Latest News
Rivalry Announces Record Revenue of $12 Million in First Quarter 2023, All-Time High Betting Handle, Gross Profit
Rivalry Corp. (the “Company” or “Rivalry”) (TSXV: RVLY)(OTCQX: RVLCF) (FSE: 9VK), an internationally regulated sports betting and media company, today announced its financial results for the three-month period ended March 31, 2023, and closing of the second tranche of its previously announced strategic financing. All dollar figures are quoted in Canadian dollars.
“Our position at the intersection of esports and entertainment continues to create operating leverage in the business and drive organic growth as seen in our most impressive quarterly results to date,” said Steven Salz, Co-Founder and CEO of Rivalry. “Rivalry’s content and brand strategy is setting the industry precedent for betting entertainment, allowing us to acquire customers profitably and engage them through authentic touchpoints without having to consistently deploy additional marketing and promotional spend for growth. And it is this approach that is generating breakthrough industry economics, user engagement, and charting a path to profitability for the Company that we are very bullish on.”
First Quarter 2023 Highlights
- Betting handle for the three-month period ended March 31, 2023 was $120.2 million, representing an all-time high in any quarter for the Company. Betting handle increased year-over year by $80.0 million or 199% from $40.2 million in Q1 2022, and sequentially by $36.2 million or 43% from the previous quarterly record of $83.9 million in Q4 2022.
- Revenue for Q1 2023 was $12.0 million, the Company’s highest-ever revenue in any quarter. Revenue increased by $7.2 million or 151% from $4.8 million in Q1 2022, and by $2.5 million or 27% over Q4 2022 revenue of $9.4 million.
- Gross profit was $5.4 million in Q1 2023, a record high for the Company representing an increase of $4.8 million from $0.7 million of gross profit in Q1 2022, and up $0.4 million or 9% from Q4 2022 gross profit of $5.0 million.
- Net loss was $3.3 million for Q1 2023, a 50% reduction from the net loss of $6.6 million in Q1 2022, and the fifth consecutive sequential decrease in net loss, highlighting a continued focus on operational efficiency.
- Material Key Performance Indicators growth was achieved despite a 5% year-over-year reduction in marketing expenses, demonstrating the effectiveness of the Company’s brand strategy and its ability to convert users profitably and drive growth independent of marketing spend.
- User registrations reached 1.5 million at the end of Q1, up 114% year-over-year, with Millennial and Gen Z consumers representing 97% of active users.
- Product and tech innovation efforts across casino and sportsbook continue to distinguish Rivalry in competitive market and drive user activity through original, engaging, and interactive online betting experience.
- Rivalry’s creator partners and owned media properties reached a total of 85 million followers, deepening organic acquisition strategy among core target audience and ability to activate customers during tentpole esports events through authentic touchpoints.
- The Company had $13.1 million of cash and no debt as at March 31, 2023.2 Subsequent to the end of the quarter, the Company raised a total of approximately $7.3 million through a non-brokered private placement announced on April 26, 2023 (the “Private Placement”).
“Building innovative products, which add to an overall unique and interactive betting experience on Rivalry, will remain a strategic focus in 2023,” Salz added. “The competitive advantage of engaging and fun products is increased user activity and satisfaction, and when combined with a profitable acquisition strategy, creates a flywheel effect in the business generating consistent organic momentum and enhancing our operational efficiency.”
Previously Announced Strategic Financing
Subsequent to the end of the first quarter, Rivalry announced a strategic financing that will enable the Company to accelerate its operational objectives and pursue strategic growth opportunities. Led by sports betting, technology, and payments stakeholders, the financing represents a validation of the Company’s unique market strategy and success among the Gen Z and Millennial demographic.
On May 5, 2023, the Company closed a first tranche of the private placement for gross proceeds of $6,916,519.50 through the issuance of 4,611,013 subordinate voting shares in the capital of the Company (“Subordinate Voting Shares”) at a price of $1.50 per Subordinate Voting Share. On May 23, 2023, the Company closed a second tranche of the Private Placement for aggregate gross proceeds of $382,498.50 through the issuance of 254,999 Subordinate Voting Shares. The Company paid finder’s fees in the amount of $19,775 in connection with the closing of the second tranche of the Private Placement. In connection with the Private Placement, the Company has issued an aggregate of 4,866,012 Subordinate Voting Shares for gross proceeds of $7,299,018. The Company expects to close an additional tranche of the Private Placement no later than June 23, 2023. All of the Subordinate Voting Shares issued in connection with the Private Placement are subject to a four-month and one day statutory hold period from the date of issuance. The Company expects to use the proceeds from the Private Placement to accelerate operational objectives and pursue strategic growth opportunities.
The Subordinate Voting Shares have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act“) or any U.S. state securities laws and may not be offered or sold in the United States absent registration or an available exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities referenced in this press release, in any jurisdiction in which such offer, solicitation or sale would be unlawful.
