Rivalry Corp. is set to launch its mobile esports betting app in Ontario, allowing millions to wager on eSports and traditional sports. With a focus on popular games, the leading iGaming brand targets Millennial and Gen Z users. The global eSports betting market is valued at $9.7 billion, projected to reach CA$24 billion by 2028.
Ontario led the way in revolutionizing the Canadian online gambling industry, as in April 2022, it became the first province in the country to launch an open iGaming market for private operators. Governed by the Alcohol and Gaming Commission of Ontario, the market became home to more than 40 operators and saw a total betting handle of CA$35.6 billion in its first 12 months.
Massive Step for Its Development
Co-founder and CEO of the company, Steven Salz noted that mobile wagering is a major step for the operator’s operations in Ontario and an important demographic of Millennial and Gen Z bettors who fancy online gambling. He said the debut of the app will provide another layer of accessibility to the company’s product while also providing eSports betting to broader audiences.
It was estimated that in 2021, the global wagering market for eSports was worth around CA$9.7 billion and it is projected to reach a whopping CA$24 billion by 2028. This would translate to a compound annual growth rate of 13.7%. At the time, the eSports betting market is largely unexplored allowing the company to take a leading position in it.
Its debut in Ontario comes on the back of record financial results for fiscal 2022. In that time, the operator accumulated CA$26.6 million in revenue, which was an amazing 140% improvement year-over-year. In addition to that, the company also disclosed a total betting handle of approximately CA$232.8 million, which was a major bump from CA$78.2 million from FY 2021.
Another important highlight from the previous fiscal year was the launch of its first online casino title on its iGaming platform. Aviator debuted in September 2022 and is a prominent title of the “crash” category, which turned out to be a massive hit for bettors. This was the operator’s step towards expanding its product into the casino segment and switching it focus from eSports.
Off to a Flying Start
After its fruitful 2022 FY, Rivalry is also kicking off the new one in style, as its results from Q1 are quite remarkable. It recorded a total betting handle of CA$120.2 million which was an all-time high for the platform. The company also clocked in CA$12 million in profits and gross gaming revenue of CA$5.4 million which was 698% higher than the previous year’s quarter.
Along with that, the Ontario-based sports betting firm reported that n comparison to Q4 of 2022, it clocked a revenue increase of 27% meanwhile net loss was reduced from CA$6.6 million to CA$3.3 million. It should also be reminded that its marketing is focused on Millennial and Gen Z audiences as they make up 97% of its user base.
