Rivalry Targets Being Among the First to Market in Ontario’s New iGaming Framework
| Source: Rivalry Corp.
TORONTO, Oct. 28, 2021 (GLOBE NEWSWIRE) — Rivalry Corp. (the “Company” or “Rivalry”) (TSXV: RVLY) (FSE: 9VK), an internationally-regulated sports betting and media company, today announced that it has submitted an application to the Alcohol and Gaming Commission of Ontario (the “AGCO”) to become a fully registered operator of internet gaming and sports betting in Canada’s most populous province.
Upon Rivalry’s application being approved and the registration issued through the AGCO’s subsidiary, iGaming Ontario, the Company will be able to offer its esports and sports betting products and one-of-a-kind casino offering, Rushlane, to customers in Ontario. 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.
“As a Toronto-based company, and long-standing member of the tech ecosystem here, we could not be more excited for the opportunity to finally offer our incredible product and brand experiences at home in our own backyard,” said Steven Salz, Co-Founder and CEO of Rivalry. “We applaud the government of Ontario for its leadership in developing a robust licensing regime for iGaming. Ontario’s iGaming framework has the potential to set an international precedent for how to successfully launch an open licensing model in North America, protect consumers through prudent responsible gambling practices, and attract and create thousands of highly paid tech jobs in Ontario.”
On August 27, 2021, the Canadian government enacted Bill C-218 which gave each of Canada’s provincial and territorial governments discretion to conduct and manage single-event sports betting in their respective provinces. Ontario is the first province to accept applications for registration from prospective iGaming operators.
This past July, the province established iGaming Ontario to conduct and manage internet gaming in the province when provided through private gaming operators. The Ontario government’s stated objectives include creating a safe, regulated, and competitive online gaming market to help protect consumers and provide more choice while ensuring a level playing field for new businesses.
Rivalry currently holds a gaming license in the Isle of Man, which allows the Company to access over 100 markets globally, as well as a conditional license in Australia with launch slated for the current fiscal quarter of Q4/21. The Company intends to apply for additional licenses in select regulated markets around the world.
Founded in 2018 and based in Toronto, Ontario, Rivalry operates a team of over 80 employees. As a made-in-Ontario company, Rivalry strongly believes in growing its business right here at home and hiring the top talent Ontario has to offer. The Company’s thoughtful and ethical approach to esports and online gaming in other jurisdictions has helped it achieve the highest monthly engagement of any brand in esports betting.1
Rivalry Corp. wholly owns and operates Rivalry Limited, a leading sport betting and media property offering fully regulated online wagering on esports, traditional sports, and casino for the next generation of bettors. Rivalry Limited currently holds an Isle of Man license, considered one of the premier online gambling jurisdictions. Based in Toronto, Rivalry operates a global team in more than 18 countries and growing. Rivalry Limited was granted its Isle of Man license in early 2018, officially launching in August of that year, and the Company is currently in the process of obtaining additional country licenses. The Company also has a variety of originally developed products, including Quest, a gamified on-site betting experience, and an original casino game called Rushlane that offers both B2C and B2B opportunities.
Steven Salz, Co-Founder & CEO
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Cautionary Note Regarding Forward-Looking Information and Statements
This news release contains certain forward-looking information within the meaning of applicable Canadian securities laws (“forward-looking statements”). All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “project” and similar words, including negatives thereof, suggesting future outcomes or that certain events or conditions “may” or “will” occur. These statements are only predictions. Forward-looking statements in this news release include, but are not limited to, statements in respect of the Company being approved as a licensed operator of internet gaming and sports betting in Ontario.
Forward-looking statements are based on the opinions and estimates of management of the Company at the date the statements are made based on information then available to the Company. Various factors and assumptions are applied in drawing conclusions or making the forecasts or projections set out in forward-looking statements. Forward-looking statements are subject to and involve a number of known and unknown, variables, risks and uncertainties, many of which are beyond the control of the Company, which may cause the Company’s actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Such factors, among other things, include regulatory or political change such as changes in applicable laws and regulations; the ability to obtain and maintain required licenses; the e-sports and sports betting industry being a heavily regulated industry; the complex and evolving regulatory environment for the online gaming and online gambling industry; the success of e-sports and other betting products are not guaranteed; changes in public perception of the e-sports and online gambling industry; failure to retain or add customers; the Company having a limited operating history; negative cash flow from operations; operational risks; cybersecurity risks; the impact of the COVID-19 pandemic; reliance on management; reliance on third parties and third-party networks; exchange rate risks; risks related to cryptocurrency transactions; risk of intellectual property infringement or invalid claims; the effect of capital market conditions and other factors on capital availability; competition, including from more established or better financed competitors; and general economic, market and business conditions. For additional risks, please see the Company’s prospectus dated September 17, 2021 available on the Company’s SEDAR profile at www.sedar.com.
No assurance can be given that the expectations reflected in forward-looking statements will prove to be correct. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.
Third Party Information
This news release includes market and industry data that has been obtained from third party sources, including industry publications. The Company believes that the industry data is accurate and that its estimates and assumptions are reasonable, but there is no assurance as to the accuracy or completeness of this data. Third party sources generally state that the information contained therein has been obtained from sources believed to be reliable, but there is no assurance as to the accuracy or completeness of included information. Although the data is believed to be reliable, the Company has not independently verified any of the data from third party sources referred to in this press release or ascertained the underlying economic assumptions relied upon by such sources.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Source: Rivalry Corp.
1 Source: Twitonomy, Social Blade, Rival IQ