Most recently, a premier sports betting and internet casino operator for Millennial and Gen Z audiences, Rivalry, announced the closing of an investment. It informed of a non-brokered private placement offering of convertible debentures and the finalization of the first trance for aggregate gross proceeds of CA$14M, which came from an existing institutional shareholder.
Rivalry is a popular online gambling brand which operates in numerous markets including Ontario’s regulated sector for iGaming. Its sportsbook is developed on a proprietary tech stack and offers a number of originally developed products including Same Game Combos, an esports parlay product, original casino games, and an interactive casino platform, Casino.exe.
Terms of the Offering and Remarks from CEO
Via the offering, each convertible debenture will include of CA$1,000 principal amount of 10% senior secured convertible debentures of the company, maturing on November 14, 2027. The Convertible Debentures allow the holder to convert the remaining loan amount into subordinate voting shares at a fixed conversion price of CA$1.40 per share. This is available at any time before the last business day before Maturity Date.
Steven Salz, Co-founder and CEO of the gambling operator, shared the company is pleased to receive support from a long-standing institutional shareholder via this investment. He added that the firm’s unique product mix and position in the market has brought the business to the inflection point today. The team is optimistic about achieving profitability in the first half of 2024.
Furthermore, Mr. Salz said that the bolstering of the balance sheet positions the operator to take advantage of the opportunity ahead of it. In his words, the capital would allow the company to accelerate the development and issuance of new products, expand marketing efforts, and expand into new regions, allowing it to pursue growth and profitability at the same time.
Enhancing Product
Over the last few weeks and months, Rivalry has released some new products to bolster its offerings for customers. This includes the launch of a custom-branded slots category on its digital betting platform, Casino.exe. These slots are under a separate custom-branded page on the platform. They impress with an early 2000s online design, presenting them in a unique and relevant visual environment.
But that is not all, as at the start of November 2023, the leading sportsbook and iGaming brand for Millennials and Gen Z announced the introduction of its magazine. Branded, Rivalry Magazine, the new products try to make the brand stand out among the 47 iGaming operators in Ontario. This online blog will shed more light on the firm’s brand and the motivation behind its operations.
In the October 2023 issue of the magazine, the company featured several articles and the company was not afraid the make a few jokes. One of those was titled Rivalry Uses Dark Magic in New Ad Campaign, whereas the others were – Rivalry Launches First-Ever Esports Cult, Why We Turned “Cash Out” into a Chicken Drumstick, The Mighty Rooster: How our Brand Activation Quietly Won IEM Rio.
Source: “Rivalry Announces $14 Million Investment to Accelerate Growth” Rivalry, November 15, 2023
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