Canada
Rivalry Reports First Quarter 2024 Results, Expands Into Crypto Segment Through Rivalry Token
Rivalry Corp. (the “Company” or “Rivalry”) (TSXV: RVLY) (OTCQX: RVLCF) (FSE: 9VK), the leading sportsbook and iGaming operator for Gen Z, today announced financial results for the three-month period ended March 31, 2024. The Company also announced Rivalry Token, a native cryptocurrency token that will act as a nexus between Rivalry, Web3, and gamblers. All dollar figures are quoted in Canadian dollars.
“Our first quarter results saw a return to growth with sequential increases in betting handle, gross gaming revenue, and net revenue,” said Steven Salz, Co-Founder and CEO of Rivalry. “We are also very encouraged by the improvement to net revenue margin experienced in the quarter, hitting an all-time record, proving our strategy is delivering results, and representing a meaningful improvement as compared to the average levels experienced throughout 2023. Additionally, interest in our original casino content continues to build, unlocking B2B revenue opportunities that we are keen to detail more fully in the near future.”
“Today we also announced a decisive move to more deeply tap into the significant global crypto gambling market through Rivalry Token. This represents a meaningful strategic step for Rivalry, complementing our existing approach which focuses on a generation that grew up immersed in gaming and internet culture, and now extending that reach to the crypto community. The Venn diagram of Gen Z, gamblers, gamers, and crypto enthusiasts or crypto curious has an extremely high degree of overlap that we are uniquely positioned to access.”
“Alongside this announcement, we have also released an overhaul of our homepage, a more fulsome crypto wallet experience, and adjusted the onboarding experience for new users to materially reduce friction while maintaining compliance. Together, this represents a meaningful effort to access a higher value crypto gambling cohort, adding more depth and reach to Rivalry’s global network. This comes at an opportune time, as momentum in crypto gambling has been building amongst our target audience and they’ve been gravitating towards it. By expanding our product offering into this segment, it positions us to compete and win as we innovate product and gain access to this higher value customer cohort.”
First Quarter 2024 Highlights
Betting handle for Q1 2024 was $94.7 million, increasing by $9.6 million, or 11% as compared to Q4 2023.
Gross gaming revenue (“GGR”)2 was $7.7 million in Q1 2024, up $1.3 million, or 20% from $6.4 million in Q4 2023.
Net revenue3 was $4.5 million in Q1 2024, increasing by $1.5 million, or 51% from $3.0 million in Q4 2023. As a percentage of GGR, the Q1 2024 net revenue margin of 58.5% was the highest in Company history, and compares to 45.4% in FY 2023. As a percentage of betting handle, the net revenue margin of 4.7% was the highest of the past five quarters. The improvements reflect ongoing initiatives to increase margins through innovation and adjustments to the product offering.
The Casino segment continues to be a strong contributor, generating 59% of betting handle and 19% of GGR in the quarter. Segment results reflect the ongoing expansion of Rivalry’s casino product line, including the original game Cash & Dash released in the second half of 2023.
Net loss was $5.2 million in Q1 2024, the Company’s narrowest net loss of the last four quarters.
The Company had $9.4 million of cash as at March 31, 2024.4
Rivalry released a basketball same-game-parlay product coinciding with the 2024 NBA playoffs, building on the Company’s growing traditional sports vertical. This has supported both acquisition efforts and net revenue margin enhancement.
The Company also released pre-made-parlays, driving meaningful customer interest and improving sportsbook hold.
Rivalry released shareable bet slips during the quarter, introducing a social feature to increase user acquisition and community engagement.
Rivalry continues to explore interest in licensing its first-party casino games, accelerating the advancement of its B2B vertical.
The Company is updating its profitability guidance from the first half of 2024 to by the end of 2024.
Rivalry Token
Rivalry has today revealed Rivalry Token, a native crypto token on the blockchain to add increased functionality, economics, and user experiences across the Company’s product suite, continuing Rivalry’s track record of innovation in online betting. The launch of Rivalry Token, anticipated to arrive in H2 2024, represents one of several forthcoming initiatives to position Rivalry in the crypto gambling market and better serve its core audience of under-30 bettors.
“Online gambling is the latest web-based consumer category being increasingly disrupted by blockchain technologies with greater speed, access, and functionality than their legacy counterparts,” Salz added. “Tech-savvy bettors are leading a behavioral shift towards more experiential and crypto-enabled gambling experiences that are taking wallet share from incumbents at an accelerated rate.”
