A Canadian-based legal sports betting company is bringing innovation to esports.
Rivalry Corp. has launched a same-game parlay product for esports wagering — a first in the industry. The product, which is known as Same Game Combos, allows users of Rivalry’s sports betting platform to combine multiple betting markets for higher payouts. The new feature is available for several markets, including “League of Legends,” “Counter-Strike,” and “Dota 2.”
“Finding success among Millennial and Gen Z customers means being first to introduce new sports wagering experiences at the edge of technical and product innovation where this audience lives,” said Rivalry co-founder and CEO Steven Salz in a statement. “Same Game Combos brings one of the most popular bets on the board to an audience of deeply engaged esports fans while extending Rivalry’s position at the vanguard of betting entertainment.”
Rivalry believes its new product will bolster player acquisition as its esports offerings continue to thrive. In 2022, esports wagering made up more than 90% of Rivalry’s total betting handle.
Steady growth
Rivalry’s new same-game parlay product comes after the company completed a $10 million strategic investment round in April led by online gaming platform Pinnacle. Rivalry followed up the fresh injection of capital with the launch of online betting sites in Ontario. The launch of operations in Canada’s most populous province provides access to more than 15 million people.
Rivalry’s rapid growth has allowed the company to drive profits. In FY2022, the company generated a record $26.6 million in revenue — a 140% increase year-over-year. The results were driven by a strong fourth quarter, which saw Rivalry report $9.4 million in revenue in Q4 2022 — up 338% compared to the same period a year prior. The company reported a quarterly record handle of $83.9 million in Q4, up from $24.9 million in Q4 2021.
Rivalry followed up the strong year with a promising start to 2023. In Q1, the company generated $120 million in revenue, a 151% uptick compared to Q1 2022. Rivalry, which has 1.5 million customer registrations, reported a betting handle of $120 million in Q1 2023 — an all-time high for the company. Rivalry attributes the growth to its innovation and returning customers.
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