Canada
Rivalry Announces Record First Quarter 2022 Results
- Betting handle of $40.2 million, a record high, up 273% year-over-year and 62% sequentially from Q4 2021.1
- Revenue of $4.8 million grew 149% year-over-year and 122% sequentially.
- Growth underpinned by increased operating leverage that prioritizes profitable customer unit economics.
- Healthy cash position and no debt provides an important foundation for stability in the current market environment.
Rivalry Corp., an internationally regulated sports betting and entertainment company, today announced its financial results for the three-month period ended March 31, 2022. All dollar figures are quoted in Canadian dollars.
“We are pleased to report the highest betting handle and quarterly revenue in company history. These results are a testament to the consistency Rivalry has delivered for over two years now, demonstrating triple-digit year-over-year growth in every quarter,” said Steven Salz, Co-Founder and CEO of Rivalry. “We note that first quarter figures represent organic growth in our existing markets and do not include any results from our two new regulated markets, Ontario and Australia, both of which launched in the second quarter.”
First Quarter 2022 Highlights
- Betting handle1 was $40.2 million in Q1 2022, a year-over-year increase of 273% compared to $10.8 million in Q1 2021 and up 62% sequentially from $24.9 million in Q4 2021.
- Revenue was $4.8 million in the first quarter, a year-over-year increase of $2.9 million or 149% from $1.9 million in Q1 2021, and up 122% sequentially from $2.2 million in Q4 2021.
- Gross profit was $0.7 million in the first quarter, a year-over-year increase of $0.1 million or 26% from $0.5 million in Q1 2021, and up 71% sequentially from $0.4 million in Q4 2021.
- The Company had $30.1 million of cash and no debt as at March 31, 2022 compared to $35.5 million as at December 31, 2021.
- On February 9, 2022, the Company was awarded its sports bookmaker license by the Northern Territory Racing Commission (Australia) pursuant to the Racing and Betting Act 1983 (NT), which allows the Company to legally operate throughout the whole of the country.
- In March 2022, the Company announced the addition of mobile esports to its sportsbook, enabling customers to wager on competitive esports played on mobile devices.
Subsequent Events
- The Company commenced operations in Ontario on April 4, 2022, the first day of regulated online gaming in the province.
- The Company announced the launch of operations in Australia on May 9, 2022, marking its second regulated market.
“The strength we saw during the first quarter is evidence of strong momentum in the business. We expect to continue delivering considerable year-over-year growth throughout 2022,” said Steven Salz. “On a sequential basis as it pertains to betting handle, as we have said in the past, the second and fourth quarters have typically been slower periods in the esports calendar, with the first and third being stronger. We expect the seasonality to become less pronounced over time as we grow traditional sports and casino as a percentage of our betting handle.”
“I’m very encouraged by the trends we’re seeing in the business and the performance of our team as we continue to execute on this generational opportunity. I’ve never been more confident,” Salz added.
Incentive Games, a leading B2B games provider, is proud to announce that it has been awarded an Ontario Gaming License by the Alcohol and Gaming Commission of Ontario (AGCO), effective today. This achievement enables the company to offer its portfolio of real-money games to licensed operators and players across the province.
The license underscores the Incentive Games’ commitment to meeting the highest standards of compliance, security, and operational excellence. The rigorous application process demands robust security protocols and comprehensive responsible gaming measures and affirms the company’s readiness to enter one of Canada’s most dynamic iGaming markets.
The North American market is a strategic focus for Incentive Games, and this milestone follows closely on the heels of the company receiving its Provisional Michigan gaming licence from the Michigan Gaming Control Board earlier this month.
Incentive Games will distribute its real-money gaming content in Ontario through Incentive Studios, the company’s dedicated Real-Money Gaming division, ensuring a focused and tailored approach to the market.
“Ontario represents a huge opportunity for us, and securing this license is a proud moment for the whole team,” said John Gordon, Chief Executive Officer at Incentive Games. “It reinforces our dedication to meeting the highest standards while delivering compelling real-money content. We’re looking forward to building strong relationships in the region and continuing our momentum across regulated markets worldwide.”
Alberta Gaming, Liquor and Cannabis (AGLC) has announced the appointment of Larry Spagnolo as the new Board Chair, effective August 15, 2025. This announcement follows the official Order in Council issued by the Alberta Government and marks a new chapter in AGLC’s ongoing commitment to support communities, encourage responsible choices and position Alberta as the best place to do business.
Larry brings a wealth of experience in technology and business leadership to the AGLC Board and will play an integral role in guiding AGLC’s strategic direction. He is currently serving as VP and GM of Emerson’s SaaS SCADA business and has held senior roles at Zedi and Telus, driving innovation, growth, and global success.
A strong advocate for education and community, Larry serves as Vice Chair of Athabasca University’s Board of Governors and has held board roles with NAIT and Polytechnics Canada. He was awarded the King Charles III Coronation Medal for his community contributions.
AGLC and the Board of Directors extend their heartfelt thanks to Len Rhodes for his leadership and dedication as Board Chair since August 2019. He decided not to seek a third term and will continue to serve in this role until August 14, 2025. Len led AGLC through some significant milestones, including reducing red tape by 51%, growth of the emerging cannabis industry and ensuring AGLC delivered a balanced approach to business development, social responsibility, and regulatory oversight.
EveryMatrix has expanded its partnership with tier-1 operator Pinnacle powering its new casino in Ontario, Canada, using CasinoEngine platform technology – the first time its platform solution has gone live in North America.Â
The latest agreement builds on the two companies’ previous collaboration that saw EveryMatrix’s CasinoEngine productivity platform power the well-known brand’s global casino offering.
The new launch takes the relationship to North America, marking EveryMatrix’s debut CasinoEngine platform integration in that market.
BonusEngine, EveryMatrix’s cross-vertical bonusing tool will be integrated in the second phase of launch. This will equip Pinnacle Ontario with a host of bonus types as well as AI-powered bonus abuse solution Bonus Guardian.
BonusEngine is the first of multiple engagement tools from EveryMatrix’s EngageSuite that Pinnacle plans to integrate.
With this comprehensive toolkit at its disposal, and the opportunity to add even more casino products in the future, Pinnacle Ontario can tailor campaigns, segment audiences, and reward players more effectively, creating a world-class digital entertainment experience for its customers.
EveryMatrix has more than 300 global customers and holds North American licences in Ontario, New Jersey, Michigan, West Virginia, Connecticut and Pennsylvania.
Stian Enger Petersen, CEO, Casino, EveryMatrix, said: “This launch marks a key milestone for EveryMatrix as we bring our market-leading CasinoEngine platform to Canada for the first time.
“We’re delighted to expand our partnership with Pinnacle and support their ambitions in Ontario with a powerful combination of platform, content, and engagement tools that are proven to drive success.”
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