With BetGames’ Twain Sport now live in Ontario, we thought it would be the perfect time to sit down the company’s VP for Europe, Asia & Americas, John-Paul Rowland, to hear more about their plans for Canada.
Offering a completely new hybrid version of sports betting via soccer and basketball, with short-form, live action tournaments and a new match every few minutes, John-Paul takes us through his company’s unique proposition for serving the new ‘Tik-Tok generation’ of players.
With Twain Sport now debuting in Ontario, BetGames will no doubt be very excited to get started! What are your plans for the market and how are you going to make a difference?
We’re very excited to get started! It’s a real landmark launch for us following on from Twain’s debut in Europe and Africa with some of the industry’s biggest tier one brands.
Twain Sport is a completely new hybrid version of live sport – offering matches every four minutes and tournaments every hour, and we’ve been delighted with the impact we’ve had so far. At the end of the day, the market needs innovative content right now, and Twain is here to deliver exactly that.
We’re here to cater to a sports-mad audience in Canada, and we’re filling the gap in demand for short-form live-action sporting content. We know exactly where the opportunity lies for us here, and we believe players in North America are going to love what we have to offer. Our extensive research ahead of launching on the continent identified exactly which demographics and audiences we’ll be entertaining, and we see an excellent product fit there.
When it comes to player demographics – what made you identify the market as a key opportunity and what kind of players do you think Twain Sport will appeal to the most?
As we’ve covered already – Ontario, and indeed Canada, is a fantastic opportunity for us. For a start, the average bettor is between 25 and 30 years old, which is the exact demographic we’re targeting with Twain Sport, as we offer high-turnover, fast action live sport for what is effectively the ‘Tik Tok’ generation, meaning we fit the bill perfectly.
I believe this demand for new shorter-form content is exactly what the market is looking for right now, and we’re here to fulfil that requirement. As I’ve mentioned above, the new generation of player is looking for instant thrills and payouts, similar to what you have with the likes of casino, rather than waiting hours for an NFL match to finish. Twain Sport brings that format into play, bridging both live sport and high-frequency betting.
Given that Twain Sport offers a unique proposition of short-form, live-action betting, do you see your products complementing sportsbook spend?
Yes, I do – BetGames has made a name for itself over the last decade as one of the best out there for complementing and boosting sportsbook spend, so we know exactly what we’re doing with Twain!
With us, players have a match every four minutes, and tournaments every hour. This makes it the perfect product if you’re looking at the weekend’s sporting calendar, you have hour increments between major sporting fixtures, which means we’ve got entertainment ready on tap during downtime.
In my view, this works perfectly for two types of demographics, the first being bettors who time their participation around the schedule, which they know in advance (just like with a race card), and for those browsing the lobby, who, just like with virtuals, see our four-minute increments between games, and are happy to wait 60-90 seconds until the next match.
For our North American readers, how soon do you see Twain Sport making the step into the US, where basketball is also hugely popular?
For me, the key lies in our partnerships and how we service them. Our move into the US will be influenced by both player demand, which will be driven by initial interest on social media, where a lot of our content is being shared already. The second, will of course operator traffic, and that will likely govern our first moves south of the Canadian border.
Looking at the dynamics of what we offer, if you, as a US-based operator, want to keep bettors engaged and on site, then Twain’s perfect for that given the strengths we’ve already covered. Not only that, but the US also offers a unique land-based sports betting environment that we’ll be perfect for too. If you enter any sports betting zone in a casino, you’ll see we’ve got the perfect entertainment for the social aspect of betting there – in effect, short-form, live action basketball for fans to enjoy while they have beer and wings at the sports bar. It really is the ideal product.
Given that Twain Sport’s studios are based in Europe – how do you see streaming and live-action gameplay completing the adjusted time zone on the other side of the Atlantic? Is this a case of launching a bespoke set of schedules?
If there’s a need to and/or a demand for custom scheduling, then of course we can look into that – we’re all about complementing our partners’ existing sports schedules to the best of our ability.
