A legal sports betting company is bringing an esports betting mobile app to Canada’s most populous province.
Rivalry Corp. has announced plans to launch its esports mobile betting app in Ontario, allowing some of the more than 15 million people in the province to wager on both esports and traditional sports. Users of Rivalry’s online betting sites will have the ability to wager on a variety of video games, including “Counter-Strike: Global Offensive,” “League of Legends,” and “Dota 2.”
“Mobile betting is a significant addition for our Ontario operations and core audience of Millennial and Gen Z consumers that prefer the flexibility of betting on their phones,” said Rivalry co-founder and CEO Steven Salz. “Launching a mobile app adds an important layer of accessibility to our product, increasing our addressable market in Ontario, and allowing us to bring esports betting to more customers in the region and ultimately grow the category.”
Major value
The global esports betting market was valued at $9.7 billion in 2021 and is expected to reach around $24 billion in 2028 — a compound annual growth rate of 13.7% during the period.
Rivalry launching esports betting in Ontario comes after record results in FY2022. The company generated $26.6 million in revenue during the period — a 140% increase year-over-year — and posted a total betting handle of $232.8 million in FY2022, compared to $78.2 million in FY2021.
Nearly 90% of Rivalry’s sportsbook handle in FY2022 came from esports. As of Q1 2023, the company had roughly 1.5 million customer registrations after adding mobile esports in 2022.
The company got off to a hot start to the fiscal year with a quarterly record handle of $120.2 million during the quarter, a 199% increase YoY. Rivalry reported gross revenue of $5.4 million in Q1 2023 — up 698% compared to the same period last year.
Rivalry will continue to expand its offerings and reach after the company received a $10 million strategic investment in April led by online gaming platform Pinnacle. The company also has market access in Australia, which saw its online gambling market reach $4.5 billion in 2022.