“Rivalry is well-positioned to access the growth opportunity in crypto with a proven product set, a brand entrenched in internet culture, and a captive audience of digitally native users that are driving this economic renaissance. The launch of Rivalry Token, alongside a broader expansion into cryptocurrencies, strengthens our product-market fit among an under-30 audience and positions us competitively to capture a meaningful share of this fast-growing and highly valuable segment of the market.”
Rivalry Token will be a utility token integrated within Rivalry’s product suite – from sportsbook to casino and more – with built-in properties to enhance the customer experience from end-to-end. This introduces a dynamic relationship where every sports wager and casino spin, win or lose, is rewarded with a decentralized asset that delivers meaningful real money utility for the player. The Company expects its token will drive an increase in player engagement, loyalty, and advocacy by establishing more positive economic alignment between itself and users.
Rivalry has today launched a pre-farming campaign called PLAY-2-EARN, where users can begin accumulating interim token points through site activity and eventually social media which will be converted into Rivalry Tokens later this year.
Following the official launch, Rivalry Token will be available for players to use on Rivalry in all of the Company’s active markets excluding Ontario and Australia.
The Company will release more information about Rivalry Token throughout the coming months, including commercial partners, token economics, and more.
Investor Conference Call
Management will host a conference call at 10:00 a.m. EDT on Thursday, May 30, 2024 to discuss the Company’s first quarter 2024 financial results and its expansion into the cryptocurrency space.
GeoLocs by mkodo, proven and trusted provider of geolocation services built exclusively for the iGaming industry, is excited to announce its partnership with casino operator, Casino Time. This collaboration marks a significant milestone in delivering secure and seamless online gaming experiences to Casino Time players in Ontario.
With the legalisation of iGaming in Ontario 2 years ago, regulatory compliance and player safety are top priorities for operators across North America. GeoLocs state-of-the-art geolocation compliance technology, coupled with its dedication to data protection (as seen by the recent ISO certification), provide Casino Time with guaranteed compliance while prioritising player privacy.
Through GeoLocs’ intuitive and easy-to-implement SDK and the highly self-serviceable GeoLocs platform, Casino Time provides its players with a seamless user experience, requiring no additional downloads, resulting in uninterrupted access to their favourite games while maintaining compliance with Ontario’s iGaming regulations.
Jeffrey Holmes, COO at Casino Time said: “Casino Time’s mission is to create the best possible gaming experience for its users and partnering with GeoLocs for our geolocation verification service means that we can provide our players with an online casino experience like no other. An experience that is secure and seamless, whilst also remaining compliant with regulations set out by the province of Ontario. The support provided by the team at GeoLocs has been incredible and their knowledge of geolocation and the Ontario market is second to none. With GeoLocs, we can ensure that our operations meet regulatory requirements while delivering a frictionless experience for our players.”
Stuart Godfree, Managing Director at mkodo, said: “We are excited to partner with Casino Time to support their expansion into the Ontario iGaming market. GeoLocs is designed to prioritise data protection and regulatory compliance while delivering a seamless experience for both operators and players. With GeoLocs technology, Casino Time can operate with confidence, knowing that they are meeting regulatory standards and providing their players with a safe and secure gaming environment.”
The partnership between GeoLocs and Casino Time demonstrates a shared commitment to excellence, compliance, and player experience in the iGaming industry. By leveraging GeoLocs’ advanced geolocation technology, Casino Time aims to enhance its position as a leading provider of online gaming experiences in Ontario.
Canada
Great Canadian Entertainment and Petroglyph Development Group Announce Historic Transaction of Casino Nanaimo
Great Canadian Entertainment, Canada’s leading gaming and hospitality company, announced that it has signed a definitive agreement to sell its landmark Vancouver Island property, Casino Nanaimo, to Petroglyph Development Group Ltd (Petroglyph) in a historic transaction for both parties. Petroglyph is a wholly owned corporation of the Snuneymuxw First Nation dedicated to realizing the economic potential of the Nation.
Great Canadian’s Board of Directors unanimously approved the transaction, which remains subject to customary closing conditions as well as customary approvals by the regulatory authorities. Under the terms of the definitive agreement, the Company will provide transition services to Petroglyph for up to two years post-closing.
“We are very pleased to have executed this agreement. As the operator of Casino Nanaimo since its inception in 1986, we believe that under Petroglyph’s steady management, this transaction will provide Casino Nanaimo, its guests and team members with an exciting new chapter. We look forward to the closing and then working with the Petroglyph team during the transition period to ensure an outstanding outcome for all parties,” said Matt Anfinson, Chief Executive Officer of the Company.
