Canada
Rivalry Reports First Quarter 2024 Results, Expands Into Crypto Segment Through Rivalry Token
Rivalry Corp. (the “Company” or “Rivalry”) (TSXV: RVLY) (OTCQX: RVLCF) (FSE: 9VK), the leading sportsbook and iGaming operator for Gen Z, today announced financial results for the three-month period ended March 31, 2024. The Company also announced Rivalry Token, a native cryptocurrency token that will act as a nexus between Rivalry, Web3, and gamblers. All dollar figures are quoted in Canadian dollars.
“Our first quarter results saw a return to growth with sequential increases in betting handle, gross gaming revenue, and net revenue,” said Steven Salz, Co-Founder and CEO of Rivalry. “We are also very encouraged by the improvement to net revenue margin experienced in the quarter, hitting an all-time record, proving our strategy is delivering results, and representing a meaningful improvement as compared to the average levels experienced throughout 2023. Additionally, interest in our original casino content continues to build, unlocking B2B revenue opportunities that we are keen to detail more fully in the near future.”
“Today we also announced a decisive move to more deeply tap into the significant global crypto gambling market through Rivalry Token. This represents a meaningful strategic step for Rivalry, complementing our existing approach which focuses on a generation that grew up immersed in gaming and internet culture, and now extending that reach to the crypto community. The Venn diagram of Gen Z, gamblers, gamers, and crypto enthusiasts or crypto curious has an extremely high degree of overlap that we are uniquely positioned to access.”
“Alongside this announcement, we have also released an overhaul of our homepage, a more fulsome crypto wallet experience, and adjusted the onboarding experience for new users to materially reduce friction while maintaining compliance. Together, this represents a meaningful effort to access a higher value crypto gambling cohort, adding more depth and reach to Rivalry’s global network. This comes at an opportune time, as momentum in crypto gambling has been building amongst our target audience and they’ve been gravitating towards it. By expanding our product offering into this segment, it positions us to compete and win as we innovate product and gain access to this higher value customer cohort.”
First Quarter 2024 Highlights
Betting handle for Q1 2024 was $94.7 million, increasing by $9.6 million, or 11% as compared to Q4 2023.
Gross gaming revenue (“GGR”)2 was $7.7 million in Q1 2024, up $1.3 million, or 20% from $6.4 million in Q4 2023.
Net revenue3 was $4.5 million in Q1 2024, increasing by $1.5 million, or 51% from $3.0 million in Q4 2023. As a percentage of GGR, the Q1 2024 net revenue margin of 58.5% was the highest in Company history, and compares to 45.4% in FY 2023. As a percentage of betting handle, the net revenue margin of 4.7% was the highest of the past five quarters. The improvements reflect ongoing initiatives to increase margins through innovation and adjustments to the product offering.
The Casino segment continues to be a strong contributor, generating 59% of betting handle and 19% of GGR in the quarter. Segment results reflect the ongoing expansion of Rivalry’s casino product line, including the original game Cash & Dash released in the second half of 2023.
Net loss was $5.2 million in Q1 2024, the Company’s narrowest net loss of the last four quarters.
The Company had $9.4 million of cash as at March 31, 2024.4
Rivalry released a basketball same-game-parlay product coinciding with the 2024 NBA playoffs, building on the Company’s growing traditional sports vertical. This has supported both acquisition efforts and net revenue margin enhancement.
The Company also released pre-made-parlays, driving meaningful customer interest and improving sportsbook hold.
Rivalry released shareable bet slips during the quarter, introducing a social feature to increase user acquisition and community engagement.
Rivalry continues to explore interest in licensing its first-party casino games, accelerating the advancement of its B2B vertical.
The Company is updating its profitability guidance from the first half of 2024 to by the end of 2024.
