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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

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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