Canada
Rivalry Announces Record Fourth Quarter and Year-End 2021 Results
- Betting handle of $78.2 million for FY 2021 increased 202% year-over-year, with Q4 2021 betting handle of $24.9 million up 389% YoY.1
- Revenue of $11.1 million for FY 2021 grew 617% YoY, with Q4 2021 revenue of $2.2 million up 615% YoY.
- Preliminary Q1 2022 betting handle of $40.2 million, a record high, up 62% sequentially from Q4 2021, and 273% year-over-year.
- Momentum being fueled by economic customer acquisition costs and robust payback periods, underpinned by innovative product and market leading brand equity.
- $35.5 million of cash and zero debt at year-end to support continued growth in core and new markets.
Rivalry Corp., an internationally regulated sports betting and entertainment company, today announced its financial results for the three and 12-month periods ended December 31, 2021. The Company also announced preliminary results for the three-month period ended March 31, 2022. All dollar figures are quoted in Canadian dollars.
“We had a tremendous year by nearly all measures in 2021. Our team delivered triple-digit growth, secured the financial resources to accelerate our momentum, continued to strengthen our originally developed product, added significant talent depth to our bench, and further solidified Rivalry as the most engaged brand in esports betting globally,”2 said Steven Salz, Co-Founder and CEO of Rivalry. “I’m also pleased to say we have continued that pacing into 2022, with our Q1 betting handle delivering 62% sequential growth over Q4, and up 273% year-over-year.”
Full-Year 2021 Financial Highlights
- Betting handle was $78.2 million in 2021, up 202% from $25.9 million in 2020.
- Revenue was $11.1 million for the full year, an increase of $9.5 million or 617% from $1.5 million in 2020.
- Gross profit was $2.2 million for the full year, an increase of $1.5 million or 217% from $0.69 million in 2020.
- The Company’s subordinate voting shares commenced trading on the TSX Venture Exchange and the Frankfurt Stock Exchange in October 2021, followed by a listing on the OTCQX just after year-end.
- The Company had $35.5 million of cash and no debt as at December 31, 2021.
Fourth Quarter 2021 Financial Highlights
- Betting handle was $24.9 million in Q4 2021, up 389% from $5.1 million in Q4 2020.
- Revenue was $2.2 million in the fourth quarter, an increase of $1.9 million or 615% from $0.3 million in Q4 2020.
- Gross profit was $0.4 million in the fourth quarter, an increase of $0.3 million or 366% from $0.1 million in 2020.
“The growth we saw in Q4 was highly encouraging, and a signal of strength in what is typically the most seasonally quiet quarter of the year, with us delivering modest sequential growth over Q3. As our traditional sports betting product has continued to improve, we are seeing a more diverse product mix, which is helping to blunt the seasonality of esports, something that we expect to continue in the future,” said Steven Salz.
2021 Operational Highlights
- Maintaining leadership in the rapidly growing esports segment with approximately 90% of betting handle being placed on esports events, compared to 10% on traditional sports.
- Successfully engaging the next generation bettor, with an average customer age of 26, and 82% of lifetime customers under the age of 30.
- Customer registrations increased to approximately 610,000 by the end of 2021, up from 350,000 one year earlier.
- Rivalry’s partner network and owned properties reached a total of 55 million followers.
- Pioneered a new gaming category of Massive Multiplayer Online Gambling Games (MMOGG) with the launch of proprietary title Rushlane.
- The Company made a number of key leadership hires throughout the year across nearly all departments, materially enhancing the talent bench.
Subsequent Events
- Momentum continued in the first quarter of 2022 with betting handle reaching a new record of $40.2 million, an increase of 273% year-over-year and up 62% sequentially from Q4 2021. The Company expects to announce complete results for Q1 2022 by the end of May.
- On January 22, 2022, the Company’s subordinate voting shares commenced trading on the OTCQX Best Market.
- On February 9, 2022, the Company was awarded its sports bookmaker license by the Northern Territory Racing Commission (Australia) pursuant to the Racing and Betting Act 1983 (NT), which allows the Company to legally operate throughout the whole of the country.
- In March 2022, the Company announced the addition of mobile esports to its sportsbook, enabling customers to wager on competitive esports played on mobile devices.
