- Rivalry has recapped what is a strong 2021 for the company
- In 2022, Rivalry expects to continue growing and showcasing its technology
- The company is sitting at $41.3 million of cash and no debt as it enters 2022
In its first update for 2022, betting and media company Rivalry has outlined its plans for months to follow while offering a recap of everything that was achieved in 2021.
Rivalry’s 2021 Sets the Company for Lasting Success
Rivalry has been one of the fastest developing esports betting agencies, but it’s no longer defined by just its appeal to competitive video gaming fans. Over 2021, the company transformed itself into a multi-faceted establishment focusing on sports and esports betting, media assets, and the innovation of the way people experience platforms such as its own.
Rivalry’s 2021 journey took it through a number of successes. By Q3 2021, revenue had increased by more than 600% on a year-over-year basis, to $8.9 million. The betting handle increased to $66.1 million through October 2021, once again a 180% uptick on a year-over-year basis.
The company also posted strong growth in its user base with the last known results for its registered users published as of October 2021 and featuring some 600,000 people compared to just 350,000 at the end of 2020. Overall, Rivalry has been doing well it stated in an update from earlier this week.
Part of this success was defined by the launch of Rushlane, a new game genre known as Massive Multiplayer Online Gambling Games or MMOGG. The company managed to secure a conditional license from the Northern Territory Racing Commission in Australia.
Similarly, it applied to the Gaming Commission of Ontario, seeking to become a fully registered operator and purveyor of sports betting and internet gaming products. Not least, the company launched on the TSX Venture Exchange on October 5, 2021.
Venturing into 2022 on a Strong Foothold
This year, the company expects to continue amping up the rate of its development. In 2022, the company should be able to launch in both Australia and Ontario, Canada. The platform plans more innovative product releases that will highlight its commitment to scalability demonstrated in Rivalry’s technology.
There will be more options for MMOGG fans with Rushlane hardly the only game in the category moving forward. The company wants to position itself as a “market-leading brand” and be at “the forefront of Internet culture.”
Rivalry also expects to leverage its Isle of Man licensing and launch in even more jurisdictions around the globe, giving it quick access to new and untapped markets and audiences. Notably, the company has $41.3 million of cash and no debt that puts it in a strong position to continue developing.
Rivalry is trading at C$1.38 on the TSX Venture Exchange on January 7, 2022, outperforming esports-first competitors.