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Rivalry Announces Record Fourth Quarter and Year-End 2021 Results

  • Betting handle of $78.2 million for FY 2021 increased 202% year-over-year, with Q4 2021 betting handle of $24.9 million up 389% YoY.1
  • Revenue of $11.1 million for FY 2021 grew 617% YoY, with Q4 2021 revenue of $2.2 million up 615% YoY.
  • Preliminary Q1 2022 betting handle of $40.2 million, a record high, up 62% sequentially from Q4 2021, and 273% year-over-year.
  • Momentum being fueled by economic customer acquisition costs and robust payback periods, underpinned by innovative product and market leading brand equity.
  • $35.5 million of cash and zero debt at year-end to support continued growth in core and new markets.

TORONTO, April 27, 2022 (GLOBE NEWSWIRE) -- Rivalry Corp. (the “Company” or “Rivalry”) (TSXV: RVLY) (OTCQX: RVLCF) (FSE: 9VK), an internationally regulated sports betting and entertainment company, today announced its financial results for the three and 12-month periods ended December 31, 2021. The Company also announced preliminary results for the three-month period ended March 31, 2022. All dollar figures are quoted in Canadian dollars.

“We had a tremendous year by nearly all measures in 2021. Our team delivered triple-digit growth, secured the financial resources to accelerate our momentum, continued to strengthen our originally developed product, added significant talent depth to our bench, and further solidified Rivalry as the most engaged brand in esports betting globally,”2 said Steven Salz, Co-Founder and CEO of Rivalry. “I’m also pleased to say we have continued that pacing into 2022, with our Q1 betting handle delivering 62% sequential growth over Q4, and up 273% year-over-year.”

Full-Year 2021 Financial Highlights

  • Betting handle was $78.2 million in 2021, up 202% from $25.9 million in 2020.
  • Revenue was $11.1 million for the full year, an increase of $9.5 million or 617% from $1.5 million in 2020.
  • Gross profit was $2.2 million for the full year, an increase of $1.5 million or 217% from $0.69 million in 2020.
  • The Company’s subordinate voting shares commenced trading on the TSX Venture Exchange and the Frankfurt Stock Exchange in October 2021, followed by a listing on the OTCQX just after year-end.
  • The Company had $35.5 million of cash and no debt as at December 31, 2021.

Fourth Quarter 2021 Financial Highlights

  • Betting handle was $24.9 million in Q4 2021, up 389% from $5.1 million in Q4 2020.
  • Revenue was $2.2 million in the fourth quarter, an increase of $1.9 million or 615% from $0.3 million in Q4 2020.
  • Gross profit was $0.4 million in the fourth quarter, an increase of $0.3 million or 366% from $0.1 million in 2020.

“The growth we saw in Q4 was highly encouraging, and a signal of strength in what is typically the most seasonally quiet quarter of the year, with us delivering modest sequential growth over Q3. As our traditional sports betting product has continued to improve, we are seeing a more diverse product mix, which is helping to blunt the seasonality of esports, something that we expect to continue in the future,” said Steven Salz.

2021 Operational Highlights

  • Maintaining leadership in the rapidly growing esports segment with approximately 90% of betting handle being placed on esports events, compared to 10% on traditional sports.
  • Successfully engaging the next generation bettor, with an average customer age of 26, and 82% of lifetime customers under the age of 30.
  • Customer registrations increased to approximately 610,000 by the end of 2021, up from 350,000 one year earlier.
  • Rivalry’s partner network and owned properties reached a total of 55 million followers.
  • Pioneered a new gaming category of Massive Multiplayer Online Gambling Games (MMOGG) with the launch of proprietary title Rushlane.
  • The Company made a number of key leadership hires throughout the year across nearly all departments, materially enhancing the talent bench.

Subsequent Events

  • Momentum continued in the first quarter of 2022 with betting handle reaching a new record of $40.2 million, an increase of 273% year-over-year and up 62% sequentially from Q4 2021. The Company expects to announce complete results for Q1 2022 by the end of May.
  • On January 22, 2022, the Company’s subordinate voting shares commenced trading on the OTCQX Best Market.
  • On February 9, 2022, the Company was awarded its sports bookmaker license by the Northern Territory Racing Commission (Australia) pursuant to the Racing and Betting Act 1983 (NT), which allows the Company to legally operate throughout the whole of the country.
  • In March 2022, the Company announced the addition of mobile esports to its sportsbook, enabling customers to wager on competitive esports played on mobile devices.
  • The Company was among the first to commence operations in Ontario on April 4, 2022, the first day of regulated online gaming in the province.

Goals for 2022

  • Meaningful expansion of the Company's traditional sports offering to support the continued interest and growth it is seeing.
  • New originally developed games to complement Rushlane and add depth to Rivalry’s massively multiplayer online gambling games category (MMOGG’s).
  • Launching a mobile app consistent with the surprise and delight the Company believes the next generation of customers are looking for.
  • A casino offering that is authentic to the Company’s demographic.
  • Launch in new geographies under its existing Isle of Man license, and new regulated licenses to provide continuous growth in users and brand reach across the globe.
  • A dynamic media strategy to continue positioning Rivalry as an industry-leading creative house operating at the forefront of internet culture.