- The Company was among the first to commence operations in Ontario on April 4, 2022, the first day of regulated online gaming in the province.
Goals for 2022
- Meaningful expansion of the Company’s traditional sports offering to support the continued interest and growth it is seeing.
- New originally developed games to complement Rushlane and add depth to Rivalry’s massively multiplayer online gambling games category (MMOGG’s).
- Launching a mobile app consistent with the surprise and delight the Company believes the next generation of customers are looking for.
- A casino offering that is authentic to the Company’s demographic.
- Launch in new geographies under its existing Isle of Man license, and new regulated licenses to provide continuous growth in users and brand reach across the globe.
- A dynamic media strategy to continue positioning Rivalry as an industry-leading creative house operating at the forefront of internet culture.
“Our focus in 2022 is growth across product, new geographies, and an expansion of Rivalry’s creative universe to capitalize on what we believe is a generational opportunity to become the leader in betting and entertainment for the next generation. Through financially disciplined management, and executing on our targeted operational goals, we believe our positive unit economics will improve, and a path to profitability will become clear,” said Steven Salz.
Canada
ComeOn Group adds sportsbook to its offering in Ontario
ComeOn Group announced a significant milestone in its sportsbook expansion journey with the addition of sportsbook to their offering in Ontario following the successful acquisition of the required permits. This addition represents a strategic advancement in the Groups sportsbook growth trajectory where they are set to double its sportsbook business in the coming years.
ComeOn Group is one of 51 active operators in Ontario. The Ontario market has experienced robust growth since its launch, reaching C$6.7 billion in revenue in 2023.* By 2029, the market is forecasted to grow by a total of 29%, with 2024 expected to close with a 20% increase.
ComeOn keeps investing in its sportsbook business acceleration that is powered by its proprietary sportsbook platform and in-house risk management and trading team. As a multi product vertical operator, ComeOn is striving to give its customer base a safe and exciting entertainment destination and this approach is now expanded to their Ontario audience.
Juergen Reutter, Chief Executive Officer at ComeOn Group, said: “We are very excited about the opportunities this new milestone opens up for us. As a casino-led operator it represents a key part of our sportsbook strategy to double our business in the coming years. Like in any of our other markets, we are striving for a differentiated sportsbook entertainment experience that is powered by our in-house technology. Our goal is to deliver top-tier entertainment to our players while fostering safe and innovative gaming experiences.”
*Source – H2GC H2 Ontario Data 25.10.2024 (excl. Lottery)
Canada
INTRALOT Announces New Project with the British Columbia Lottery Corporation for Online Lottery Platform
INTRALOT S.A. has announced the undertaking of a new project between the British Columbia Lottery Corporation (BCLC), the sole lottery operator for the Government of British Columbia in Canada, and INTRALOT Inc., its US subsidiary, for the provision of an online lottery platform. The project also includes the digitalization of the existing land-based network.
The solution will be based on the Player X platform, part of the Lotos X ecosystem, and adds to the company’s overall partnership with BCLC, which has been extended until 2028.
INTRALOT is a leading player in a changing world of gaming. With significant experience in looking forward and anticipating emerging trends, the company provides future-proof solutions to regulated lottery and gaming operators around the world.
Canada
IAGR announces Toronto as host city for 2025 conference
Hot on the heels of its most attended conference in history, the International Association of Gaming Regulators (IAGR) is excited to announce that its 2025 conference will take place in Toronto, Canada, from October 20 to 23, 2025.
The event will be held in partnership with the Alcohol and Gaming Commission of Ontario (AGCO) at the Westin Harbour Castle, offering stunning waterfront views and a premier, downtown Toronto location.
‘Fresh off the success of our Rome conference, we’re thrilled to continue the momentum with next year’s event in Toronto,’ said Ben Haden, IAGR President.
‘The IAGR 2025 conference promises to be another unparalleled opportunity for our global community to come together, collaborate and shape the future of gaming regulation. We’re looking forward to working with AGCO to bring it all together.’
AGCO CEO and Registrar Dr. Karin Schnarr, added, ‘We’re excited to welcome IAGR and its members to Toronto. This partnership provides a great opportunity to share Ontario’s innovative regulatory practices and foster meaningful discussions that drive positive change in the industry.’
Stay tuned for registration details early next year.
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