Canada
Rivalry Announces Record Third Quarter 2022 Results and First-Ever Profitable Month in October
Esports Betting, Expanded Casino Offering, and Deepened Brand Footprint Among Next Generation Consumers Drive Record Quarter and Net Profit in October
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Record betting handle of $70.3 million in Q3 2022, up 203% year-over-year, and 83% quarter-over-quarter.
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Record revenue of $7.1 million in Q3 2022, up 93% year-over-year, and 35% quarter-over-quarter.
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Gross profit of $2.1 million in Q3 2022, an increase of 263% year-over-year and consistent with Q2 2022.
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Momentum has continued into the fourth quarter with a single-month record betting handle of $37.2 million and revenue of $4.5 million in October 2022, achieving the first profitable month in the Company’s history.
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Operating leverage and profitable customer unit economics set stage for accelerated growth as the Company scales into new verticals and markets.
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Strong cash position and no debt provides an important foundation for further execution.
Rivalry Corp., an internationally regulated sports betting, media, and technology company, today announced its financial results for the three and nine-month periods ended September 30, 2022. The Company also announced preliminary results for the month of October, 2022. All dollar figures are quoted in Canadian dollars.
“Our leading brand position among Millennial and Gen Z consumers was a catalyst in generating meaningful revenue from esports betting during a period of several tentpole international events, and ultimately driving record results in the third quarter,” said Steven Salz, Co-Founder and CEO of Rivalry. “Our differentiated strategy and product offering is key in connecting with a demographic that legacy operators aren’t equipped to serve. We’ve created brand equity, loyalty, and consumer engagement that continue to guide our successful player acquisition and retention strategy, enhance customer unit economics, and highlight the operating leverage within the business that increases as we scale.”
“The momentum we saw during Q3 has continued into this current quarter as we delivered record results in October, including reaching our first profitable month,” Salz continued. “Delivering a clean net profit on a normalized basis is a promising validation of our overarching strategy which prioritizes sustainable user economics and careful capital allocation. While October will likely set our high benchmark in 2022 as seasonally one of the strongest months, we believe our +20% month-over-month average growth over the past year, successful casino product expansion, and increased market share ownership of esports betting positively signals directionally as to where we are headed on underlying profitability in the future.”
Third Quarter 2022 Highlights
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Betting handle was $70.3 million in Q3 2022, a year-over-year increase of 203% compared to $23.2 million in Q3 2021, and up 83% sequentially from $38.4 million in Q2 2022. Betting handle exceeded the previous record quarterly high of $40.2 million reported by the Company in Q1 2022.
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Revenue was a record $7.1 million in the third quarter, a year-over-year increase of 93% from $3.7 million in Q3 2021, and represented the Company’s highest-ever revenue in any quarter. Revenue was up 35% sequentially from $5.3 million in Q2 2022.
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The Company launched its first-ever casino game during the quarter and saw immediate impact, contributing 30% of betting handle and 15% of revenue in Q3 2022 despite minimal marketing efforts.
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Gross profit was $2.1 million in the third quarter, a year-over-year increase of $1.5 million or 263% from $0.6 million in Q3 2021, and up 1% sequentially from $2.1 million in Q2 2022.
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Company maintained a market leadership position among next generation consumers with 82% of active users under the age of 30-years old and continues to highlight significant opportunities in esports betting, demonstrated by over 90% of sportsbook handle derived from esports in Q3 2022.
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The Company had $23.0 million of cash and no debt as at September 30, 2022.
October 2022 Preliminary Results
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Betting handle for the month ended October 31, 2022 was $37.2 million, a year-over-year increase of 190% compared to $12.8 million in October 2021, representing an all-time single-month record for the Company.
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Revenue was $4.5 million in October 2022, a year-over-year increase of 501% from $0.7 million in October 2021, and also represented a single-month record.
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Gross profit was $2.1 million in October 2022, a single-month record, equaling the entire reported Q3 2022 gross profit.
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October delivered the Company’s first monthly net profit, on a normalized basis, representing a meaningful milestone that demonstrates the inherent operating leverage in the Company’s model and path forward to future sustained profitability.
NetGaming, a fast-growing online casino content supplier, is proud to announce its launch in Ontario with Rush Street Interactive, Inc., a leading online casino and sports betting company in the United States, Canada and Latin America. This strategic collaboration marks a significant milestone for NetGaming as it continues to expand its footprint across regulated North American markets.
