• Bet handle of $40.2 million, a record high, up 273% year-over-year and 62% sequentially from the fourth quarter of 2021.1
  • Revenue of $4.8 million increased 149% year-on-year and 122% sequentially.
  • Growth supported by increased operating leverage that prioritizes profitable client unit economics.
  • A healthy cash position and no debt is an important basis for stability in the current market environment.

TORONTO, May 26, 2022 (GLOBE NEWSWIRE) — Rivalry Corp. (there “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-month period ended 31 March 2022. All dollar figures are quoted in Canadian dollars.

“We are thrilled to report the highest betting handle and highest quarterly earnings in company history. These results are a testament to Rivalry’s consistency for over two years now, demonstrating triple-digit year-over-year growth in every quarter,” said Steven Salz, co-founder and CEO of Rivalry. “We note that the first quarter figures represent organic growth in our existing markets and do not include any results from our two new regulated markets, Ontario and Australia, both launched in the second quarter.”

First Quarter 2022 Highlights

  • bet handle1 was $40.2 million in the first quarter of 2022, a year-over-year increase of 273% from $10.8 million in the first quarter of 2021 and a 62% sequential increase from $24.9 million in the fourth quarter of 2021.
  • Revenue was $4.8 million in the first quarter, a year-over-year increase of $2.9 million or 149% from $1.9 million in the first quarter of 2021, and an increase of 122% sequentially compared to $2.2 million in the fourth quarter of 2021.
  • Gross profit was $0.7 million in the first quarter, a year-over-year increase of $0.1 million or 26% from $0.5 million in the first quarter of 2021, and 71% sequentially from $0.4 million in the fourth quarter of 2021.
  • The Company had $30.1 million in cash and no debt as of March 31, 2022, compared to $35.5 million as of December 31, 2021.
  • On February 9, 2022, the Company was granted its sportsbook license by the Northern Territory Racing Commission (Australia) pursuant to the Racing and Betting Act 1983 (NT), which allows the Company to operate legally throughout the country.
  • In March 2022, the company announced the addition of mobile esports to its sportsbook, allowing customers to bet on competitive esports played on mobile devices.

Subsequent events

  • The company began operations in Ontario on April 4, 2022, the first day of regulated online gambling in the province.
  • The Company announced the launch of its operations in Australia on May 9, 2022, marking its second regulated market.

“The strength we saw in the first quarter is evidence of strong momentum in the business. We expect to continue to generate significant year-over-year growth throughout 2022,” said Steven Salz. “On a sequential basis in terms of betting management, as we’ve said in the past, the second and fourth quarters have generally been slower times. in the esports calendar, with the first and third being the strongest. We expect seasonality to become less pronounced over time as we grow traditional sports and casino as a percentage of our betting handle.

“I am very encouraged by the trends we are seeing in the business and the performance of our team as we continue to seize this generational opportunity. I’ve never been more confident,” added Salz.

Investor conference call

Management will hold a conference call at 10:00 a.m. EDT on Thursday, May 26, 2022 to discuss the Company’s first quarter 2022 financial results.

Compose: 888-396-8049 (toll-free) or (+1) 416-764-8646 (local or international calls)
Webcast: A live webcast can be accessed from the Events section of the Company’s website at www.rivalrycorp.com 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 MD&A for the period ended March 31, 2022 are available on SEDAR at www.sedar.com and on the Company’s website at www.rivalrycorp.com.

On Rivalry

Rivalry Corp. 100% owned and operated Rivalry Limited, a sports betting and media leader offering fully regulated online esports, traditional sports and casino betting for the next generation of bettors. Based in Toronto, Rivalry operates a global team in over 20 countries and continues to grow. Rivalry Limited has held a license in the Isle of Man since 2018, considered one of the leading online gambling jurisdictions. Rivalry holds a sportsbook license in Australia and internet gambling registration in Ontario and is currently in the process of obtaining additional country licenses. The company also offers a variety of originally developed products, including Quest, an engaging on-site experience, and an original casino game called Rushlane, a proprietary casino game that marks the creation of a new gaming category. online: massively multiplayer online games of chance. (MMOGG).

Investor contacts:

Vincic Advisors
Jeff Codispodi I [email protected]

Company Contact:

Steven Salz, co-founder and CEO
[email protected]

Caution Regarding Forward-Looking Information and Statements

This press release contains certain forward-looking information within the meaning of applicable Canadian securities laws (“forward-looking statements”). All statements other than statements of current or historical facts 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”, “continuing”, “ongoing”, “estimate”, “outlook”, “expect”, “project”, and similar words, including their negative forms, suggesting future results or that certain events or conditions “may or “will happen”. These statements are only predictions. Forward-looking statements in this press release include, but are not limited to, statements regarding the growth of the company’s monthly wager management and other performance indicators, as well as planned launches in other jurisdictions. .

Forward-looking statements are based on the opinions and estimates of the Company’s management as of 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 forth in the 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 Company’s control, which may cause the Company’s actual performance and results to differ. substantially from any future projections. performance or results expressed or implied by such forward-looking statements. These factors include, among others, regulatory or policy changes 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 of the online gaming and betting industry; the success of esports and other betting products is not guaranteed; changes in public perception of the esports and online gambling industry; inability to retain or add customers; the Company having a limited operating history; negative operating cash flow; operational risks; cybersecurity risks; the impact of the COVID-19 pandemic; dependence on management; reliance on third parties and third party networks; currency risks; risks associated with cryptocurrency transactions; risk of intellectual property infringement or invalid claims; the effect of capital market conditions and other factors on the availability of capital; 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 and other disclosure documents available on the Company’s SEDAR profile at www.sedar.com.

There can be no assurance that the expectations reflected in the forward-looking statements will prove to be accurate. Although the forward-looking statements contained in this press release are based on 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 statements. 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 press 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 contained or referred to herein. , except in accordance with applicable securities laws.

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

Source: Rivalry Corp.


1 The Company defines “bet handle” or “handle” as the total dollar value accepted in wagers, adjusted for voids and corrections.

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