Rivalry continues on its quest to become a sports betting provider in Canada, as the company has recently reported a record-setting wagering handle for the month of October. Last month, which was the first for the company as a public one, it has managed to accumulate the stunning amount of CA$12.8 million in wagering volume on its platform.
The company also operates Rivalry Limited, which is a sports wagering and media corporation, that offers regulated betting on regular sports and eSports, as well as other gaming services. It is based in Toronto, Ontario, and it currently provides its services to more than 18 countries from all around the world. Now, the latest financial report, confirms the company’s growth.
Record-Setting October
During October, its first month as a public company, Rivalry has accumulated over CA$12.8 million in wagering activity on its platform. This is a 40% increase over the results reported for August this year. This October’s results are even more impressive compared to those from last year, as this October reports a 350% increase over last year’s
Another impressive stat that is worth noting is that for last month the sports betting company has also reported an increase in its monthly active bettors. The recent amount is 80% more than the users in September 2021, and over 200% rise in comparison to October 2020. Also, the company’s brand engagement has also witnessed exponential growth with a 50% increase month-to-month.
Steven Salz, co-founder and CEO of the company stated that in October the corporation saw an all-time record performance across almost all of its key performance indicators. The improved performance also corresponds with the company’s debut on the TSX Venture Exchange. According to Mr. Salz, the company’s growth in the monthly handle is quite impressive while having in mind the firm’s age.
More highlights from the betting company from October, include the launch of a brand-new casino title. Last month, the firm debuted its casino game Rushlane in an initial soft launch to selected audiences in September. With the official release of the product, the game witnessed a rise of over 150% placed in wagers in comparison to the volume activity in September.
Submission Sent Out
Additionally, at the end of last month, Rivalry expressed its intentions to join Ontario’s new open iGaming operator market. In fact, the company has already submitted its application to the Alcohol and Gaming Commission of Ontario to join the new iGaming regime and become a fully regulated sports betting operator in the province. The decision whether the company would be awarded a license will be made before the end of the year.
Ontario’s New Competitive Market
Earlier, this year, with the legalization of single-sports betting in Canada, Ontario officially announced its new iGaming market for private operators. This attracted huge interest from the industry leaders, and now the process of awarding licenses will be conducted by AGCO’s subsidiary iGaming Ontario. Licenses should be issued later in 2021, and the approved applicants must comply with certain regulations such as paying annual fees, cutting ties to the gray market, and more.
