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Leading Esports Sportsbook and Media Company Rivalry Announces Oversubscribed US$20 Million Funding Round to Fuel Growth
Toronto-based platform is positioned for the next generation of bettors across all sports
TORONTO, March 01, 2021 (GLOBE NEWSWIRE) — Rivalry, an internationally-regulated sports betting and media property, today announced the completion of a US$20 million funding round to scale its operations and country licencing program. Institutional investors from Canada, the United States, the European Union, and a major gaming operator contributed to the raise. The company intends to pursue a potential going public transaction which it expects to complete this year.
Co-founder and CEO Steven Salz says, “At Rivalry we are building the leading sports betting and sports media property for the next generation of bettors globally, which we believe is an uncapped multi-billion dollar opportunity. With the close of this funding round we are able to accelerate our expansion plans through new licences and grey markets under our existing regulatory regime, new product development, and our goal to provide the safest and most engaging sports betting experience in the world. While Rivalry started by focusing on esports betting, an increasing percentage of our business is traditional sports, and shortly a suite of original casino IP. Our ambition has always been to leverage esports as a pathway to the next generation of sports bettors and build a truly novel experience for them top to bottom.”
Rivalry owns all of its intellectual property, and utilizes no white labels, which is a rarity in the world of sports betting and casino. This approach offers total control of the user experience, and has enabled Rivalry to inject enhanced gamification, delight, and surprise throughout its product.
As critical to the company as a great betting product is its media strategy. Rivalry’s social and content properties generate more engagement than any other brand in esports betting, and the company is still only in the first inning of its media vertical roadmap. Rivalry has built a betting platform designed to appeal to a new demographic that is now coming into the fold of sports betting. Creating a playful social and content experience that flows through that entire betting experience is key to achieving that. The company believes that betting is entertainment and content, as much as something transactional for a next-gen customer base, and keeps this at the forefront of its growth plans.
“We are more confident than ever in the future of Rivalry. 2020 saw the business grow nearly 10x over the prior year, and early into 2021 we are tracking at over 400% growth on a year over year basis,” noted Salz. “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 licences 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.”
About Rivalry Limited
Rivalry is a leading sports betting and sports media property offering fully regulated online wagering on esports, traditional sports, and casino for the next generation of bettors. The company currently holds an Isle of Man licence, considered one of the premier online gambling jurisdictions. Based in Toronto, Rivalry operates a global team of nearly 60 employees and is growing. The company earned its Isle of Man licence in early 2018, officially launching in August of that year, and is currently completing multiple country licences in parallel. The company also has a variety of originally developed products, including Quest, a gamified on-site betting experience, and shortly a suite of original casino games that offers both B2C and B2B opportunities. Rivalry is wholly-owned and operated by Canadian parent company, PMML Corp., which is privately held and based in Toronto.
Media Contact:
Corey Herscu for Rivalry
416.300.3030
[email protected]
Company Contact:
Steven Salz
[email protected]
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BetBlocker Launches the Scheduler – Reimagining Blocking Software as a Harm Prevention Tool
Reading Time: 2 minutes
As part of Safer Gambling Week, harm prevention charity BetBlocker today announces the launch of its revolutionary Scheduler tool.
BetBlocker, which provides blocking software to help people manage or restrict their access to online gambling services, is unique in adopting a charitable model for this type of support, and facilitating users accessing protection both free of charge and anonymously.
Traditionally, blocking software has been a crisis management tool, facilitating users restricting their access to gambling services once they’ve already experienced an unsustainable loss.
The Scheduler tool looks to engage users earlier in their journey, before a crisis has occurred, creating the option for players to plan ahead and build a bespoke block to protect them when they need protected.
The new feature supports users to manage their access to gambling is a way that promotes healthier and safer engagement, allowing them to build out a weekly profile, or customise blocks on individual days.
Want to make sure your bills are paid? Block the week after pay day.
Get carried away with In Play betting? Set your block to switch on during match time.
Staying up too late playing on work nights? Set yourself a curfew.
This feature is placed perfectly to support users after GambleAware’s findings last week, that over 5 million people in the UK want to reduce their gambling. BetBlocker’s Scheduling feature is targeted at supporting exactly that need.
BetBlocker’s Founder and Managing Trustee, Duncan Garvie expressed his enthusiasm for the project:
“To date, blocking software has really only looked to offer support after things have gone too far. It’s critical to provide that support for the people who need it, but it would be far better for everyone if we could reach people earlier and prevent the crisis occurring in the first place.
BetBlocker is proud to innovate and be unique amongst blocking softwares in offering harm minimisation functionality alongside our traditional crisis management support.
Our Scheduling tool looks to meet users where they are, redefining blocking software so that it is no longer a binary choice between blocked or not blocked. In taking this step forwards, we’re hoping to engage an entirely new audience, and reach users who are not yet ready to embrace complete abstinence. There is potential to see a huge reduction in gambling harm across society if we can intervene earlier and support people to embrace lower risk behaviours.”
