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Rivalry, a sports and esports betting firm, recently announced a private equity investment that could potentially raise up to $7.35 million.
Organized by underwriter Pinnacle, the financing round will aid Rivalry in enhancing its growth horizons and operational targets, which includes enhancing its reach in esports betting.
Finding New Ground
The funding scheme aims to produce revenue by selling 6.6 million votes in Rivalry’s capital for $1.10 a share. The company anticipates the offer will conclude on May 5, pending regulatory authorization.
The participation of numerous experts in the funding round is a significant demonstration of trust in the targeted industry group, business plan, and strategy, according to Steven Salz, the founder and CEO of the company. He emphasized that Rivalry’s leadership is centered on seizing generational prospects to engage fresh clients and produce exhilarating material.
When discussing the partnership between Rivalry and Pinnacle, Salz noted that the latter’s capability to offer comprehensive shipping and risk management solutions has significantly contributed to Rivalry’s success. Expressing his gratitude towards Pinnacle, he acknowledged its steadfast dedication to carry the funding round, stating that it would significantly enhance the authenticity of the company’s methodology.
Rivalry Continues Upward Journey
Rivalry has witnessed two years of rising revenue, according to a recent earnings report. The company has established itself in the sports betting sector, announcing its profitability for the first time in October 2022. Moreover, Rivalry is committed to enhancing its fiscal management and expanding its range of services and social outreach.
The company recently cemented its collaboration with Greyhound Gaming, an Australian exporter, in March. Furthermore, in December last year, it joined forces with Blacklist International, an esports organization in the Philippines, to compete in Dota 2 events.
On April 26, Rivalry unveiled its latest financial figures, including the 2022 Q4 results, full-year financial results for 2022, and Q1 results for 2023. The company showcased a first-quarter revenue of 7.2 million, which translates to a year-on-year increase of 151%. Its 2022 performance saw a gross profit improvement of 349% and a jump in revenue of 140%.
Rivalry has indicated that it has a customer base of around 1.5 million. As it has grown, with the inclusion of mobile esports betting a year ago, it has been able to capitalize more on the esports betting segment. Its earning report emphasized that this segment accounted for almost 90% of its sports betting handle.
Dota 2 Berlin Major Gets Started
On April 26, the Dota 2 Berlin Major began with teams from across the globe participating in an arduous competition. Organizer ESL launched the event by sharing significant information about each region, showcasing the unsatisfactory record of both South and North America.
Since 2005, there hasn’t been a Major win from North America. South America hasn’t been more successful, repeatedly dealing with connection issues that make it difficult for the region to find success.
That might change in the ESL One Berlin Major. North America’s Shopify Rebellion has a chance, although the odds aren’t in the team’s favor.
The Group Stage of the Major began on April 26 and continues through April 30. The Playoffs will then take place from May 1-7. At stake is a prize pool of $500,000, of which the winner will take $200,000, as well as 500 DPC points.
The runner-up will win $100,000 and 450 points, and third place will receive $75,000 and 400 points. Fourth place is worth $50,000 and 350, while the remaining four spots share a total of $37,500 and 500 points.