Rivalry Launches Rushlane to Re-Define Online Casino Gaming
Esports betting platform Rivalry launched a massive multiplayer online gambling game (MMOGG), seeking to create the next big thing in esports betting and gambling.
Innovation at Play
Rivalry launched its in-house developed MMOGG Rushlane which combines social interaction capabilities of a massive multiplayer online (MMO) game with the graphics typical of a modern game and the mechanics attributed to a casino game.
Looking to engage with a younger, esports-focused audience, Rushlane allows up to 24 players to play against each other competing for a piece of the prize pool, generated by each player’s real-money entry stake.
Rushlane rounds, which last approximately 2 minutes, run around the clock as long as 3 players decide to join the race by paying the entry stake. Top finishing players participate in the share of the prize pool of the round.
The game is not a typical online casino game as it allows players to interact with each other via a live chat, while each race is also streamed online to engage with other fans and viewers and eventually lure them to join in on the fun.
Positioned to Capitalize on New Ideas
The new game launch would certainly help Rivalry live to its hype as a leader in innovation, a position that ensured its recent funding round of subscription receipts closed with oversubscription with gross proceeds of $22 million.
By the time of the closing of the round in June, Rivalry announced it would be using the net proceeds of the investor money to fund growth through hiring, country expansion, new product, and media expansion.
Rivalry said it would file and obtain within 120 days of the funding round closing date June 9, 2021, a receipt for a final prospectus qualifying the securities issuable upon conversion of the subscription receipts.
The esports operator further noted it would look to obtain the conditional approval to list the underlying shares on a recognized public stock exchange prior to the deadline for releasing the raised and held in escrow funds.
Being founded and based in Canada, Rivalry said it would be targeting a direct listing on the Toronto Stock Exchange (TSX) in a move that would help it navigate the regulatory landscape especially with the national legalization of single-event sports betting, and the application for an iGaming license in Ontario.
According to some analysts monitoring the gaming industry, the legalization of single-event sports wagering is expected to generate $2.2 billion by 2030.
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