- Rivalry has completed a new $20 million funding round to be used on new products, development, and business growth
- The company is planning to launch an initial public offering (IPO) in 2021, with big investors already showing interest
- Rivalry is looking beyond its traditional bastion that is esports and pursues new generations of sports bettors
Company CEO Steven Salz explained what the latest $20 million funding round meant for the company in terms of esports and traditional sports growth.
Rivalry to Use Latest Funding Round to Scale Up Business
Rivalry continues to expand its financial clout, neck-and-neck with Luckbox, a competitor. The Toronto-based esports betting platform has completed a $20 million funding round, attracting interest from investors across Europe, the United States, and its homeland.
The latest funding round is a precursor to a much bigger plan for the company with an initial public offering (IPO) on the cards and one big gaming operator already investing during the latest funding round.
The IPO is scheduled for 2021. Rivalry co-founder and CEO Steven Salz used the opportunity to comment on the achievement. The latest funding round, Salz said, allowed the company to accelerate its expansion plans, focusing on new licenses, and more.
“With this new round of funding, we believe we will be able to accelerate our growth rate, and when combined with incredible new hires across all key divisions, multiple-country licenses being completed in the near-term, and a brand that is growing rapidly amongst our target demographic in all key markets, we are excited for what the future holds at Rivalry.”-Rivalry co-founder and CEO Steven Salz
Rivalry is looking to expand its products as well as improve its regulatory compliance bringing the safest and most engaging sports betting experience worldwide, Salz said. Legislators have been pushing for esports legalization more vocally of late. Salz confirmed that the company started as an esports outfit but was now interested in attracting the next generation of sports bettors.
New IPs to Explore as Rivalry Looks Beyond Esports
He didn't rule out a suite of original casino IP, either. Rivalry has been a disruptor in the esports betting space, bringing terminology and a dedicated educational approach to the segment.
The Rivalry Academy became a learning source for esports players and fans who have never before come across the betting lingo. Rivalry launched in 2018, and it has quickly moved into traditional sports, not least thanks to its own in-house technology it has invested heavily into.
Rivalry prefers to own the full suite of products it deploys, cutting out middlemen and delivering on sterling gambling experience across the board. While traditional sports has clearly been on Rivalry's mind of late, the company has not stopped seeking out opportunities within the esports ecosystem.
The company has struck various partnerships with FURIA, B8, Beastcoast, and Fnatic. Rivalry has flirted with new esports markets and endorsed them outright. Last year was one of tremendous growth for Rivalry, Salz explained with a ten-fold increase of business during the pandemic, the chief executive explained.
Other companies are also looking to expand, as Luckbox recently brought in Nevzat Ucar as Head of Content Strategy to help the esports betting sites.