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Rivalry Announces 2023 Annual Letter to Shareholders and Filing of 2023 Annual Financial Statements

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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.

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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.

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BETesporte Reinforces Commitment to Sports with Major Investments Across Brazil

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Investment in championships, clubs, and national teams expands media assets and positions BETesporte as a key player in Brazil’s sports market.

BETesporte, a betting platform that proudly carries “sports” in its name, is reaffirming its leadership in the industry by reporting consistent investment results over the past four months. While most betting platforms generate the majority of their revenue from online games (virtual casinos), BETesporte stands out as one of the few where sports betting leads the way — accounting for 65% of its total revenue, compared to 35% from online games. This figure directly reflects its brand strategy and commitment to strengthening Brazilian sports.

Over the last four months, we’ve consolidated our presence on multiple fronts, focusing on strategic returns and high-quality visibility. We’ve sponsored several state championships in all regions of the country, including the Paulista, Paranaense, Carioca, Alagoano, Gaúcho, Pernambucano, Cearense, Catarinense, Baiano, and Mineiro tournaments, as well as the highly engaging Copa do Nordeste. We’ve also invested in Series A and B of the Brasileirão, placing our brand on Brazil’s biggest football stages and ensuring mass exposure with a high value per impression. It’s a strategic allocation of resources designed to generate brand impact and strengthen the Brazilian sports ecosystem,” said Thiago Carvalho, CFO at BETesporte.

Among the platform’s most notable recent acquisitions is brand exposure during Brazil’s national team matches in the World Cup Qualifiers — a move that reinforces BETesporte’s presence on the global football stage and strengthens its connection with fans during highly visible moments.

We truly believe in the power of sports as a driver of connection and engagement. At BETesporte, we’re constantly investing in improving our platform with new features and more real-time betting options. Our marketing plan is performance-oriented: we aim to energize Brazil’s sports scene through active sponsorships in Series A and B of the national league — with master sponsorships, LED field displays, and direct club support. We bet on sports both as a passion and a business,” added Danylo Campos, CTO of BETesporte.

Beyond football, BETesporte is expanding its social impact by supporting up-and-coming athletes, providing financial assistance to help them compete and grow in sports like kickboxing, table tennis, and jiu-jitsu — an initiative that helps uncover new talent and democratize access to high-performance sports.

The company also maintains partnerships with traditional clubs like CRB, CSA, and Volta Redonda, reinforcing its regional presence and boosting local fanbases with strong community ties.

BETesporte’s credibility is further strengthened by the presence of legendary Brazilian football figures as brand ambassadors, including Zico, Vampeta, Diego Souza, and Macaé — personalities who bring even more legitimacy to the company’s presence in the sports world.

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Gambling in the USA

California Gambling Control Commission Advances Licensing, Tribal Partnerships, and Responsible Gaming Initiatives

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Sacramento, CA — In a meeting packed with regulatory updates and licensing decisions, the California Gambling Control Commission (CGCC) convened on April 24 to advance numerous agenda items impacting the state’s gambling landscape—from tribal gaming approvals to responsible gambling programs and operator renewals.

Problem Gambling & Public Health Takes the Stage

The Commission meeting opened with a presentation by Sosha Marasigan-Quintero from the California Department of Public Health, offering an overview and update on the California Problem Gambling Treatment Services Program. While no specific staff recommendations were provided, the update underscores California’s continued focus on behavioral health in gambling.

Tribal Revenue Distribution Approved

The Commission approved the quarterly distribution of payments from the Revenue Sharing Trust Fund to eligible recipient Indian Tribes. This routine, yet vital, procedure ensures the equitable distribution of revenue to support tribal sovereignty and infrastructure across the state.

Cardroom Licensing: Approvals and Extensions

Among key licensing matters:

  • 500 Club Casino (K & M Casinos, Inc.) received both initial and renewal owner-type license approvals through January 2027.

  • Casino Chico, Hollywood Park Casino, and Lake Bowl Cardroom were granted renewals and short-term extensions, some with conditions such as improving record-keeping systems or ensuring regulatory compliance ahead of reopening.

  • Hotel Del Rio & Casino was granted a 60-day extension under several strict conditions, including updated safety plans and the restatement of commingled financial records.

Key Employee Licensing Actions

The Commission approved several initial and renewal key employee licenses. Notably:

  • Jeffrey Thompson was approved with a condition prohibiting involvement in illegal gambling activities.

  • Kevin Lee and George Rahme received 120-day extensions for renewal processing.

Third-Party Proposition Player Services Under Scrutiny

The Commission approved both initial and temporary licenses for Fortune Players Group, Inc., with a lengthy list of conditions tied to the conduct of a former associate, Rene Medina. These conditions highlight the Commission’s ongoing vigilance in monitoring third-party player services and maintaining compliance across operations.

Progressive Gaming, LLC was also approved for an initial license, further expanding third-party service provider capacity.

Gaming Resource Suppliers & Tribal Approvals

Initial suitability findings for several prominent tribal gaming resource suppliers were approved, including:

  • HCAL, LLC

  • JCM Global

  • Konami Gaming, Inc.

  • PDS Gaming, LLC

Dozens of tribal gaming employees were also approved for key positions at tribal casinos across California, reflecting the Commission’s continued support of tribal gaming operations and the necessary workforce to support it.

Notable Withdrawals and Denials

In two notable cases, requests to withdraw license applications—Josephine Hoang and Jesus Bojorquez—were denied, signaling the Commission’s increased scrutiny and emphasis on applicant accountability.

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A Broader Look Ahead

With regulatory reform on the horizon and ongoing efforts to promote responsible gaming, the April 2025 CGCC meeting showcased a mix of routine license management and deeper engagement with emerging compliance issues. As the Commission prepares for the next quarter, the groundwork laid in this session will likely influence policy developments and enforcement trends across California’s gambling sector.

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CONCEPT AND NEW GAMES REVOLUTIONIZE PALACE BINGO & SPORTS BETS IN CANCÚN

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CONCEPT AND NEW GAMES REVOLUTIONIZE PALACE BINGO & SPORTS BETS IN CANCÚN

 

Palace Bingo & Sports Bets Casino in Cancún has taken a major step forward by introducing Zitro’s revolutionary CONCEPT cabinet line and new games that promise to elevate the gaming experience in this iconic Mexican tourist destination.

The newly installed titles—Legendary SwordTriple Charm JourneyFairyland Quest, and Merging Fu Pots —are designed to appeal to all types of players. They feature stunning graphics, innovative mechanics, and rewarding prizes that enhance the excitement of play.

Representatives from El Palacio de los Números commented: “The addition of Zitro’s games and CONCEPT cabinets at our Cancún casino has been an overwhelming success. Player feedback has been exceptional, with many praising the visual quality, engaging gameplay, and the wide range of prizes. This new offering is undoubtedly transforming the gaming experience on our floor.”

Johnny Ortiz Viveiros, founder of Zitro, added: “We’re very pleased that Palace Bingo & Sports Bets Casino in Cancún has again chosen Zitro to innovate its entertainment lineup. The combination of our CONCEPT cabinets and new games provides a unique player experience and drives profitability for the operator.”

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Gaming Americas Q4 Meetup (20 Nov, 2024)

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