However, our vision for Twain is not to compete with big sports events (i.e. the evening matches), but rather complementing the downtime in between matches, and indeed before, which is during the day. That fits perfectly with the way we currently stream from Europe, with matches available from lunchtime and onwards for a North America audience. After all, distracting players during the big games in the evening would be cannibalising from sportsbook spend!
Last but not least, what would your message be for new operators looking to get in on the Twain Sport action, what can they expect by signing up?
They’ll get something completely different in their portfolio – and the perfect product to bridge the gap between live sports and casino-style staking! As we’ve covered already – we’re all about complementing spend, as well as boosting engagement and incremental revenue.
Given what we offer, we’ve got the exact solution to make both casino and sports fans feel right at home. Not only that, but it’s a product that can be inherently trusted. Our participants are professional athletes at the top of their game, as well as being monitored by Sportradar for integrity – which is the same level tech you’ll see with the likes of FIBA and UEFA. As well as delivering top quality entertainment, we also offer quantity. Even slots do not offer a tournament ever hour – so I have no doubt we can not only appeal to every major demographic, but also offer something truly innovative that is unlike anything else on the market.
iGaming Ontario to Request Proposals for a Centralized Self-Exclusion Solution in Early 2024
iGaming Ontario (iGO)’s vision is to lead the world’s best gaming market, which includes building a safer and more enjoyable experience for all igaming players in Ontario. To support players who decide to stop or take a break from gambling, iGO is going to issue a request for proposals (RFP) in early 2024 for a centralized self-exclusion solution that will enable a player to self-exclude from all Ontario regulated igaming operators in a single registration process.
Given the coordinated nature of the program across all regulated igaming operators, including Ontario Lottery and Gaming Corporation (OLG)’s igaming site, the successful bidder will be expected to develop and implement a centralized self-exclusion system that integrates with all operator systems and supports players’ self-exclusion registration, renewal, and reinstatement.
The following are iGO’s principles for centralized self-exclusion:
PLAYER FOCUSED – to provide options to players to support their commitment to take a break, to ensure processes are easy to use with minimal barriers and challenges, and to offer a seamless connection to relevant support services.
SUPPORTIVE – to deliver and execute the program in a non-stigmatized, non-judgmental manner; to be supportive and encouraging so that players feel good about registering in self-exclusion.
TRANSPARENT – to ensure expectations and consequences for players and Operators are clear and information is comprehensive and well-promoted.
SECURE – to ensure player information is securely protected and shared only with relevant employees for the purposes of administering the program.
ROBUST – to implement strong processes and procedures bolstered by secure, responsive, and highly available technology to enable an effective program that supports a player’s goals.
VIABLE – to develop systems and procedures that are manageable and practical for Operators to implement.
With these principles in mind, iGO is seeking interest from responsive and nimble companies that are able to build modern, innovative, secure cloud-based SaaS solutions that are high-profile, public-facing and critically important to building and maintaining the trust and confidence of a wide range of stakeholders. The successful bidder will partner with iGO on a multi-year program to develop best-in-class user experiences by leveraging modern, innovative technology.
Some features for an effective centralized self-exclusion solution include:
- Allowing players to create and manage their self-exclusion profile and including Know Your Client (KYC) identity verification
- Providing players with easy access to self-exclusion at any time including while they are gambling on any regulated igaming website
- Having registration, renewal, and reinstatement processes that are intuitive, simple and offer supporting information.
Rivalry Corp Reports Record Third Quarter 2023 Results, Reaffirms H1 2024 Profit Guidance
Company achieves record Q3 against reduced marketing spend and flattened Opex, highlighting operating leverage; strongest customer KPI’s on a year-to-date basis in Rivalry Corp’s history; positioned to accelerate growth with recently announced $14M capital infusion
- Betting handle of $105.7 million, up 50% year-over-year, while reducing marketing spend 13%.
- Revenue of $8.7 million, a 22% increase year-over-year.
- Gross profit of $4.0 million, up 90% year-over-year.
- Casino has grown to approximately half of the company’s betting handle in Q3, demonstrating ability to cross-sell next generation bettors and drive growth against unseasonably low viewership in select Q3 eSports events.
