GeoLocs, the industry-leading geolocation product developed by mkodo, is pleased to announce a new partnership with Green Brick Labs to launch Maverick Games, an emerging operator in the online gaming sector. This collaboration reinforces GeoLocs’ commitment to supporting operators with robust, regulation-ready geolocation services that deliver a smooth and secure player experience.

Through this partnership, Maverick Games will utilise GeoLocs’ advanced geolocation platform to ensure compliance with jurisdictional requirements in regulated markets, while providing a seamless user journey across web and mobile environments.

“We’re delighted to be partnering with Maverick Games,” said Will Whitehead, Commercial Director at mkodo. “They bring an exciting and fresh perspective to the iGaming space, and we’re proud to support their expansion with a solution that not only meets regulatory demands but also puts the player experience front and centre.”

GeoLocs is designed specifically for the iGaming industry and benefits from over 13 years of experience in supporting operators and platform providers across regulated markets in North America, Latin America, and beyond. The platform is certified by GLI and the AGCO, and holds ISO 27001 accreditation—offering operators a secure, scalable, and regulator-approved solution for location verification.

Maverick Games is known for its innovative outlook and dedication to creating a user-first betting experience. As the brand continues to grow and enter new regulated markets, having a trusted geolocation partner was a critical requirement.

“Our goal is to build a product and brand that players love and trust,” said Matt Rathbun, CEO at Green Brick Labs. “To do that, we need partners who share our values of innovation, integrity and great UX. GeoLocs stood out for its reputation, proven track record in regulated markets, and the ease of integration. We’re excited about what we can achieve together.”

GeoLocs continues to expand its global reach, enabling operators to meet regulatory requirements while delivering exceptional experiences to players wherever they’re licensed to operate.

Churchill Downs Incorporated (Nasdaq: CHDN) (the “Company”, “CDI”, “we”) announced today that it has signed definitive agreements to acquire a majority of the outstanding equity interests (the “Salem Transaction”) of a Salem, New Hampshire joint venture (“Casino Salem”) with the right to develop a charitable gaming, entertainment and dining destination featuring historical horse racing machines (“HRMs”).

Casino Salem is located at The Mall at Rockingham Park, which is approximately 30 minutes from downtown Boston. Prominent local developers Joe Faro and Sal Lupoli will maintain ownership in Casino Salem, ensuring their experience remains central to the development and future success of this new venue.

The initial phase of Casino Salem opened on July 9th with approximately 100 HRMs and 13 live table games. Over the coming months, CDI will finalize plans and commence construction of the future phases of the project including a rebranding of the venue, an expansion of the gaming floor, and several food and beverage concepts.

“New Hampshire is an exciting opportunity, and this transaction – and our new partnership with Joe Faro and Sal Lupoli – allows us to develop a regional destination to draw patrons to Salem from across the growing New England market,” said Bill Carstanjen, Chief Executive Officer of CDI. “We look forward to sharing more about our plans to build an expanded, state-of-the-art gaming and entertainment facility in Salem and to support charitable organizations throughout New Hampshire.”

“We are thrilled to move forward in partnership with Churchill Downs, one of the country’s preeminent gaming and entertainment operators,” said Joe Faro and Sal Lupoli. “With our vision for Salem, we remain committed to driving economic stimulus to our local economy, creating new jobs, and increasing tourism while delivering a world-class destination that will create lasting benefits for the community for decades.”

Separately from Casino Salem, CDI will continue to operate its Chasers Poker Room in Salem.

The Company will finance the Salem Transaction using its existing credit facility. Closing of the Transaction is subject to usual and customary closing conditions, including receipt of approval by the New Hampshire Lottery Commission. The Transaction is anticipated to close during the third quarter of 2025.

Rivalry Corp., an internationally regulated sports betting and media company, announced financial results for the three-month period ended March 31, 2025 (“Q1 2025”). All dollar figures are quoted in Canadian dollars unless otherwise noted.

Q1 2025 was the first full quarter operating under Rivalry’s restructured model, following a company-wide transformation that began in Q4 2024. This included a strategic shift toward high-value users, deep cost rationalization, significant product upgrades, and tighter execution across every layer of the business. The result is a streamlined, modernized operating model with materially improved performance and long-term leverage.