A director of the Company subscribed for 33,333 Subordinate Voting Shares in the Private Placement and such subscription constitutes a related party transaction within the meaning of applicable Canadian securities laws. This subscription was exempt from the formal valuation and minority approval requirements applicable to related party transactions on the basis that the value of the transaction was less than 25% of the Company’s market capitalization. A material change report in respect of the related party transaction could not be filed earlier than 21 days prior to the closing of the Private Placement due to the limited time between the commitment by the director to purchase the subject Subordinate Voting Shares and the closing of the Private Placement.
Investor Conference Call
Management will host a conference call at 10:00 a.m. EDT on Wednesday, May 24, 2023 to discuss the Company’s first 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’s financial statements and management discussion and analysis for the three months ended March 31, 2023 are available on SEDAR at www. sedar. com, and on the Company’s website at www. rivalrycorp .com.
Latest News
Seed Wealth and unleash Power with FBM®’s Xing Fú Fortune™ Money Trees multi-game in Mexico!
Xing Fú Fortune™ Money Trees is now available with a multi-game configuration! Power and Wealth are the two themes of this product joining FBM®’s slot games portfolio. Mexican players can now enjoy seven exciting gaming dynamics with varying bet levels and experience the thrills of a common bonus based on the Prosperity, Strength, and Fortune money trees, along with four jackpots to conquer.
The impressive performance of the Xing Fú Fortune Money Trees slot game in its early months captured the attention and curiosity of Mexican slot enthusiasts, leaving them eager for more. Responding to market demand, FBM developed an extension of this product featuring a multi-game configuration. Players can now experience the mechanics of the Xing Fú Fortune Money Trees game through two distinct themes: Wealth, with bets of 58 credits, and Power, with game rounds of 88 credits.
This step allows FBM to cover a wider audience of players, offering them the chance to live the unique gaming experience delivered by Xing Fú Fortune Money Trees with different bet levels. The Wealth and Power themes keep the feature set and unpredictability behind the high levels of player engagement and retention registered by the single-game version, adding new graphic elements and betting options to the casino operators’ customers.
Three Money Trees are the foundation for this entertaining FBM slot game
The Xing Fú Fortune Money Trees Power and Xing Fú Fortune Money Trees Wealth share a link bonus with three accumulators, which can start with a blue, red, or green coin obtained on any game round.
The Prosperity, Fortune and Strength money trees can unlock the bonus independently or in combination, offering up to seven distinct game experiences. Now let’s recap the rewarding effect of each one of these features:
- Prosperity – the coins of Prosperity are blue, and attribute a random prize for players to collect when they appear on the reels.
- Strength – the red coins symbolize Strength, and they multiply the values of all coins available on the reels to get a numeric prize value then.
- Fortune – the Fortune coins are green, and have the collector effect. When they appear on the reels, they accumulate the value of all the other coins.
The link bonus is also the game mode that allows players to conquer four jackpots: Mini, Minor, Major or Grand.
A disruptive FBM slot game is now available in two configurations
Xing Fú Fortune Money Trees transports players into a universe inspired by Oriental culture and becomes available for casino operators to install and players to enjoy in both single-game and multi-game configurations.
Bonsais, dragons, frogs, carps, ema plaques, fans, white tigers, lanterns, lotus flowers, turtles and phoenixes are some of the typical symbols representing the Asian culture showcased in the Wealth and Power versions of the product. The carefully crafted sounds and graphics blend smoothly with these visual elements, creating an immersive and authentic connection between the player, the slot game and the Asian roots.
Available for the Galaxy II and Auria casino cabinets, Xing Fú Fortune Money Trees ensure a friendly integration on different casino floor layouts in both product configurations.
Following the positive debut of the single-game version, FBM offers the Mexican casino operators a renewed version of the Xing Fú Fortune Money Trees product with additional options for their players. This launch reaffirms the brand’s commitment to the continuous reinvention and evolution of the Mexican gaming industry.
For more details about Xing-Fú Fortune Money Trees Power and Xing Fú Fortune Money Trees Wealth, check the landing page with all details about this product configuration »
Gambling in the USA
Georgia Lottery Takes Retail Experience to Next Level with Scientific Games’ SCiQ Technology
SCiQ Ecosystem Modernizes Lottery Scratch Game Sales, Simplifies Retail Operations
The Georgia Lottery Corporation is taking a major step forward in transforming the way players experience instant scratch games at retail with the launch of Scientific Games’ award-winning SCiQ retail ecosystem at 1,500 locations statewide. The breakthrough retail technology modernizes how scratch games are sold and managed, bringing greater operational efficiency to retailers and a convenient, streamlined purchasing experience for players.
The innovative retail technology rollout is the latest milestone in a long-standing partnership between the Georgia Lottery and metro Atlanta-based Scientific Games, a collaboration that began at the Lottery’s inception in 1993. Through the long-standing partnership, Scientific Games has worked with the Lottery to launch its first scratch game, first second-chance promotion and is soon to launch its first loyalty program.
