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Rivalry Announces 2023 Annual Letter to Shareholders and Filing of 2023 Annual Financial Statements
Rivalry Corp. (the “Company” or “Rivalry”) (TSXV: RVLY) (OTCQX: RVLCF) (FSE: 9VK), the leading sportsbook and iGaming operator for Gen Z, is pleased to announce its 2023 annual letter to shareholders and the filing of its financial results for the three (3) and 12-month period ended December 31, 2023. All dollar figures are quoted in Canadian dollars.
2023 Annual Letter to Shareholders
To our Shareholders,
This time last year I spoke about Rivalry’s evolution from a market leader in esports to a diversified Company setting the standard for Gen Z betting entertainment broadly.
Today, we have a business with revenue distribution across casino, sports, and esports betting, growing market share in new geographies, with increased velocity in core regions, and the strongest customer KPIs in Rivalry’s history.
In 2023, Rivalry recorded $423.2 million in betting handle1, up 82% from the previous year. Similarly, gross gaming revenue2 and net revenue both saw 34% and 66% respective increases, while the introduction of higher margin products released in H2 such as Same Game Combos and Quick Combos are continuing to improve overall sportsbook hold and guide Rivalry closer to profitability.
Our deepened product suite now includes fantasy, additional sports coverage, and new proprietary casino games. All of which are uniquely driving growth among a targeted customer segment and widening our opportunity set in 2024 and beyond – from a 60% increase in traditional sports betting to a burgeoning B2B game vertical. The potential for how far our brand can go is just beginning to unfold.
The year ahead is rife with new, innovative product releases arriving in Q2 and continuing throughout 2024. We are doubling down on core growth opportunities in sports that resonate with our audience, such as basketball and soccer. Further, we are building on a successful casino segment which already represents 50% of our business, enhancing variety, depth, and accessibility, as well as developing new original games which blur the lines between betting and entertainment. We are in the process of additional geographic expansion, and pursuing new licenses to broaden our total addressable market, positioning Rivalry to own the Gen Z gambling opportunity globally.
While Rivalry’s operations have expanded into new high-growth verticals, our north star has remained the same: to define the future of online gambling for a generation born on the internet.
Online gambling in 2024 is radically different than it was just six years ago when Rivalry launched. In that time we’ve seen gaming and internet culture reshape how consumers engage with technology. That shift is broadening the definition of gambling, where product design is influenced by video games, or it exists fully embedded within social apps like Telegram, where content creators are the new affiliates, and much more.
Over the same period, the rise of cryptocurrency and blockchain technology has introduced a new level of speed, access, and security to web-based consumer experiences. Industry estimates now put crypto wagers at up to one quarter of global betting handle3, with 30% year-over-year growth in 20244, and showing no signs of slowing down.
The development of this ecosystem has commercially unlocked online gambling unlike anything since its first transition from land to online many years ago. It has brought in a new global audience, and enriched the customer experience from end-to-end.
Alongside the growth of this technology has emerged new methods of gambling, taking wallet share from more traditional forms at an accelerated rate. The shift in consumer behavior and the signal from our users is clear – interactive, volatile, and crypto-infused product experiences will set the precedent for how the next generation gambles online.
Rivalry, with a brand steeped in internet culture and living at the intersection of this digital economic renaissance, is well-positioned to access this growth opportunity. There is high overlap between Gen Z, gamers, gamblers, and a fast-growing audience of over 420 million crypto users worldwide5 organically aligned with our audience and brand. And we believe that more than half of this audience globally is already wagering with crypto.
It will be Rivalry’s ability to understand, implement, and adapt to this shift more rapidly than our peers that we expect to create first-mover advantages for us. It is for that reason that our vision is now bolder than ever for what’s possible in the online gambling category.
Soon, we will reveal plans for a crypto-enabled product set to enhance alignment between Rivalry and its users, increase network effects, and generally deliver a consumer experience that lives on the internet of 2024.
