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Rivalry Reports Strong Q1 2025 KPI Growth, Validating Strategic Pivot Amid Temporary Margin Variance

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Rivalry Reports Q1 2025 Results Highlighting Strengthened Unit Economics, Operating Leverage, and Strategic Progress

Rivalry Corp. (TSXV: RVLY) (OTCQB: RVLCF) (“Rivalry” or the “Company”), the leading sportsbook and iGaming operator for digital-first players, today shared preliminary key performance indicators (“KPIs”) and revenue figures for the three months ended March 31, 2025 (“Q1 2025”), underscoring the success of its strategic transformation and path toward sustainable, profitable growth. All dollar figures are quoted in Canadian dollars.

Q1 2025 marks the first full quarter under Rivalry’s revamped operating model, following significant changes to product offerings, organizational structure, cost management, and user acquisition strategies. Underlying KPIs show improved unit economics, deeper engagement, and structural momentum toward long-term sustainability.

Revenue in the quarter was lower than prior periods – a result of Rivalry’s deliberate shift to a leaner, more efficient model – creating a stronger foundation that the Company is now building on. The shortfall also reflected temporary variance in sportsbook hold, amplified by a strategic focus on high-value and VIP players. The Company believes that these segments drive significantly greater long-term value but can introduce short-term volatility as they scale.

“Our Q1 KPIs are delivering tangible results that validate our strategic shift,” said Steven Salz, Co-Founder and CEO of Rivalry. “The structural changes we implemented over the past six months – from streamlining operations and refocusing the product, to modernizing our platform and concentrating on high-value players – are now clearly reflected in our KPIs. We’re operating more efficiently than ever, generating significantly more revenue per user, and moving closer to achieving sustainable profitability.”

Q1 2025 Highlights1:

  • Operational Efficiency Up 400%: In Q1 2025, Rivalry generated over 400% more net revenue per user per dollar of operating expense as compared to its average before the strategic overhaul. This marks a significant leap in cost efficiency and operating leverage, validating the impact of recent changes.
  • Shift to High-Value Players Driving 175% Increase in Player Monthly Deposits: Total deposits rose 36% month over month in February 2025 and another 12% in March 2025, despite a smaller active user base than past peaks. In Q1 2025, average monthly deposits per player were just over 175% higher than the periods prior to Rivalry’s October 2024 strategic overhaul – a clear result of the Company’s focus on acquiring and retaining high-value players, while improving unit economics and lowering variable costs.
  • 115% Increase in Monthly Deposit Frequency: In Q1 2025, average monthly deposit frequency per player increased by 115% compared to the average prior to Rivalry’s October 2024 rebuild – signaling strong user re-engagement and validating the Company’s refined product experience and more targeted player strategy.
  • All-Time High in Monthly Betting Handle per User: Monthly betting handle per active user hit a new all-time high in March 2025, marking the fifth consecutive month of record-breaking engagement and deeper player value.
  • Record Revenue per User: In March 2025, monthly Gross and Net Revenue per active user reached all-time highs (normalized for margin variance), extending a four-month streak of consistent revenue per active user growth and player monetization strength.
  • Month over Month Active User Growth: Monthly active players grew by 9% in March 2025, following a similar increase in February 2025, despite a significantly reduced global marketing budget compared to the same period last year.
  • Ontario Regulated Market Showing Strong, Improving Unit Economics: Since the Company’s operational shift, Rivalry’s Average Revenue Per Playing Account (“ARPPA”) in Ontario – a monthly metric defined by and publicly reported by gaming regulator iGO – has generally trended in line with the market average, and in some months exceeded it by as much as 50%. ARPPA has also nearly doubled compared to pre-overhaul levels at Rivalry, reflecting strengthening unit economics supported by efficient customer acquisition, with customer acquisition cost paybacks consistently within single-digit weeks.

Operational Momentum and Efficiency Gains Reflect Structural Progress

The Company’s Q1 2025 performance reflects the first full quarter operating under a significantly leaner structure, with total monthly run rate operating expenses reduced by approximately 65% as compared to prior peak periods.

Betting handle in Q1 2025 was $58.2 million, and net revenue $1.3 million1, for a net revenue margin of 2.3%. This compares to Rivalry’s full-year 2024 net revenue margin of 4.4%1, with the Q1 2025 margin variance largely attributable to short-term fluctuations in sportsbook hold. This was amplified by the Company’s strategic pivot toward high-value and VIP players – segments that offer significantly greater long-term value but naturally introduce more short-term variability in margin performance as they scale.

On a normalized margin basis, Rivalry’s Q1 2025 net revenue would have covered approximately 75% of current run rate operating expenses, inclusive of additional cost reductions completed in early April that lowered monthly operating expenses by approximately $140,000. Growing user value, rising engagement, and stronger unit economics reflect encouraging momentum toward long-term financial sustainability.

“The KPIs are telling the real story – user value is up, efficiency is up, and player engagement is the strongest we’ve seen in the Company’s history,” said Steven Salz, Co-Founder and CEO of Rivalry. “Even with soft margin outcomes in Q1 2025, the model is showing strong underlying signals. As sportsbook hold normalizes and our cost base becomes leaner, we believe we’re moving in the right direction.”

Over the past six months, Rivalry has reduced monthly run rate operating expenses by approximately $1.7 million per month, inclusive of the recently completed April 2025 reductions. These reductions have been enabled by a fully modernized core product with improved site performance and ongoing development velocity across key revenue-driving features. The Company has also realized efficiencies through vendor rationalization and the rollout of AI-driven tools across departments.