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Impact of an increase in Machine Games Duty (MGD), on the land-based casino sector, investment, and economic growth
Reading Time: 4 minutes
This summer the DCMS brought forward into legislation a much needed modernisation and deregulation package. The reforms comprising more proportionate gaming machine allocations and the ability to offer sports betting promised to support the UK land-based casino sector, enabling (£) tens of millions of investment, and contributing to the Government’s growth agenda.
When introducing the measures in the House of Commons in June, DCMS Minister, Stephanie Peacock MP, set the scene:
“The Government is focussed on economic growth…this package of measures will unlock additional investment up and down the country” and “will put the casino sector back on a stable footing” “We expect a number of venues to be modernised and refreshed…we also
anticipate this capital investment will be spent across the country not just in London…allowing this historic sector to thrive.”
And when introducing the same measures in the Lords, the Gambling Minister, Baroness Twycross said:
“Since being appointed, I have visited casinos and witnessed the contributions that they bring with jobs, tax revenues and support for the night-time economy. The sector generates £866 million in gross gambling yield each year, with up to 50% of this paid in gaming duty.”
The Minister went on to add that the modernisation measures are estimated to increase GGY by £53million to £58million.
The BGC casino group couldn’t agree more with Ministers.
This is why we are deeply concerned that all of this progress could be wiped out, at a stroke, if there is an increase in MGD, from the current rate of 20%, in the forthcoming Budget. An increase in MGD would fundamentally undermine the sustainable footing which the new policy reforms placed the sector firmly upon.
For example, Rank Group plc (Grosvenor Casinos), the UK’s largest licensed operator of casinos, has reported that 12 of its 50 venues were loss-making in the 12 months to June 2025. These casinos have been kept in operation in the expectation that their financial performance will be improved by this summer’s legislative modernisation.
By illustration, an increase in MGD from 20% to 25% would make a third of the Grosvenor casino estate unprofitable. As well as offsetting all of the benefit Grosvenor expected to gain from the land-based policy reforms, it would not be possible to sustain loss making venues, with up to 20 casinos being forced to close. For the remaining casinos, the planned investment case, announced at £60million per annum for the next two years, would become unaffordable.
Investment committed in light of the new policy reforms
With the new policy reforms industry embarked on a programme of substantial capital
investment to upgrade existing casinos and develop new venues. Great news for the sector,
our customers, and the Government’s growth agenda.
The promised stability enabled confidence for operators to make commitments for UK-wide
investments. Operators have collectively announced or confirmed investment of £300
million, including:
- Rank Group plc investment of £60million per annum for next two years, to capitalise
on casino reforms - Genting Casino £40million new casino at the Trocadero in London’s West End
- Genting Casino Westcliff £10million refurbishment in Southend-on-Sea
- Rank’s Grosvenor Victoria Casino £15million refurbishment and expansion in London
- Bally’s £3.7million, securing 170 jobs, first UK land-based investment in Newcastle
- Hippodrome £1.5million new Sports Book venue in London’s West End
- Other multi-million pound redevelopments of casinos in Brighton, Bolton, Coventry,
Leicester, Liverpool, Manchester, and Reading.
An increase in MGD will inevitably lead to a reversal of these steps forward, plus casino closures and job losses. Operators will be forced to cancel investment plans and look to cut jobs as growth plans falter. The investment plans above would not see sufficient returns (and
may even lead to losses) with a direct and material negative impact on company financial performance across the sector. Current investment plans will cease, and future investment won’t happen. Overseas investors will be deterred, seeing the UK market as high risk for investment. And tax yield from the sector would reduce.
At 25% MGD, casino industry analysis shows that up to 40 casinos would close, with the loss of up to 3,500 jobs – equating to a third of the whole industry.
BGC casino group Budget submission
In our Budget submission (full copy attached) we set out for the Treasury the economic contribution of Britain’s land-based casinos and the significant challenges already facing them, which would only be exacerbated by further tax pressures.
More broadly, the sector is still recovering from the damage caused by the lockdown measures of 2020 to 2021. In the year to March 2024 (the most recent period for which data is available), customer spending (gross gaming yield) in Britain’s casinos was 22% lower than in the year to March 2019 – a 43% reduction in real terms.
At the same time, casino operators are experiencing significant cost pressures. The sector employs around 11,000 skilled (and often personally licensed) people and so is particularly sensitive to wage inflation and this year’s rise in employer National Insurance Contributions (which together will impact the sector by between £25m and £30m a year). Additionally, with the Treasury’s convention of duty revalorisation in abeyance since 2022, operators continue to suffer real-terms increases in gaming duties.
In conclusion, I am at pains to stress, that any proposed increase in MGD in the Chancellor’s budget, would lead to the closure of a large number of casinos and the loss of thousands of skilled jobs, as well as risking planned UK-wide investment in the sector.
The post Impact of an increase in Machine Games Duty (MGD), on the land-based casino sector, investment, and economic growth appeared first on European Gaming Industry News.
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RANGERS FANS BRAVE THE ELEMENTS TO RAISE MONEY FOR HOMELESSNESS IN GLASGOW
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The post RANGERS FANS BRAVE THE ELEMENTS TO RAISE MONEY FOR HOMELESSNESS IN GLASGOW appeared first on European Gaming Industry News.
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