TSX Venture Exchange

Esports betting operator Rivalry goes public in Toronto, seeks to grow other verticals

Toronto Stock Exchange.
Reading time 1:48 min
The company's shares now trade on Canada's TSX Venture Exchange, which will allow it to continue pursuing markets and verticals outside of its initial esports-first offering. The move will allow Rivalry to add more capital to its operations, and is now eyeing new opportunities as Canada has legalized single-event sports betting. It expects to launch sports betting in Australia in Q4 2021.

Esports betting and media company Rivalry Corp’s shares have begun trading on TSX Venture Exchange (TSXV) in Canada since last Wednesday. The brand commenced trading under the ticker symbol ‘RVLY’.

The company, which operates a license issued in Isle of Man for its betting site Rivalry.gg, has seen significant growth in recent years. In 2021 alone, it secured a number of funding rounds, which will allow it to take its initial esports-first offering to a broader interactive gaming and betting approach.

The company expects that having now become a publicly traded business to add more capital to its operations, allowing it to further launch new products and verticals. According to CEO and co-founder Steven Salz, the move will let the company continue building on its momentum. There are plans to further secure and develop a presence in Australia and Canada.

“Listing publicly on the TSXV marks the next major step in Rivalry’s journey,” Salz said. “We are building the most comprehensive betting and entertainment experience for the next generation globally, and feel we are just getting started.”

Following the listing, Rivalry expects to have securities issued and outstanding for 53.2 million subordinate shares, 2.2 million multiple voting shares, and 6.4 million warrants to purchase subordinate shares.

The media company has ambitions to move past its reputation as an esports betting brand. While the competitive video gaming vertical remains of interest to its operations, reporting about 85% of its total traffic, Rivalry is eyeing new opportunities now that Canada has legalized single-event sports betting. Sports content and betting currently report only 15% of revenue.

In the most recent funding round, in June, Rivalry was valued at $150 million. The Toronto-based company, founded in 2018, plans to launch sports betting in Australia during late 2021, although other “major markets” are being considered for further expansion.

Luckbox, one of the company’s main competitors in the esports segment, also listed on the TSX Venture Exchange late last year with the intention to expand into traditional sports and iGaming.

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