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PMML, the parent company of Rivalry, has raised $22 million in funding for the betting and esports media company.
Toronto, Canada-based PMML said the round was oversubscribed and has now raised $44 million in the past 12 months.
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, and the company targets esports and sports fans under 30. Currently, Rivalry has an offshore gambling license with the Isle of Man, allowing it to facilitate gambling in locations where there are no domestic licenses in place. Right now, that means it doesn’t operate in the United States, but it’s working on getting licenses to do so, CEO Steven Salz said in an interview with GamesBeat. Rivalry’s largest markets include Latin America, Russia, Southeast Asia and Eastern Europe.
Above: Rivalry aims for victory.
Image Credit: Rivalry
Eight Capital and Cormark Securities led the round, with participation from a syndicate of agents including Canaccord Genuity and M Partners. Institutional investors from Canada, the United States, the European Union and Australia also participated in the round. The company plans to use the proceeds to fund Rivalry’s growth through hiring, country expansion, new products and media expansion.
CEO Steven Salz said in a statement that the company is breaking new ground in the sports betting category for a new generation of consumers around the world. He said that since launch, the company’s strategy has been to take the lead with esports and gaming media as a brand, and combine them with a market-leading product built from the top down. internally.
Create a brand
Creating a brand that fans love and that is organically part of their respective community is essential, and the product must be innovative and
original too to compliment, said Salz. He said the company has been executing on this vision, averaging double-digit month-over-month growth for more than two years.
Rivalry is closely monitoring and preparing for the potential national legalization of single event sports betting in Canada and obtaining an iGaming license in the province of Ontario. Rivalry plans to continue to locate in Toronto for its innovative product development and is excited about the prospect of bringing its products to Canadians for the first time.
Above: Rivalry has 70 employees.
Image Credit: Rivalry
Salz said the investment is timely as the company expands its team and expands into new markets and products.
Rivalry currently holds a license in the Isle of Man, considered one of the leading online gambling jurisdictions. Based in Toronto, Rivalry operates a growing global team of nearly 70 employees. Rivalry Limited obtained its license in the Isle of Man in early 2018, officially launched in August of the same year, and the company is currently in the process of obtaining licenses in several countries in parallel.
To date, the company has raised $53 million. Now the company is on the road to expansion with hires in several categories.
Sports betting has taken a huge place with the recent legalization in the United States.
About 85% of the company’s revenue comes from esports and 15% from sports.
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