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Rivalry Corp Reports Record Third Quarter 2023 Results, Reaffirms H1 2024 Profit Guidance

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Company achieves record Q3 against reduced marketing spend and flattened Opex, highlighting operating leverage; strongest customer KPI’s on a year-to-date basis in Rivalry Corp’s history; positioned to accelerate growth with recently announced $14M capital infusion

  • Betting handle of $105.7 million, up 50% year-over-year, while reducing marketing spend 13%.
  • Revenue of $8.7 million, a 22% increase year-over-year.
  • Gross profit of $4.0 million, up 90% year-over-year.
  • Casino has grown to approximately half of the company’s betting handle in Q3, demonstrating ability to cross-sell next generation bettors and drive growth against unseasonably low viewership in select Q3 eSports events.
  • Year-to-date customer KPI’s the strongest in company history: all-time high average handle per customer, average revenue per user and record low cost of customer acquisition.
  • Year-to-date betting handle has increased 127%, revenue by 70% and gross profit up 175% over the first nine months of 2022. Achieved while reducing marketing spend, highlighting the inherent operating leverage in the business.
  • Subsequent to the quarter end, Rivalry Corp completed a $14 million capital infusion that strengthens the balance sheet and provides the company with capital to pursue growth and profitability at the same time.
  • Company re-affirms guidance, anticipates achieving profitability in H1 2024.
  • Announces virtual investor day to be held on January 17, 2024.

Rivalry Corp (TSXV: RVLY) (OTCQX: RVLCF) (FSE: 9VK), the leading sportsbook and iGaming operator for Millennials and Gen Z, today announced its financial results for the three and nine-month periods ended September 30, 2023. All dollar figures are quoted in Canadian dollars.

“We are proud to have delivered a record third quarter while exercising discipline on costs amidst a challenging capital markets environment for growth companies,” the co-founder and Chief Executive Officer for Rivalry Corp, Steven Salz, said. “Now, with our recently announced capital infusion, we will be able to go back on the offensive, while still maintaining our path to profitability.

“Years of consistent performance, flattened Opex multiple quarters in a row, demonstrated triple-digit growth year-over-year across core metrics year-to-date with all-time high average handle per customer, average revenue per user and record low cost of customer acquisition over that same period gives me high conviction in Rivalry Corp’s future. It is this proven operating leverage, supported by an improving sportsbook margin profile resulting in more revenue per dollar wagered now fuelled by growth capital, that is creating a significant opportunity set for Rivalry Corp. It is that combination which gives us confidence to reaffirm our first half 2024 profitability guidance.”

Third Quarter 2023 Highlights:

  • Betting handle for Q3 2023 was $105.7 million, an increase of $35.4 million or 50% from $70.3 million in Q3 2022.
  • Revenue was $8.7 million in Q3 2023, a record result for a third quarter, representing an increase of $1.6 million or 22% from $7.1 million of revenue in Q3 2022.
  • Gross profit was $4.0 million in Q3 2023, an increase of $1.9 million or 90% from $2.1 million of gross profit in Q3 2022.
  • The casino segment generated approximately half of total betting handle ($50.4 million). Recent casino product launches including a custom-branded slots category, a new original game Cash & Dash and the release of Casino.exe on our iOS mobile app in Ontario set the stage for continued growth and increased player wallet share.
  • Modest decline in operating expenses sequentially continues the trend of effective cost management while still maintaining significant year-over-year growth rates at the company.
  • Net loss was $5.6 million for Q3 2023, a 6% reduction from the net loss of $6.0 million in Q3 2022 and 12% decrease sequentially.
  • Rivalry Corp launched an industry-first same-game parlay product for eSports within the quarter, supporting an improved sportsbook product mix and contributing to an enhanced margin profile.
  • The company had $7.4 million of cash and no debt as at September 30, 2023.
  • On November 15, 2023, Rivalry Corp strengthened its balance sheet with the announcement of a private placement offering of $14 million principal amount senior secured convertible debentures to scale several strategic verticals across marketing, product development and geographic expansion.

Year-to-Date 2023 Highlights:

  • Betting handle for the nine-month period ended September 30, 2023 was $338.1 million, an increase of $189.2 million or 127% from $148.9 million in the comparable period of 2022 while marketing spend decreased by 8%.
  • Revenue was $29.2 million in the first nine months of 2023, representing an increase of $12.0 million or 70% from $17.2 million of revenue the previous year.
  • Gross profit was $13.2 million in the first nine months of 2023, an increase of $8.4 million or 175% from $4.8 million of gross profit a year earlier.
  • Net loss of $15.2 million in the nine-month period ended September 30, 2023, a reduction of $3.6 million compared to a net loss of $18.8 million over the same period in 2022.