“Retail environments are evolving, and the Georgia Lottery is proud to lead with smart technology solutions that align with how today’s consumers want to shop,” said Gretchen Corbin, President and CEO of the Georgia Lottery Corporation. “SCiQ brings a modern retail presence to our instant games, helps our retailers operate more efficiently and ultimately supports our mission to maximize revenues for the HOPE Scholarship and Georgia Pre-K program.”
A Gold Winner in the 2025 American Business Awards for Operations Management Solution and Bronze Winner in the 2025 International Business Awards for Achievement in Product Innovation, SCiQ is being deployed across the diverse mix of Georgia Lottery retailers, including both major chain and independent stores. Each will benefit from:
- Real-time inventory tracking proven to reduce out-of-stocks and drive increased product sales
- Advanced sales analytics to help optimize sales performance and strategic planning
- Easy-to-use reporting tools that reduce operational time and provide management insights
- Dynamic digital menu boards that elevate the product’s in-store presence and promotion while providing players with real-time updated information
- Game dispensing bins that secure products, reduce theft and provide ticket-by-ticket operational tracking
“We are especially proud to bring the benefits of SCiQ to our home state,” said John Schulz, President of the Americas for Scientific Games. “The Georgia Lottery has always been a forward-thinking partner, and this retail modernization initiative is another move to ensure future growth for its instant game business to sustain future funding for Georgia’s students.”
A leading innovator in the industry, the Georgia Lottery ranked No. 2 in the world for scratch game per capita sales (La Fleur’s 2025 World Almanac). It has been a participant in the Scientific Games Enhanced Partnership program since the Lottery’s inception, benefiting from instant game design and production, portfolio management and game planning services, data analytics, advanced logistics, licensed brand services and retail sales and marketing support. Used by more than 20 lotteries, including five of the top six performing instant game lotteries worldwide, the SGEP program drove 31% better performance for U.S. partners in fiscal year 2023-24.
As the world’s largest lottery games company and the fastest-growing lottery systems provider in North America, Scientific Games currently serves more than 150 lotteries in 50 countries around the world.
SCiQ® is a registered trademark of Scientific Games. ©2025 Scientific Games, LLC. All Rights Reserved.
Gambling in the USA
$50 MILLION GUARANTEED IN ACR POKER’S BIGGEST-EVER TOURNAMENT SERIES: THE ONLINE SUPER SERIES XL, LAUNCHING THIS WEEKEND
- $4.25 million guaranteed in Monster Main Events across three tourneys, plus
- $2.8 million guaranteed in Multi-Flight Events
Fresh off the massive Dual Venom tournaments with over $10 million in prize pools, ACR Poker announces the return of its flagship Online Super Series (OSS) XL. From this Sunday through Tuesday, September 30th, players of all bankrolls can jump into supersized poker action and compete for a staggering $50 million in guaranteed prize pools.
Headlining the OSS XL schedule are three monster Main Events. Starting Sunday, September 21st, players can take their shot at the $2 million guaranteed ($2,650 buy-in), the $1.5 million guaranteed ($1,050 buy-in), and the $750,000 guaranteed ($215 buy-in) Main Events.
Adding to the excitement is the high-energy Survivor Flips tourney ($130 buy-in), offering a $150,000 guarantee. Phase 1 and Steps Flips run from Wednesday, September 17th to Sunday, September 21st at 3pm ET. Phase 2 is a regular tournament on September 21st at 3:05pm ET where all players start in the money.
“After heated back-to-back Venom tourneys, the OSS XL feels like the perfect follow-up,” said ACR Pro Chris Moneymaker. “This series offers every type of player a mix of incredible value with a lot of variety. From Main Events to Survivor Flips and Mystery Bounties, plus big guarantees on top, it’s the kind of schedule that gets the whole community fired up, and I can’t wait to dive in.”
In addition, the jam-packed schedule features plenty of multi-flight action. The $630 buy-in Multi-Flight tournament boasts a $1.5 million guarantee, with Day 1’s starting on Sunday, September 7th and Day 2 on Monday, September 29th.
There are also four Mystery Bounty Multi-Flight events, including two $500,000 guaranteed $109 buy-in events, with Day 1’s starting on September 7th and September 21st. Players can jump into the $200,000 guaranteed ($33 buy-in) and $100,000 guaranteed ($5.50 buy-in) events, with the final flight and Day 2 on September 28th.
To add further sweat, ACR Poker’s Leaderboard Contest returns with $65,000 in cash and tourney tickets across three tiers. The High Stakes ($104.50 buy-ins and above) will award a $15,000 top prize, while the Mid Stakes ($16.50 to $88 buy-ins) and Low Stakes (under $15 buy-ins) will award $7,500 and $4,000, respectively.
For further details on the OSS XL, read the ACR Poker blog or visit ACRPoker.eu.
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