“We celebrate our partnership with Great Canadian and our entry into B.C.’s casino industry. We are committed to bringing Snuneymuxw’s local expertise to an established tradition of outstanding guest service and meaningful community contributions. Honouring the decades of work by past Snuneymuxw Chiefs and Councils, we look forward to closing the definitive agreement and realizing our collective vision with the Great Canadian team. This collaboration promises to bring significant benefits and substantial economic growth to our Nation and the local community,” said Snuneymuxw Chief Mike Wyse.
Erralyn Joseph, President of Petroglyph Development Group (PDG), said: “The Snuneymuxw group of companies are profoundly honoured to support Snuneymuxw economic growth in significant and meaningful ways. In addition to our pending acquisition of the business, we are honoured to announce the return of the associated land once closing is completed, a part of the Snuneymuxw xwsol’lexwel village. On behalf of the Board of Directors, we are pleased to share this news and remain committed to advancing the region’s economic growth in support of all its residents.”
Ian Simpson, Chief Executive Officer of PDG, said: “Acquiring this significant asset will unlock unprecedented economic potential for Snuneymuxw and PDG, paving the way for transformative growth in Snuneymuxw’s economy and the profits that PDG returns to our Nation.”
McMillan is serving as legal counsel to Great Canadian. McCarthy Tétrault is acting as legal counsel and KPMG Corporate Finance Inc. is acting as financial advisor to Petroglyph.
Canada
Canada set to host the next BLAST R6 Major with world’s best Rainbow Six esports players to compete in Montreal in November
World’s best Rainbow Six Siege esports teams from 9 regions will compete in Montreal, Canada. $750,000 in total prize pool up for grabs at final Major of 2024.
Today, Ubisoft and BLAST have released details for the final BLAST Rainbow Six Major of Season 2024, which is due to take place in Montreal, Canada from 7 to 17 of November.
Rainbow Six Esports is back in Canada for the first time since 2023, with Montreal’s Verdun Auditorium set to welcome 20 of the world’s best teams over two weeks in November. The BLAST R6 Major Montreal will feature a three-phase format with the final weekend playing out in front of a live audience with thousands of fans expected to pack out the Verdun Arena.
Tickets are available here: eventim.ca
Dates & location:
- Phase 1: 7 – 8 November – not open to public
- Phase 2: 10 – 13 November – not open to public
- Phase 3: 15 – 17 November – open to the public at the Verdun Auditorium, Montreal
Venue: Verdun Auditorium
Address: 4110 Bd LaSalle, Verdun, QC H4G 2A5, Canada
With Stage 2 of the Regional Leagues is set to get underway from September, teams across the nine different regions of BLAST R6 will be looking to become one of the 20 teams to qualify for the Montreal Major. These teams will compete for the lion’s share of the USD $750,000 prize pool, as well as points to qualify for the Six Invitational 2025.
Montreal and Rainbow Six have a long history together since the teams behind the development of Rainbow Six Siege are based in Ubisoft offices in Montreal. The city had previously hosted international Rainbow Six Esports tournaments such as the 2018, 2019, 2020, and 2023 editions of Rainbow Six’s SIX Invitational where Brazilian team w7m had been crowned World Champions.
Additional details on the venue, ticketing, and more are available via Eventim here: eventim.ca
For more information about BLAST R6, please visit rainbow6.com and follow us on social media.
-
Gambling in the USA6 days agoMGM Resorts International Announces Agreement to Acquire Tipico’s U.S. Sportsbook
-
Latest News4 days agoSCCG Managed Services Selects PLYMKR for Innovative Betting Kiosks and Retail Gaming Solutions to Support Projects with Tribal and Commercial Operators
-
Canada4 days agoCanada set to host the next BLAST R6 Major with world’s best Rainbow Six esports players to compete in Montreal in November
-
Gaming5 days agoNZXT and FlyQuest Forge Strategic Partnership Empowering Professional Gamers and Content Creators
-
Latest News2 days agoScientific Games and Fremantle Continue Successful Licensing Partnership with Iconic TV Game Show Brands
-
Latest News4 days agoFirst casual-gaming-like eInstants in Brazilian market – Fennica Gaming Launches its eInstant Games in Brazil with LottoCap
-
Canada4 days agoCasino Time Partners with GeoLocs for Enhanced Geolocation Compliance in Ontario
-
Latest News3 days agoGeoComply announces minority investment in Betting Hero