Rivalry raises $20 million for sports and esports online betting
Rivalry has raised $20 million for its business of sports and esports betting. The company has a mobile and PC platform that makes it easy to place bets on sports and esports matches.
Rivalry’s average customer is 25 years old, and the company is going after esports and sports fans who are under 30. At the moment, Rivalry has an offshore gambling license with the Isle of Man, which enables it to facilitate gambling in places where there’s no domestic licensing in place. Right now, that means it doesn’t operate in the U.S., but it is working on getting licenses to do so, CEO Steven Salz said in an interview with GamesBeat. Rivalry’s bigger markets include Latin America, Russia, Southeast Asia, and Eastern Europe.
“We’re an internationally regulated sportsbook and business has growth at 15% per month since we started,” Salz said. “We’re looking to build products for a younger demographic.”
The investors in the oversubscribed round include institutional investors from Canada, the United States, the European Union, and a major land-based casino operator. The Toronto-based company isn’t saying who all those investors are yet, and it sees this as one step toward going public later this year. Esports veterans Billy Levy and Zack Zeldin serve as both advisers and investors.
With the new money, Salz said the company will be able to accelerate its expansion plans through new licenses and gray markets under its existing regulatory regime. It will also enable new product development and help the company provide what it calls the safest and most engaging sports betting experience in the world.