozens of track segments. This means no two races are ever the same. Furthermore, the game combines multiplayer online gaming with gambling.
Does The Company Make Money?
Rivalry launched in 2018 and made immediate waves in the industry. The company handled CAD$23.2 million ($25.5 million) in bets during the third quarter of 2021. This is a 141% increase from the same quarter in 2020. Such an increase is remarkable because Rivalry customers are, on average, ten years younger than traditional sports bettors and bet smaller amounts.
The company has zero debt and CAD$41.3 million ($45.4 million) in cash, allowing for an aggressive growth strategy. However, it made a net loss of CAD$9.13 million ($10.04 million) in the first three quarters of 2021. An increase in marketing, advertising, and promotion did not help matters. Rivalry spent CAD$1.6 million ($1.76 million) more here than the same period last year. Overall, its operating expenses increased from CAD$4.52 million ($4.97 million) to CAD$10.9 million ($11.98 million).
Rivarly has a ton of potential to become a massive name in sports betting despite these losses. Adding a legion of Australian gamblers helps its cause.