Rivalry Token
Rivalry has today revealed Rivalry Token, a native crypto token on the blockchain to add increased functionality, economics, and user experiences across the Company’s product suite, continuing Rivalry’s track record of innovation in online betting. The launch of Rivalry Token, anticipated to arrive in H2 2024, represents one of several forthcoming initiatives to position Rivalry in the crypto gambling market and better serve its core audience of under-30 bettors.
“Online gambling is the latest web-based consumer category being increasingly disrupted by blockchain technologies with greater speed, access, and functionality than their legacy counterparts,” Salz added. “Tech-savvy bettors are leading a behavioral shift towards more experiential and crypto-enabled gambling experiences that are taking wallet share from incumbents at an accelerated rate.”
“Rivalry is well-positioned to access the growth opportunity in crypto with a proven product set, a brand entrenched in internet culture, and a captive audience of digitally native users that are driving this economic renaissance. The launch of Rivalry Token, alongside a broader expansion into cryptocurrencies, strengthens our product-market fit among an under-30 audience and positions us competitively to capture a meaningful share of this fast-growing and highly valuable segment of the market.”
Rivalry Token will be a utility token integrated within Rivalry’s product suite – from sportsbook to casino and more – with built-in properties to enhance the customer experience from end-to-end. This introduces a dynamic relationship where every sports wager and casino spin, win or lose, is rewarded with a decentralized asset that delivers meaningful real money utility for the player. The Company expects its token will drive an increase in player engagement, loyalty, and advocacy by establishing more positive economic alignment between itself and users.
Rivalry has today launched a pre-farming campaign called PLAY-2-EARN, where users can begin accumulating interim token points through site activity and eventually social media which will be converted into Rivalry Tokens later this year.
Following the official launch, Rivalry Token will be available for players to use on Rivalry in all of the Company’s active markets excluding Ontario and Australia.
The Company will release more information about Rivalry Token throughout the coming months, including commercial partners, token economics, and more.
Investor Conference Call
Management will host a conference call at 10:00 a.m. EDT on Thursday, May 30, 2024 to discuss the Company’s first quarter 2024 financial results and its expansion into the cryptocurrency space.
CasinoCanada, the number one gambling guide for players in Canada, has put pen to paper on a major partnership with WinSpirit, one of the most popular crypto casinos in the country, in a significant boost to both parties.
The lifetime partnership will see WinSpirit gain premium positioning on high-traffic pages throughout the English site of CasinoCanada, which has been providing information and guides to Canadian players for more than 20 years.
The CasinoCanada team will also carry out a comprehensive review of WinSpirit so that its readers can get the full lowdown on what the casino has to offer.
CasinoCanada is famous for its casino ranking system, with each site given a total score out of ten. This is calculated based on how the casino scores across key areas including registration process, usability, promotions, VIP experience, slots, game types, payments, mobile and customer support.
Each casino is played by a real person and CasinoCanada is always honest about the experience the casino offers to players. This is why it’s good that WinSpirit offers one of the best overall online casino experiences in Canada.
Players can enjoy a hugely generous welcome bonus as well as a great selection of slots and games such as Dice, Crash, Limbo, Wheel of Fortune and many more.
Aleksandra Drigo, Sales Director at CasinoCanada, said: “WinSpirit has taken the market by storm and is one of the most played online casino brands in Canada, so we are thrilled to have signed this lifetime partnership and to bring it to our players for the first time.
“Our team has already put the casino through its paces, and it’s scored incredibly highly so we look forward to seeing our players sign up and enjoy what it has to offer.
“It’s partnerships such as this that strengthen our position as the leading online casino guide for players in Canada. Players trust our information and reviews and know that the casinos we list on our site are among the best.”
Pavel Miroshnichenko, Head of Affiliates at WinSpirit, added: “We are delighted to have signed such a significant partnership with CasinoCanada, one of the leading online casino guides in the country.
“We go to great lengths to deliver a top player experience, from the welcome bonus we offer to the games we stock and the payment methods available in our lobby, and it’s great to see CasinoCanada recognise this by giving us such a high score.”
