Rivalry, a leading sports betting and media company, recently conducted its annual general and special meeting of shareholders, where several key decisions were made. The elected director nominees and approval of various proposals reflect the company’s commitment to transparency and strategic growth. Additionally, Rivalry reported impressive Q1 financial results, showcasing record-breaking revenue and significant growth in both its sportsbook and gaming divisions.
Shareholders’ Meeting Highlights:
During the annual general and special meeting, Rivalry’s shareholders elected the nominated directors, including Steven Isenberg, Stephen Rigby, Steven Salz, Kirstine Stewart, Ryan White, and Kevin Wimer. This strategic leadership team brings diverse expertise to guide the company through its growth trajectory.
Other key decisions included the reappointment of Macias Gini & O’Connell LLP as auditors for the upcoming year, with the board of directors authorized to determine their remuneration and terms of engagement. Shareholders also approved amendments to the equity incentive plan, demonstrating their support for aligning incentives with long-term value creation. Furthermore, the re-pricing of certain stock options issued to officers in accordance with TSX Venture Exchange rules and policies received approval.
Mobile App Launch in Ontario:
In recent developments, Rivalry expanded its reach by launching its mobile app in Ontario, Canada. The app offers a comprehensive platform for esports betting, covering popular titles like Counter-Strike: Global Offensive, League of Legends, and Dota 2. Users can also engage in traditional sports betting, including football, soccer, and basketball. The successful introduction of its casino product in Ontario earlier this year underscores Rivalry’s commitment to providing a diverse and engaging gaming experience.
Record-Breaking Q1 Financial Performance:
Rivalry reported outstanding financial results for Q1, with record revenue reaching $12 million. This marks a remarkable 151% increase from Q1 2022 and a 27% growth from Q4 2022. The betting handle for Q1 also set a record at $120.2 million, reflecting a 199% surge from Q1 2022 and a 43% increase from the previous quarterly record in Q4 2022.
Rivalry’s recent shareholders’ meeting outcomes and Q1 financial achievements showcase the company’s strategic direction and robust performance in the competitive sports betting and media landscape. The elected leadership team, combined with shareholder support for key initiatives, positions Rivalry for continued success. The successful launch of the mobile app in Ontario and the record-breaking Q1 results underscore Rivalry’s commitment to innovation, growth, and delivering a top-tier gaming experience to its users.