Investor Day:

Rivalry Corp is pleased to announce a virtual investor day to be held at 10:00am EST on January 17, 2024. The company will discuss its outlook for 2024, growth initiatives, upcoming product innovations and insights into the Gen Z consumer. More details will be revealed in the coming weeks.

Investor Conference Call:

Management will host a conference call at 10:00am EST on Wednesday, November 29, 2023 to discuss the company’s third 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 Corp’s financial statements and management discussion and analysis for the period ended September 30, 2023 are available on SEDAR+ at www. SedarPlus.ca and on the company’s website at www. RivalryCorp .com.

Stock Options:

The company also announces that it has approved a grant of stock options, pursuant to the terms of the company’s equity incentive plan, to an investor relations service provider. A total of 44,444 stock options have been awarded to such investor relations service provider. The stock options will be exercisable at an exercise price equal to the closing price of the subordinate voting shares on the TSX Venture Exchange two trading days following the issuance of this press release, for a period of five years from the date of the grant. The stock options vest in equal quarterly instalments over a period of twelve months, commencing on the three-month anniversary of the date of the grant.

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BCLC Launches “What’s played here stays here” Campaign

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BCLC Launches “What’s played here stays here” Campaign

 

BCLC’s new “What’s played here stays here” campaign is issuing an important reminder to British Columbians who choose to gamble – specifically that all net profit its operations generate stays in B.C. to help fund critical services like education, health care and community programs.

The campaign also reinforces that all other gambling websites operating in B.C. are illegal and take away funds from critical community programs and services.

“Across B.C. and Canada, we’ve seen incredible groundswell around the importance of buying and supporting local, and that’s no different for British Columbians who choose gambling for their entertainment. We want our B.C. players to know they can find a world-class gambling experience in their own backyard, whether it’s at one of our 33 casinos, 3,400 lottery retailers, or online at PlayNow.com, and that the proceeds from their play with BCLC make a positive impact at home in their community,” Pat Davis, President and CEO of BCLC, said.

Along with illegal online gambling websites, BCLC also competes with Washington State and Las Vegas casinos, all of which aggressively market to B.C. residents.

“BCLC continues to raise awareness that these gambling options do not support B.C.’s economy and take away funds from vital provincial and community-based programs and services. In a time when British Columbians are standing united, we want to reinforce that playing together with BCLC helps make B.C. even better,” Pat Davis added.

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Online casino with a Nordic twist enters yet another market as it continues to deploy its ambitious international expansion plans

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Winlandia.com, the online casino brand with a distinctly Nordic feel, has made its debut in Canada as it continues to expand its reach into international markets.

Winlandia is celebrating ten years of Nordic excellence and is now available for Canadian players, with its website available in both English and French.

Canadian players will get a real sense of Finnish Sisu when they sign up to Winlandia for the first time with a generous welcome bonus that is up for grabs.

When it comes to depositing, Winlandia has a well-stocked cashier including Visa, Mastercard, MuchBetter, Paysafecard, Payz, AstroPay and of course, Interac.

Players can expect instant deposits and fast withdrawals, so they get their winnings without delay.

The cool Nordic vibes extend to the online casino lobby where players can explore a vast portfolio of more than 9,000 slot, table, instant win, bingo, Slingo, arcade and live dealer titles.

Just some of the providers available include Pragmatic Play, NetEnt, Microgaming, Red Tiger, Play’n GO, Blueprint Gaming, IGT, Scientific Games, Nolimit City and Evolution Gaming.

Winlandia players will be able to benefit from its Personalization Platform that was implemented at the beginning of last year. This means players will get individual game recommendations based on real-time data, a bit like Netflix but for casino games, not movies.

Canadian players can also enjoy some of the most generous promotions in the market, including Daily Picks which sees free spins and other bonuses added to their account each day.

They can also take part in thrilling slot tournaments and go head-to-head with other players and where if they place high on the leaderboard, there are big prizes to be won.

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Winlandia is powered by SkillOnNet and has quickly emerged as a top online casino brand in competitive markets such as Finland, Denmark and the UK.

The team behind the site is confident that Canadian players will be drawn to its comprehensive offering and unique Nordic flavour.

Winlandia has extended its collaboration with its premium affiliate partner, Gambling.com, as their exclusive launch partner for the Canadian market. Via their site assets like Gambling.com/ca, players will get an exclusive offer of 100% up to $5,000 + 150 Free spins on Big Bass Bonanza.

Christoffer GrönlundHead of Acquisitions & PR at Winlandia, said: “Players in Canada can now enjoy an authentic Nordic online casino experience that includes thousands of casino games from the biggest providers offered alongside generous bonuses and promotions. 