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“We’ve built a stronger, leaner, and more focused Rivalry,” Salz added. “Our improved KPIs and disciplined cost management have created a healthier foundation. With continued operational momentum and a re-energized product, we believe we’re on a promising path forward.”

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Favbet × Spinner: An Exclusive Live Studio That Has Already Gained Recognition in Ukraine

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Ukraine now has its first full-fledged Ukrainian-language live product, created by local specialists for local players.
The format combines modern technology with national identity, turning gameplay into a space where native language is heard from the very first moment.

Favbet opened a new opportunity for the market in the live segment. Without waiting for audience demand, the company shaped it itself, introducing its own branded live studio powered by Spinner. This proactive step secured Favbet’s reputation as an innovator that sets standards and creates trends.

The project was entrusted to Spinner — a modern and ambitious B2B provider with Ukrainian DNA and technological expertise, capable of delivering a fully branded studio in the state language. The partnership united shared values, high standards, and a clear understanding that players choose content closest and most relatable to them.

The studio’s atmosphere reflects Ukrainian character and hospitality. Hosts communicate in a relaxed manner, respond in real time, keep conversations flowing, and add light humor. It is a place players come not only for the game but also for live interaction and a sense of community.

Deep customization, Ukrainian-speaking hosts, and instant support create the comfort level every Favbet user deserves. Demand has grown so rapidly that in just one year the number of tables doubled from six to twelve.

Most importantly, these games are available exclusively on Favbet’s website and mobile applications.

Favbet × Spinner made Ukrainian the foundation and raised the quality bar to the level of global best practices.

PARTICIPATION IN GAMBLING CAN LEAD TO ADDICTION. PLEASE FOLLOW RESPONSIBLE GAMING PRINCIPLES.

License for online casino operations dated 20.04.2021 issued to LLC “BC Favbet” under CRGL Decision No. 137 of 05.04.2021 (as amended), and license for bookmaking operations dated 28.12.2022 issued to LLC “BC Favbet” under CRGL Decision No. 433 of 13.12.2022.

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Gambling in the USA

Major Casino Operators Ready to Invest if Georgia Lifts Casino Ban

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As discussions about legalizing gambling in Georgia gain momentum, major casino operators like Wynn Resorts and Boyd Gaming are poised to lead the charge if the state changes its restrictive laws.

During a recent Georgia House study committee meeting, Christopher Gordon, president of Wynn Resorts’ development arm, expressed keen interest in building a multibillion-dollar casino should legal barriers be removed. Similarly, Boyd Gaming’s government affairs vice president Ryan Soultz highlighted Georgia’s market attractiveness.

Wynn’s model would be similar to its $2.6 billion Encore Boston Harbor, suggesting that a new Georgia casino could employ up to 4000 workers and contribute substantial gaming tax revenue.

Although specific locations have not been chosen, both companies have indicated they would need constitutional changes to move forward. Their willingness to invest heavily in the Peach State demonstrates a strong belief in the untapped potential of the state’s gambling market.

Such developments offer a compelling argument for lawmakers to consider gambling expansion, marking a shift toward economic incentives as a primary motivator for legislative change.

Should Georgia proceed with legalizing casino gambling, the legislative language will be crucial in shaping the industry’s landscape. Key proposals may include requiring casino companies to invest at least $1.2 billion per resort and generate a minimum number of jobs, often set at around 10,000 per license. This ensures that any developments bring tangible benefits to the local economy.

Additional legislative demands include rigorous background checks for key personnel, proven industry experience, and adherence to strict technical and financial standards. Only companies with substantial capital and robust infrastructure, like Wynn Resorts and Boyd Gaming, are likely to meet these stringent requirements.

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Gambling in the USA

Plaza Hotel & Casino to welcome the U.S. National Champions Summerlin South All Stars to be TNT Ignitors for Welcome to the Weekend Friday Fireworks, next Friday, Sept. 5

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The Plaza Hotel & Casino will welcome the U.S. National champions, the Summerlin South All Star team to be the special guest TNT Ignitors of the property’s Welcome to the Weekend Friday Fireworks show, next Friday, Sept. 5 at 9:15 p.m., taking place on the Plaza’s rooftop pool deck.

“Getting to ignite the Plaza’s amazing fireworks show is a great honor for the team,” said Chris Mallory, president of Summerlin South. “And we thank the Plaza and Jonathan for the warm welcome and fun celebration planned for the team, including a pizza party for them and their families.”

“All of Las Vegas is proud of the accomplishments that the Summerlin South team made in the All Star postseason,” said Jonathan Jossel, CEO of the Plaza Hotel & Casino. “We look forward to hosting the team and their families, and we hope all of their fans come out to celebrate with them and enjoy the fireworks show.”

The summer fireworks shows are staged from the top of the Plaza’s South Tower every Friday at 9:15 p.m. from May through September.

The public can watch the Welcome to the Weekend Friday Fireworks Show for free at the rooftop pool, at Carousel Bar under the Plaza’s iconic dome, and from in front of the Plaza on Main Street, which will be closed to vehicular traffic during the show for viewing the fireworks from Carson Avenue to Ogden Avenue.

The Plaza’s fireworks will be dependent on weather conditions and are subject to change or cancellation. Updates will be available on the Plaza’s social media channels, including Facebook, Instagram and Twitter.

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