- Year-to-date customer KPI’s the strongest in company history: all-time high average handle per customer, average revenue per user and record low cost of customer acquisition.
- Year-to-date betting handle has increased 127%, revenue by 70% and gross profit up 175% over the first nine months of 2022. Achieved while reducing marketing spend, highlighting the inherent operating leverage in the business.
- Subsequent to the quarter end, Rivalry Corp completed a $14 million capital infusion that strengthens the balance sheet and provides the company with capital to pursue growth and profitability at the same time.
- Company re-affirms guidance, anticipates achieving profitability in H1 2024.
- Announces virtual investor day to be held on January 17, 2024.
Rivalry Corp (TSXV: RVLY) (OTCQX: RVLCF) (FSE: 9VK), the leading sportsbook and iGaming operator for Millennials and Gen Z, today announced its financial results for the three and nine-month periods ended September 30, 2023. All dollar figures are quoted in Canadian dollars.
“We are proud to have delivered a record third quarter while exercising discipline on costs amidst a challenging capital markets environment for growth companies,” the co-founder and Chief Executive Officer for Rivalry Corp, Steven Salz, said. “Now, with our recently announced capital infusion, we will be able to go back on the offensive, while still maintaining our path to profitability.
“Years of consistent performance, flattened Opex multiple quarters in a row, demonstrated triple-digit growth year-over-year across core metrics year-to-date with all-time high average handle per customer, average revenue per user and record low cost of customer acquisition over that same period gives me high conviction in Rivalry Corp’s future. It is this proven operating leverage, supported by an improving sportsbook margin profile resulting in more revenue per dollar wagered now fuelled by growth capital, that is creating a significant opportunity set for Rivalry Corp. It is that combination which gives us confidence to reaffirm our first half 2024 profitability guidance.”
Third Quarter 2023 Highlights:
- Betting handle for Q3 2023 was $105.7 million, an increase of $35.4 million or 50% from $70.3 million in Q3 2022.
- Revenue was $8.7 million in Q3 2023, a record result for a third quarter, representing an increase of $1.6 million or 22% from $7.1 million of revenue in Q3 2022.
- Gross profit was $4.0 million in Q3 2023, an increase of $1.9 million or 90% from $2.1 million of gross profit in Q3 2022.
- The casino segment generated approximately half of total betting handle ($50.4 million). Recent casino product launches including a custom-branded slots category, a new original game Cash & Dash and the release of Casino.exe on our iOS mobile app in Ontario set the stage for continued growth and increased player wallet share.
- Modest decline in operating expenses sequentially continues the trend of effective cost management while still maintaining significant year-over-year growth rates at the company.
- Net loss was $5.6 million for Q3 2023, a 6% reduction from the net loss of $6.0 million in Q3 2022 and 12% decrease sequentially.
- Rivalry Corp launched an industry-first same-game parlay product for eSports within the quarter, supporting an improved sportsbook product mix and contributing to an enhanced margin profile.
- The company had $7.4 million of cash and no debt as at September 30, 2023.
- On November 15, 2023, Rivalry Corp strengthened its balance sheet with the announcement of a private placement offering of $14 million principal amount senior secured convertible debentures to scale several strategic verticals across marketing, product development and geographic expansion.
Year-to-Date 2023 Highlights:
- Betting handle for the nine-month period ended September 30, 2023 was $338.1 million, an increase of $189.2 million or 127% from $148.9 million in the comparable period of 2022 while marketing spend decreased by 8%.
- Revenue was $29.2 million in the first nine months of 2023, representing an increase of $12.0 million or 70% from $17.2 million of revenue the previous year.
- Gross profit was $13.2 million in the first nine months of 2023, an increase of $8.4 million or 175% from $4.8 million of gross profit a year earlier.
- Net loss of $15.2 million in the nine-month period ended September 30, 2023, a reduction of $3.6 million compared to a net loss of $18.8 million over the same period in 2022.
Rivalry Corp is pleased to announce a virtual investor day to be held at 10:00am EST on January 17, 2024. The company will discuss its outlook for 2024, growth initiatives, upcoming product innovations and insights into the Gen Z consumer. More details will be revealed in the coming weeks.