Canada
mkodo Joins the Canadian Gaming Association in its Commitment to Supporting the Regulated Canadian Gaming Market
mkodo, the leading provider of mobile apps, websites, front-end UX and geolocation technology to the Canadian lotteries, including OLG, BCLC, WCLC, ALC and AGLC for over 13 years, is proud to announce its recent membership to the Canadian Gaming Association (CGA). This strategic partnership demonstrates mkodo’s commitment to supporting and enhancing the digital experience within Canada’s dynamic regulated iGaming sector.
As a member of the CGA, mkodo will collaborate with other industry leaders to drive innovation, advocate for responsible gaming practices, and contribute to the overall growth and sustainability of lottery, betting and gaming, both land-based and online, across the Canadian provinces.
Joining the CGA highlights mkodo’s dedication to delivering high-quality, secure, and user-friendly products and services that meet the changing needs of iGaming operators and their players, including their geolocation compliance service, GeoLocs, that is used by lottery operators across Canada, including OLG and WCLC, along with iGaming operators and platforms in Ontario including White Hat Gaming,, Casino Time and Betty.
Stuart Godfree, Managing Director of mkodo, said of the new partnership: “We are thrilled to join the Canadian Gaming Association, an organisation that plays a crucial role in shaping the future of the regulated gaming industry in Canada. This membership aligns perfectly with our mission to provide exceptional user experiences in iGaming and Lottery and reinforces our commitment to supporting responsible gaming initiatives within Canada. We look forward to collaborating with CGA members to drive forward the industry’s standards and innovation.”
Paul Burns, President and CEO of the Canadian Gaming Association, welcomed mkodo to the association, saying: “We are delighted to have mkodo join our membership. Their expertise as the leading mobile apps and geolocation supplier to Crown Corporations Lotteries will be a valuable addition to our community.”
GeoLocs by mkodo, proven and trusted provider of geolocation services built exclusively for the iGaming industry, is excited to announce its partnership with casino operator, Casino Time. This collaboration marks a significant milestone in delivering secure and seamless online gaming experiences to Casino Time players in Ontario.
With the legalisation of iGaming in Ontario 2 years ago, regulatory compliance and player safety are top priorities for operators across North America. GeoLocs state-of-the-art geolocation compliance technology, coupled with its dedication to data protection (as seen by the recent ISO certification), provide Casino Time with guaranteed compliance while prioritising player privacy.
Through GeoLocs’ intuitive and easy-to-implement SDK and the highly self-serviceable GeoLocs platform, Casino Time provides its players with a seamless user experience, requiring no additional downloads, resulting in uninterrupted access to their favourite games while maintaining compliance with Ontario’s iGaming regulations.
Jeffrey Holmes, COO at Casino Time said: “Casino Time’s mission is to create the best possible gaming experience for its users and partnering with GeoLocs for our geolocation verification service means that we can provide our players with an online casino experience like no other. An experience that is secure and seamless, whilst also remaining compliant with regulations set out by the province of Ontario. The support provided by the team at GeoLocs has been incredible and their knowledge of geolocation and the Ontario market is second to none. With GeoLocs, we can ensure that our operations meet regulatory requirements while delivering a frictionless experience for our players.”
Stuart Godfree, Managing Director at mkodo, said: “We are excited to partner with Casino Time to support their expansion into the Ontario iGaming market. GeoLocs is designed to prioritise data protection and regulatory compliance while delivering a seamless experience for both operators and players. With GeoLocs technology, Casino Time can operate with confidence, knowing that they are meeting regulatory standards and providing their players with a safe and secure gaming environment.”
The partnership between GeoLocs and Casino Time demonstrates a shared commitment to excellence, compliance, and player experience in the iGaming industry. By leveraging GeoLocs’ advanced geolocation technology, Casino Time aims to enhance its position as a leading provider of online gaming experiences in Ontario.
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