To that effect, the success of our first-party games and their ability to acquire and engage a captive audience of Gen Z bettors online has validated our original game development strategy amongst industry peers. This has unlocked a new commercial opportunity for Rivalry to license its IP, opening up another line of revenue for the business that has great potential for global scale.
The year ahead is poised to be one of our most ground-breaking, with a myriad of innovative product releases across all of Rivalry’s verticals, adding more dimension to our business, operations, and addressable audience, and building on our competitive moat as the market leader in Gen Z betting entertainment.
We look forward to sharing more details about these upcoming initiatives, the opportunities they will unlock for our Company, and delivering on our promise to create long-term shareholder value and reach profitability. Thank you all for your continued support.
California
California Gambling Control Commission Issues New Precedential Decision on Licensing Requirements
The California Gambling Control Commission has issued a new Precedential Decision that addresses licensure requirements for funding sources of Third-Party Providers of Proposition Player Services (TPPPS).
The decision, formally titled Precedential Decision 2025-01, was adopted on August 21, 2025, and is now available on the Commission’s Precedential Decisions page
along with all prior precedential rulings.
This latest decision provides further clarity on licensing obligations and regulatory expectations for individuals and entities involved in funding TPPPS operations—a key aspect of maintaining integrity and oversight in California’s regulated gambling industry.
Stakeholders and members of the public can stay informed by subscribing to receive notifications when new Precedential Decisions are under consideration or adopted. The Precedential Decisions Subscription Signup Form, along with other subscription options for Commission meeting agendas, newsletters, and rulemaking updates, is available on the Commission’s website.
For questions or additional information, contact the Commission at (916) 263-0700 or via email at [email protected]
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SlotMatrix, the world’s largest casino content aggregator, proudly announces the launch of 20 Armadillos, a thrilling new slot adventure set deep in a jungle where fortunes roll wild.
In this untamed land, the Armadillos and their fierce animal allies guard treasures waiting to be uncovered. Players spin the reels as claws of luck and paws of fortune guide them towards potential big wins, daring them to crack the shell of jungle secrets and claim the rewards within.
20 Armadillos is a 5-reel, 4-row slot with 20 lines, medium-high volatility and RTP options of 94.16% and 96.96%. With a maximum multiplier of 30,000x and a responsive, mobile-first design, the game blends rich visuals with high win potential.
The game’s feature set is as wild as its setting. Landing Wild Symbols triggers Wild Respins, extending the action and paving the way to the Bonus Game, where Wilds transform into Armadillo Credits with random cash values.
Prizepot mechanics give players the chance to collect Mini, Minor, Major, and Mega wins, while filling the board unlocks the ultimate Grand Prizepot.
Pick Enhancement Accumulation allows players to build up powerful modifiers over time, unlocking even more rewards when Free Spins begin.
In the Pre-Free Spins Picks phase, collected enhancements such as global multipliers, payout boosts, extra credits, and sticky animals create a truly personalised bonus round.
The Free Spins bonus doubles down on excitement with Both Ways Pay and Animals Double Feature, combining sticky animals, extra spins, and double-win mechanics for massive payouts.
20 Armadillos is exclusively available through SlotMatrix. As with all SlotMatrix titles, the game is enhanced by EveryMatrix’s proprietary gamification features, including free spins and leaderboards, and can be integrated with EngageSuite, the all-in-one player loyalty solution.
Bjorn Sjoberg, COO, SlotMatrix, said: “With 20 Armadillos, we’re showcasing how layered gameplay, vibrant storytelling, and innovative mechanics can captivate players.
“From the jungle-themed prizepots to double-paying animal features, 20 Armadillos delivers an experience to remember for players worldwide.”
Software Experts has recognized Nitrado as the leading choice in its 2025 feature on the best game server hosting platforms. Nitrado was ranked highly across major titles such as Minecraft, ARK: Survival Ascended, and DayZ.