Investor Conference Call:
Management will host a conference call at 10:00am EST on Wednesday, November 29, 2023 to discuss the company’s third quarter 2023 financial results.
- Dial-in: 888-886-7786 (toll free) or (+1) 416-764-8658 (local or international calls).
- Webcast: A live webcast can be accessed from the Events section of the company’s website at www. RivalryCorp .com. A replay of the webcast will be archived on the company’s website for one year.
Rivalry Corp’s financial statements and management discussion and analysis for the period ended September 30, 2023 are available on SEDAR+ at www. SedarPlus.ca and on the company’s website at www. RivalryCorp .com.
The company also announces that it has approved a grant of stock options, pursuant to the terms of the company’s equity incentive plan, to an investor relations service provider. A total of 44,444 stock options have been awarded to such investor relations service provider. The stock options will be exercisable at an exercise price equal to the closing price of the subordinate voting shares on the TSX Venture Exchange two trading days following the issuance of this press release, for a period of five years from the date of the grant. The stock options vest in equal quarterly instalments over a period of twelve months, commencing on the three-month anniversary of the date of the grant.
MDC Showcases Exciting $5 Crash Gambling Offer for Canadian Players
Minimum Deposit Casinos (MDC), a top casino affiliate site, is excited to feature an exclusive offer from Jackpot City Casino, introducing an innovative crash gambling experience in Canada. This promotion, highlighting a special $5 deposit option for engaging crash gambling games, is set to transform the Canadian digital gaming landscape, marrying affordability with high-energy gaming.
A New Era in Online Gaming
Amidst the rising popularity of crash gambling games, this featured offer caters to a wide spectrum of players, emphasizing both strategic gameplay and the excitement of real-time betting. The $5 deposit option democratizes access to online gambling, inviting more players to experience the thrill of high-stakes gaming without the associated high costs.
Exclusive $5 Offer – FlyX Awaits
In a special promotion, Jackpot City Casino is offering an exclusive deal for players directed through MDC. With a simple $5 deposit, players can unlock 40 free spins on the popular crash gambling game, FlyX. This offer enhances the gaming experience, providing increased opportunities for winning and an affordable gateway into crash gambling.
MDC: Curating Top Gaming Deals
A spokesperson at MDC remarks, “Featuring this offer from Jackpot City Casino aligns with our mission to bring the most exciting and affordable gaming experiences to our community. This $5 deposit initiative not only makes gaming more accessible but also showcases our commitment to offer our users exceptional deals.”
Diverse Gaming Opportunities Await
The inclusion of $5 deposit casino options presents a rich variety of crash gambling experiences. Each game offers unique challenges and rewards, ensuring that players of all preferences and budgets have access to engaging gaming options through MDC.
Turning Modest Deposits into Significant Wins
This initiative underscores the potential for players to achieve significant returns from modest investments. Crash gambling games, known for their dynamic and thrilling nature, provide opportunities for impressive wins, even from small starting bets.
- Jackpot Digital Receives License to Install Three Jackpot Blitz(R) ETGs at Jackson Rancheria Casino Resort in California
- iGaming Ontario to Request Proposals for a Centralized Self-Exclusion Solution in Early 2024
- A $1 Million Amenity is Coming to the Former Buffet Space at Golden Nugget Casino Biloxi
- Kindred Group Announces North America Exit and Actions to Accelerate Profitable Growth
- Elys Game Technology Bets Big on U.S. Market with Third Location
- Global Esports Federation Reveals Season 4 of Global Esports Tour from Rio De Janeiro
- Gamescom Latam Set to Start in June 2024 in São Paulo
- Rivalry Corp Reports Record Third Quarter 2023 Results, Reaffirms H1 2024 Profit Guidance
- SPORTSNET PARTNERS WITH SPORTRADAR TO PROVIDE DATA-RICH CONTENT TO THE CANADIAN MARKET
- PRAGMATIC PLAY GROWS EVEN FURTHER IN BRAZIL WITH JOGAR.COM.VC
- West Virginia signs up to multistate poker compact
- EveryMatrix partners with Caesars Digital
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