Shares of Rivalry Corp. (OTCMKTS:RVLCF) (TSXV:RVLY) closed higher in the previous session after winning sports bookmaker license for Australia.
Market Reaction
On Wednesday, RVLCF stock moved up 11.93% to $1.80 with 100 shares, compared to its average volume of 1.9K shares. The stock moved within a range of $1.8000 – 1.8000 after opening trade at $1.80.
Rivalry Officially Awarded Sports Bookmaker License for Australia
Sports betting and media company, Rivalry Corp. (OTCMKTS:RVLCF) (TSXV: RVLY) announced on February 09, 2022 that it has received approval of its sports bookmaker license by the Northern Territory Racing Commission (Australia). Thus, it is proved that Rivalry is capable of meeting some of the highest regulatory standards in the world. Pursuant to the Racing and Betting Act 1983 (NT), the company can now legally operate throughout the country.
Steven Salz, Co-Founder and CEO of Rivalry, states that the focus has always been to expand into regulated markets all over the world. Since Australia is one of the most coveted and valuable regulated betting markets globally, the receipt of the license is a major turning point for the company. Moreover, the sport and gaming culture of the country aligns perfectly with their brand. They are working on strengthening and expanding the existing client base.
Since 2018, the company has operated in several international markets through its Isle of Man license. Being one of the first entrants in Australia to dabble in the esports betting and the younger Millennial and Gen Z demographic, the company looks forward to building their brand and acquiring customers via an expanded toolkit of marketing initiatives that aren’t available in existing markets. Australian consumers can expect the launch of the company’s product in the coming few weeks.
Key Quote
“Expansion into regulated markets across the globe is a key part of our growth strategy, and we couldn’t be more thrilled to officially receive our license for Australia,” said Steven Salz, Co-Founder and CEO of Rivalry. “We believe the country’s sport and gaming culture is a great fit for our brand and look forward to connecting with existing fans of Rivalry, and creating many new ones. The approval of the NTRC also demonstrates that we are capable of meeting what are undoubtedly some of the world’s highest regulatory standards.”