Nitrado delivers scalable and reliable server hosting solutions for a wide range of online multiplayer games. The demand for high-quality game server hosting has increased as online multiplayer games have grown in scale and complexity. Expansions, downloadable content (DLC), and frequent updates have placed pressure on server infrastructure, requiring providers to deliver stability, fast updates, and community integration. For players of ARK, Minecraft, or DayZ, server downtime can result in lost progress, interruptions to group play, and diminished gaming experiences.
This trend underscores why a strong hosting partner is essential. Servers are not only responsible for keeping games online but also for supporting the evolving needs of large player communities. Nitrado has consistently aligned its platform with these expectations, offering infrastructure that adapts to both technical requirements and user demand.
Recognition Across Key Games
Software Experts noted that Nitrado has demonstrated consistent support for popular titles through timely hosting updates and tools designed for specific gameplay environments.
Minecraft hosting: With the release of the Minecraft 1.21 Tricky Trials update, Nitrado provided immediate server support, allowing players to explore new dungeons and mechanics without interruption.
ARK hosting: Nitrado servers were prepared for the Ragnarok Map in ARK: Survival Ascended and are optimized for the upcoming Aquatica DLC, ensuring survival experiences remain stable even with expansive maps and mods.
DayZ hosting: Survival titles demand persistence and uptime. Expansions such as Frostline and the upcoming Badlands were supported rapidly on Nitrado servers, enabling players to adapt to environmental changes without server disruption.
Expansion to Broader Multiplayer Titles
The recognition also emphasized Nitrado’s versatility beyond the most popular titles. In 7 Days to Die, the recent Storms Brewing update was supported on Nitrado servers at launch, giving players stable access to new weather and survival mechanics. For Conan Exiles, the platform has offered guidance on server setups such as best base locations, combined with reliable performance during intensive multiplayer sessions. In Enshrouded, Nitrado integrated the Melodies of the Mire update directly into its hosting framework, ensuring smooth adoption of new classes and gameplay features.
By covering a range of genres, Nitrado provides infrastructure that extends beyond traditional survival titles, positioning itself as a multi-game hosting solution.
Tools and Community Integrations
Software Experts also highlighted Nitrado’s focus on server management tools and community features. The platform’s web interface and mobile applications allow administrators to adjust settings with minimal technical complexity, from rolling back Minecraft worlds to tuning difficulty levels in ARK.
Support for mods and plugins further enhances gameplay. Communities can integrate texture packs, maps, and total conversions without complicated manual setups. This has proven especially useful in titles with active modding cultures, including ARK and Minecraft.
Nitrado also integrates with platforms such as Discord, creating a unified environment where players can coordinate matches, share updates, and stay connected. These integrations have become increasingly important as multiplayer gaming extends beyond gameplay into community interaction.
Performance and Reliability
Reliability remains a core measure of success in server hosting. Software Experts reported that Nitrado’s global infrastructure of data centers reduces latency for players across regions. Built-in protections such as DDoS mitigation ensure that servers remain stable against external threats.
Performance is measured in player experiences rather than technical specifications. Large Minecraft builds, ARK raids with high player counts, or DayZ survival sessions all require servers capable of managing demand without lag or interruption. Nitrado has consistently met these requirements, providing stability for both small private groups and larger multiplayer communities.
The recognition comes at a time when server hosting has become critical to the success of modern games. The rise of live-service models, frequent DLC releases, and growing player bases has made infrastructure a competitive differentiator. Hosting platforms that can update quickly, manage new expansions, and support community tools are essential for maintaining engagement.
For players, this translates into uninterrupted sessions and reliable access to content. For developers, it ensures that game updates are supported with minimal disruption. Software Experts’ analysis noted that Nitrado’s approach positions it well within this broader industry context.
Nitrado’s recognition by Software Experts as the leader in best game server hosting reflects its consistent performance across multiple titles, timely integration of expansions and updates, and investment in tools that support both administrators and communities.
As online communities expand and games evolve, the importance of reliability, performance, and community integration will only increase. Nitrado’s ability to address these needs underscores why it was recognized as a top choice for 2025.
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