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Rivalry Reports First Quarter 2024 Results, Expands Into Crypto Segment Through Rivalry Token

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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, 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.

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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.

Canada

High Roller Submits Gaming License Application in Ontario

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High Roller Submits Gaming License Application in Ontario

 

High Roller Technologies, operator of the premium online casino brands High Roller and Fruta, announced the submission of its Internet Gaming Operator license application in Ontario, Canada, targeting the launch of its flagship brand HighRoller.com in the second half of 2025.

“The submission of our licensing application to access Ontario’s regulated online gambling market is an important milestone in our Company’s journey. Once our application is approved, we anticipate that we will have the opportunity to launch our online casino product into the market later this year,” said Ben Clemes, Chief Executive Officer at High Roller.

Ontario is one of the largest regulated online gambling markets in the world as measured by gross gaming revenue. In 2024, regulated online gambling operators within the province generated approximately $2.3B in gross gaming revenue, and growth continues to be recorded in the first half of 2025. Recently, the province of Alberta passed enabling legislation to establish a regulatory framework for online gambling. Once available, the Company also intends to pursue licensure in Alberta to expand its regulated market footprint in Canada.

“Ontario is missing an elegant brand like High Roller. We’re excited to roll out the red carpet for our new customers, and we’re looking forward to showcasing our tremendous product,” said Clemes.

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IAGR announces program for IAGR2025 conference in Toronto

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IAGR announces program for IAGR2025 conference in Toronto

 

The International Association of Gaming Regulators (IAGR) has released the program for its upcoming annual conference, to be held in Toronto from 20-23 October.

With the theme ‘Resilient regulation: Exploring what works, why and what’s next’, the event brings together global regulators and thought leaders to examine how regulatory frameworks can evolve to meet today’s challenges.

The four-day program explores timely issues, including the rise of AI and behavioural analytics, the impact of converging technologies, cross-border collaboration and the continued push to strengthen responsible gambling policies.

IAGR President Ben Haden said the program offers a strong preview of the content and conversations delegates can expect in Toronto.

‘This year’s program showcases the breadth and complexity of the challenges facing gambling regulators worldwide, from protecting player wellbeing to tackling illegal markets and understanding new technologies,’ Haden said.

‘I encourage regulators, researchers and policy professionals from around the world to join us in Toronto. The conference is a space to learn, share experience, challenge assumptions and shape the future of effective, collaborative regulation.’

Confirmed speakers and panellists include:

  • Andrew Rhodes, CEO, Gambling Commission, Great Britain
  • Anders Dorph, Director, Danish Gambling Authority, Denmark
  • Dr Karin Schnarr, CEO and Registrar, Alcohol and Gaming Commission of Ontario, Canada
  • Mark Vander Linden, Director of Research and Responsible Gaming and Carrie Torrisi, Chief of Sports Wagering Division, Massachusetts Gaming Commission, United States
  • Bashir Are, CEO, Lagos State Lotteries and Gaming Authority, Nigeria
  • Teo Chun Ching, Chief Executive, Gambling Regulatory Authority, Singapore
  • Ladipo Abiose Akolade, Founder, GamblePause Initiative Africa, Nigeria
  • Rasmus Kjaergaard, CEO, Mindway AI, Denmark
  • Tracy Parker, Senior Vice President, Accreditation, Advisory and Insights, Responsible Gambling Council, Canada
  • Pedro Romero, Chief of Safer Gambling Partnerships, BetBlocker, Gibraltar
  • Sonia Wasowska, Head of Supervision, General Commercial Gaming Regulatory Authority, United Arab Emirates
  • Steven Blackburn, Partner, Ashurst Risk Advisory, Australia

The event will be held at The Westin Harbour Castle on Toronto’s waterfront.

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Canada

Edmonton Elks, Play Alberta Connect on New Partnership

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Home field advantage has a new name, as the Edmonton Elks announced that Play Alberta Field at Commonwealth Stadium is now the home of the Elks.

The field naming rights are part of a broader multi-year agreement between Play Alberta and the EE, making Play Alberta the official sports betting partner of the Club.

“We couldn’t be more excited to expand our partnership with Play Alberta. This partnership is about more than just putting a name on the field – it’s about building something meaningful for our fans and our community. Play Alberta is an Alberta-based organization that shares our values and our commitment to giving back. Together, we’re creating new ways for fans to connect with our team and experience the game day atmosphere in a whole new way,” said Elks President and CEO Chris Morris.

The expanded relationship between the Elks and Play Alberta will allow the game day experience to continue to grow. Fans can look forward to unique activations and promotions around the stadium, including the chance to win game tickets and memorabilia.

“Since Play Alberta’s launch five years ago, our team has made it a priority to connect with the communities where our players live and work. We are very excited to join the Edmonton Elks on the field on game days during upcoming CFL seasons. Play Alberta Field at Commonwealth Stadium allows us to partner with the Elks and showcase two brands built for Albertans in a historic Edmonton location,” said Alberta Gaming, Liquor and Cannabis Chief Executive Officer Kandice Machado.

The Elks open their 76th season on Saturday, June 7 in Vancouver when they take on the B.C. Lions. Edmonton’s home opener at Play Alberta Field at Commonwealth Stadium is slated for Thursday, June 19 against the Montreal Alouettes.

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