“Despite being an international brand, localisation is very important to us and that’s why we implemented the payment method Interac to our cashier and ensure we have the most popular game providers for the Canadian market in our game lobby. 

“Canada is a big market and one that we are incredibly excited to enter this market together with our Premium Affiliate Partner Gambling.com/ca. We truly believe that their high volume of quality traffic of players will enjoy what we have to offer at Winlandia.” 

Gary Connolly, Senior Key Account Manager at Gambling.com Group, added: “I’m excited to welcome Winlandia Casino  as they prepare for their Canadian launch. 

“With 10 years of Nordic excellence and trust, a standout design, and an impressive portfolio of over 9,000+ games, Winlandia is well-positioned for success in this market. Following strong results in the UK, I look forward to a successful partnership in Canada, where their fresh player base offers great conversion potential.”

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GiG Launches Fourth Partner into Ontario as PowerPlay Enhances Its Gaming Experience with GiG’s Formidable Combination of Proprietary Platform, Sportsbook and AI technology

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GiG Launches Fourth Partner into Ontario as PowerPlay Enhances Its Gaming Experience with GiG’s Formidable Combination of Proprietary Platform, Sportsbook and AI technology

 

Gaming Innovation Group (GiG Software Plc) has announced a major new partnership with PowerPlay Online Casino & Sportsbook,  with the brand now live having migrated to a premium technology supplier to propel growth in the regulated Canadian province of Ontario. The launch marks the fourth brand now active in the region powered by GiG’s cutting-edge iGaming technology, and further positioning GiG as a provider of choice for operators in regulated online markets in Canada, with Alberta next due in line once legislation passes.

GiG has established itself as one of the premier technology providers in Ontario, and PowerPlay will look to leverage a proven and powerful combination of GiG’s proprietary technology. The launch includes GiG’s award winning iGaming platform alongside a suite of next generation solutions, its feature packed Sportsbook, SportX, revolutionary rules based engine, LogicX and GiG’s innovative CMS.

PowerPlay has built a strong Canadian legacy, and its dedication to reliability and customer satisfaction has cemented its position as a trusted operator, ensuring players enjoy a world-class, secure, and seamless gaming experience.  Now, with the migration to GiG’s cutting-edge technology, PowerPlay is poised to enhance its offerings even further.

With a growing emphasis on cutting-edge artificial intelligence and automation, PowerPlay can also now call on the full power of dynamic AI tools DataX and LogicX, with the incorporation of advanced machine learning models into their toolkit, enhancing decision-making processes and rule building helping to deliver significant increases in player acquisition and customer retention. Innovative sportsbook SportX will boost PowerPlay’s offering by providing advanced bet-builder capabilities, dynamic odds, and a comprehensive suite of localised features, including horse racing and virtual sports betting.

The launch carries significance as further evidence of GiG’s accelerated delivery cadence, as the fourth publicly announced partner launch this year. GiG has implemented a suite of strategic improvements over the past year, and is set to further escalate launches throughout 2025, reinforcing its commitment to seamless execution and growth.

GiG’s has been one of the forerunners of regulated market expansion in iGaming for over 10 years, facilitating smooth market entries in complex regulated environments not only in North America, but across key markets in Europe, Latin America and now the Philippines in Asia, strengthening its position as a reliable and strategic technology partner for operators globally.

Having regulated in April 2022, online gaming in Ontario has enjoyed significant growth under the guidance of the AGCO (Alcohol & Gambling Commission). As of the second quarter of the 2024-25 fiscal year , Ontario’s online gambling market reached CA$738 million in Gross Gaming Revenue (GGR), reflecting a 1.7% quarter-over-quarter growth and a 35.4% year-over-year increase, according to data supplied by the regulator.

James Coxon, Chief Operating Officer at GiG, commented: “GiG’s expertise in delivering market-leading technology is once again proving instrumental in helping partners like PowerPlay navigate the complexities of regulated markets. The successful launch into Ontario highlights our ability to facilitate seamless market entry while ensuring stability and scalability for long-term growth. Our continued focus on delivering brilliant basics, from secure platform infrastructure to optimised user experiences, is key to enabling partners to maximise their potential. We’re proud to be playing a role in PowerPlay’s success and the ongoing evolution of both the Ontarian market and the wider future of iGaming in Canada, reinforcing our reputation as a trusted partner in the regulated space.”

Dean Serrao, Chief Executive Officer at PowerPlay, commented: “The successful migration to GiG’s technology platform is a milestone for PowerPlay as we continue to grow in Ontario. This partnership allows us to offer an enhanced and seamless experience for our players, while leveraging GiG’s flexible and scalable solutions to expand our presence in the market. We are excited for what’s ahead and confident this move will help us strengthen our position as a leading brand in the province.”

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