“This quarter marks the full emergence of Rivalry 2.0 – leaner, sharper, and structurally stronger,” said Steven Salz, Co-Founder and CEO of Rivalry. “We’ve rebuilt the foundation of the business around high-efficiency acquisition, high-value users, and a proprietary product – and we’re already seeing the impact. Rivalry today is not just a leaner version of itself – it’s a fundamentally different company built for scalability.”

Key Highlights

• Net revenue of $1.3 million, consistent with the preliminary results announced on April 16, 2025. While temporary sportsbook margin variance impacted topline outcomes, underlying KPIs continued to improve and validate the strength of Rivalry’s rebuilt model.

• Operating expenses decreased 58% year-over-year to $4 million in Q1 2025, down from $9.6 million in Q1 2024.

• Net loss reduced by 43% to $3.0 million in Q1 2025 from $5.2 million in the prior-year quarter.

• A meaningful portion of Q1 expenses were non-recurring or non-operational in nature, including annual audit costs, regulatory fees, and legacy payables from prior periods. The Company’s adjusted marketing spend during the quarter was approximately $175,000, materially lower than the reported figure due to these factors.

• Average Customer Acquisition Cost payback across H1 2025 was approximately 1.5 months, reflecting improved funnel conversion, higher player value, and stronger retention – all achieved under constrained spend conditions.

• Q2 2025 set new all-time records across key user economics¹:
  
  • Net revenue per player increased 49% versus Q1 2025, and was 210% higher than the historical average prior to the Q4 2024 transformation.
  • Wagers per player rose 7% quarter-over-quarter, and nearly 300% above the pre-rebuild average.
  • Average monthly deposits per player in Q1 2025 were over 175% higher than the historical average. In Q2 2025, this increased a further 28%.
  • Monthly deposit frequency per player in Q1 2025 was up 115% over the historical average, and rose another 22% in Q2 2025.

• Ongoing improvements in VIP identification, segmentation, and servicing, driven by Rivalry’s proprietary Business Intelligence (“BI”) tools and Customer Relationship Management (“CRM”) infrastructure, further contributed to gains in deposit behavior and overall player value.

These improvements reflect the effectiveness of Rivalry’s strategic overhaul – including product modernization, in-house BI tooling, optimized segmentation, and CRM systems that support higher-value customer behavior and lifecycle retention.

Streamlined Operations

Rivalry’s breakeven net revenue is now approximately $600,000 USD per month, down from more than $2 million USD per month a year ago, based on current run rate operating expenses, with further cost optimizations planned in Q3 2025. The rebuilt business is operating on a structurally lower fixed-cost base with proven user economics and performance-ready infrastructure.

“We’ve created an operating model that is not only lean and disciplined, but also high-leverage,” Salz added. “This is a structurally better business than it was a year ago. The team is tighter, the product is stronger, and the KPIs are outperforming – all with limited capital deployment. The engine is rebuilt.”

Strategic Review & Outlook

Rivalry is actively exploring strategic alternatives aimed at maximizing shareholder value. As part of this ongoing process, the Company is also evaluating non-dilutive capital options as part of broader strategic initiatives to accelerate growth. These are intended to complement the broader review and enable Rivalry to fully capitalize on the performance capacity of its rebuilt model.

Advertisement

As the Company progresses into H2 2025, key initiatives include:

• Deployment of a new promo engine, enabling more dynamic and cost-efficient bonus structures.

• Casino-led engagement mechanics, including lootboxes, missions, and summer campaigns to drive offseason activation.

• Geographic reactivations and enhanced CRM, focused on high-value player segmentation and deeper lifecycle engagement.

• Further operating cost reductions in Q3 2025, aimed at lowering the breakeven point and increasing flexibility.

Rivalry’s transformation over the past three quarters has positioned the business with a distinct set of structural advantages: a deeply aligned and experienced team, proprietary technology and BI systems, strong regulatory licenses in Ontario and the Isle of Man, and a globally recognized brand with demonstrated reach. These strengths now form the basis of a highly scalable and differentiated operator in the global online gambling market.

“Rivalry today is a high-performance engine – structurally rebuilt, road-tested, and positioned to scale,” said Salz. “We’re focused on unlocking the next chapter of growth, and the strategic review process is designed to support that path.”