“Our focus in 2022 is growth across product, new geographies, and an expansion of Rivalry’s creative universe to capitalize on what we believe is a generational opportunity to become the leader in betting and entertainment for the next generation. Through financially disciplined management, and executing on our targeted operational goals, we believe our positive unit economics will improve, and a path to profitability will become clear,” said Steven Salz.

Investor Conference Call

Management will host a conference call at 10:00 a.m. EDT on Wednesday, April 27, 2022 to discuss the Company’s year-end 2021 financial results.

Dial-in: 888-886-7786 (toll free) or (+1) 416-764-8658 (local or international calls)
Webcast: A live webcast can be accessed from the Events section of the Company’s website at or at this link.

A replay of the webcast will be archived on the Company’s website for one year.

Rivalry’s financial statements and management discussion and analysis for the period ended December 31, 2021 are available on SEDAR at, and on the Company’s website at

Related Party Transaction

On April 17, 2022 the Company entered into a secured demand loan (the “Loan”) with Kevin Wimer, the Chief Operating Officer and a Director of the Company. Pursuant to the terms of the Loan, the Company loaned Mr. Wimer US$385,000 which amount bears interest at 3.2% per annum and is repayable on demand by the Company and in any event by April 17, 2024. The Loan was entered into to assist Mr. Wimer with the funding of certain tax obligations and is secured by a pledge of Mr. Wimer’s subordinate voting shares of the Company. The Loan was approved by the non-interested directors of the Company.

Mr. Wimer is a "related party" of the Company within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). As a result, the Loan is considered to be a "related party transaction" as such term is defined by MI 61-101. The Company is relying on an exemption from the minority shareholder approval requirement set out in MI 61-101 as the fair market value of the transaction does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101. The Company did not file a material change report more than 21 days before the closing of the Loan as the details of the Loan were not settled until shortly prior to the closing thereof.


Rivalry Corp. wholly owns and operates Rivalry Limited, a leading sport betting and media property offering fully regulated online wagering on esports, traditional sports, and casino for the next generation of bettors. Based in Toronto, Rivalry operates a global team in more than 20 countries and growing. Rivalry Limited has held an Isle of Man license since 2018, considered one of the premier online gambling jurisdictions. Rivalry holds a sports bookmaker license in Australia and an internet gaming registration in Ontario and is currently in the process of obtaining additional country licenses. The Company also has a variety of originally developed products, including Quest, an on-site engagement experience, and an original casino game called Rushlane, a proprietary casino game that marks the creation of a new category for online gaming: Massively Multiplayer Online Gambling Games (MMOGG).

Investor Contact:

Vincic Advisors
Jeff Codispodi I

Media Contact:

Kell Cholko I

Company Contact:

Steven Salz, Co-Founder & CEO

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains certain forward-looking information within the meaning of applicable Canadian securities laws (“forward-looking statements”). All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “project” and similar words, including negatives thereof, suggesting future outcomes or that certain events or conditions “may” or “will” occur. These statements are only predictions. Forward-looking statements in this news release include, but are not limited to, statements in respect of the growth of the Company’s monthly betting handle and other performance indicators, and expected launches in other jurisdictions.

Forward-looking statements are based on the opinions and estimates of management of the Company at the date the statements are made based on information then available to the Company. Various factors and assumptions are applied in drawing conclusions or making the forecasts or projections set out in forward-looking statements. Forward-looking statements are subject to and involve a number of known and unknown, variables, risks and uncertainties, many of which are beyond the control of the Company, which may cause the Company’s actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Such factors, among other things, include regulatory or political change such as changes in applicable laws and regulations; the ability to obtain and maintain required licenses; the esports and sports betting industry being a heavily regulated industry; the complex and evolving regulatory environment for the online gaming and online gambling industry; the success of esports and other betting products are not guaranteed; changes in public perception of the esports and online gambling industry; failure to retain or add customers; the Company having a limited operating history; negative cash flow from operations; operational risks; cybersecurity risks; the impact of the COVID-19 pandemic; reliance on management; reliance on third parties and third-party networks; exchange rate risks; risks related to cryptocurrency transactions; risk of intellectual property infringement or invalid claims; the effect of capital market conditions and other factors on capital availability; competition, including from more established or better financed competitors; and general economic, market and business conditions. For additional risks, please see the Company’s prospectus dated September 17, 2021 available on the Company’s SEDAR profile at

No assurance can be given that the expectations reflected in forward-looking statements will prove to be correct. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Source: Rivalry Corp.

1 The Company defines “Betting Handle” or “Handle” as the total dollar value accepted in wagers, adjusted for cancellations and corrections.
2 Source: Twitonomy, Social Blade, Rival IQ

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