As part of the launch, Ontario players on BetRivers can now enjoy a diverse portfolio of NetGaming titles, known for their high-quality graphics, immersive gameplay, and unique themes. Standout games such as Zeus’s Thunderbolt, Bison Gold, and Fireball Inferno are among the first to go live, with additional titles set to follow soon.
This partnership is just the beginning. NetGaming plans to extend its collaboration with Rush Street Interactive into Michigan, New Jersey, Pennsylvania, Delaware, and Mexico over the coming months.
Pallavi Deshmukh, CEO of NetGaming, commented: “We are thrilled to go live with Rush Street Interactive, a powerhouse operator with a strong presence and loyal player base. This launch marks a significant milestone in our
North American expansion strategy and underscores our commitment to delivering exceptional gaming experiences tailored to local player preferences across the region.”
Richard Schwartz, CEO of Rush Street Interactive, commented: “We are pleased to partner with NetGaming to bring innovative, premium games to our players in Ontario. This collaboration aligns with our strategy to offer world-class
entertainment through engaging, action-packed online casino games. We look forward to expanding this partnership into additional regulated markets in the months ahead.”
This strategic partnership highlights both companies’ dedication to providing high- quality, innovative, and responsible entertainment to players in regulated markets.
Casinosfiables announced that they have redesigned their existing site – https://casinosfiables.ca/ to better address current user demands.
Although the site’s functionality aligns with modern industry standards, the redesign is a step in the right direction and could very well give a competitive edge.
The changes addressed certain functionality concerns and aligned with ever-changing user preferences and behavior.
• Seamless page transition – The overall performance of the site improved, so pages loaded faster, despite the addition of new elements.
• Integrated social media buttons – Buttons that lead to social media pages became more visible, so it is easier for readers to complete engagement incentives that granted them affiliate-exclusive rewards or promo codes.
• More valuable insights – Previously, charts and ratings were only explained in separate reviews. The new roundup charts and ratings had a dropdown feature that provided more insights or clarity behind the rating.
• Relevant search filters – Some trends or categories that targeted user intent weren’t visible in the previous version. The updated version introduced new categories that better reflected player preferences, or included roundups based on casino features (e.g., cashback, no wager promos, game providers) that weren’t at the forefront previously.
• Author pages – Readers who had similar opinions and game preferences to the site’s authors gained the ability to find other texts from those authors. Each casino expert received a dedicated page listing all of their publications.
The changes were finalized over the past few months. The team pushed these updates in batches rather than a single big update.
Canada
Vancouver Resident Purchased Winning $40 Million Lotto Max Ticket While Quenching Sparkling Water Craving
Phuc Duc (Daniel) Chau loves the Bubly brand of sparkling water and stopped in a convenience store to purchase a can. Chau likes to buy lottery tickets based on a gut feeling, and due to the employee’s bubbly nature while he purchased his Bubly, Chau also purchased a Lotto Max ticket for the May 23, 2025 draw.
It was this ticket that ended up scoring Chau a whopping $40-million jackpot.
“I was at work when I found out,” recalled Chau of the moment he realized he won. “I was going through my bag to find a cough drop, but I saw that I had two lottery tickets in my bag and decided to scan the tickets, but I needed to update the [BCLC Lotto!] app first. The first ticket I didn’t win anything, but the second said $40 million. I have never seen that many zeroes in my life, ever. I dropped my phone and then called BCLC right away!”
At the time of the prize claim, the Vancouver resident hadn’t yet shared the news of his win.
“My partner doesn’t know yet! I want to share the news with them in a special way.”
Chau shared that his dream has always been to travel the world. “There are so many places I want to go to, so I haven’t fully decided!”
When asked if he will quit his job, he said, “I haven’t decided, but I want to continue to support my community in a different way.”
On how it feels to be a multimillionaire?
“It means a lot to me. It opens up an opportunity for me to give back to my family, community and the world all around me. It’s not meaningful unless you can share this with those who need it.”
Chau purchased the winning ticket at the 7-Eleven on Imperial Street and Boundary Road in Burnaby.
So far in 2025, B.C. lottery players have redeemed more than $146 million from Lotto Max. Lotto Max is a nationwide lottery game drawn on Tuesdays and Fridays after 7:30 p.m. (PST).
Players can purchase tickets at lottery retailers or at PlayNow.com. Winning numbers and group release forms can be found online at www.bclc.com. Players can check their lottery tickets anytime, anywhere on iOS and Android devices.
BCLC offers socially responsible gambling entertainment while generating income to benefit all British Columbians. Players can visit PlayNow.com to learn how to set time and money limits.
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