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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

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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.

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Canada

The Mill Adventure Secures Gaming-related Supplier License in Ontario

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The Mill Adventure has announced that it has secured a gaming-related supplier license from the Alcohol and Gaming Commission of Ontario (AGCO).

The Mill Adventure can now provide its full-service player account management (PAM) platform to licensed operators in Ontario. This achievement demonstrates the provider’s proactive approach to capturing opportunities in fast-evolving, regulated markets.

As one of North America’s most dynamic iGaming markets, Ontario offers substantial growth potential for innovative companies, providing unique avenues for exploring cutting-edge technologies, diverse player engagement strategies, and partnerships with leading operators.

“The dedication and ingenuity of our team, coupled with our stringent compliance standards, have propelled us to this significant milestone. We are eager to introduce our platform to local operators and revolutionize gaming experiences in this thriving region,” Bjørnar Heggernes, Commercial Director at The Mill Adventure, said.

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The Mill Adventure platform, acclaimed for its operational efficiency and unique player engagement capabilities, merges sophisticated technology with inventive functionality — from SmartLobbies, its AI-powered casino management solution to Betpool, a feature designed to reimagine casino and sportsbook as social hubs. The platform features state-of-the-art tools, including a fully automated casino management system, in-house promotional tools, in-depth analytics, and robust security features for fraud and risk management, automated withdrawals, and Responsible Gaming — all designed to ensure relevance and excellence in a competitive market while being fully compliant.

Honored with the “Platform Innovation of the Year” title at SBC’s recent CasinoBeats Awards, the company continues to lead the way in ensuring seamless and secure gaming experiences and is poised to meet the high standards and expectations of Ontario’s operators and players.

In addition to Ontario, The Mill Adventure holds licenses in Germany, Sweden, Romania, and Malta, as well as platform certifications in the Netherlands, Portugal, and Georgia — regulatory recognitions that underscore the company’s reputation for exceptional compliance proficiency in the global iGaming industry.

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Canada

GiG signs iGaming platform agreement to expand Ontario market footprint

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GiG signs iGaming platform agreement to expand Ontario market footprint

 

Gaming Innovation Group (GiG) has announced the signing of a Head of Terms with Ventures Lab, for the provision of its award winning iGaming platform, and AI tools DataX and LogicX, marking the fourth partner for GiG in the Canadian province and supporting GiG’s global strategy for regulated market growth.

The agreement with Ventures Lab in Ontario will fully utilise the capability of the platform and the ability to support speed to market. GiG’s experience in Ontario and in global regulated markets, and as exclusive regulated markets provider for the brand, the deal includes scope to leverage the possibility to expand into a multi-jurisdictional partnership in the future.

GiG has focused its suite of pioneering solutions on driving exponential growth in revenue for operators with its highly scalable iGaming platform, offering localised third party content and leading suppliers for the Ontarian market. GiGs peerless gamification layer creates an optimised and immersive casino experience tailored to regional preferences, powering increases in both client retention and player engagement.

As part of the deal, Ventures Lab will benefit from the full power of dynamic AI tools DataX and LogicX. With a growing emphasis on cutting-edge artificial intelligence and automation, the incorporation of the advanced machine learning models into it’s toolkit, with enhancing decision-making processes and rule building will help deliver significant increases in player acquisition and customer retention.

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With the reporting year starting April 1st, iGaming in Ontario has published that the 2023-24 year ended with online gaming revenue topping at €3.8 billion, an 88% increase over the previous year, representing the opportunity for significant growth throughout the province.

Andrew Cochrane, Chief Business Officer at GiG, commented, “GiG is continuing to attract experienced partners who trust in our ability as the technology partner to drive efficiency and profitability in their operations. This agreement further underpins our powerful strategy to capitalise on the overwhelming potential within our market leading solutions, forming strong new partnerships in core regulated markets, with the intention of reaching and exceeding our ambitious growth targets for the business.”

Carlos Strazzer, Chief Executive Officer at Ventures Lab added: “This collaboration will enable us to drive substantial growth and expansion leveraging GiGs vast experience in regulated markets and their leading technology. We’re very much looking forward to delivering an unparalleled betting experience for the Ontarian market and seizing the opportunities this region holds.”

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Canada

SUZOHAPP Becomes Sponsor of Canadian Gaming Summit

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SUZOHAPP has become a sponsor of this year’s Canadian Gaming Summit.

“We are thrilled to participate in and support the Canadian Gaming Summit, as Canada presents immense opportunities in the retail sector and the industry is rapidly expanding in this region. Ontario was the first territory to allow retail sports betting and our installation of sports betting terminals in premier locations such as Fallsview Casino Resort and Casino Niagara has set the stage for further expansion in that market,” Sim Bielak, President of SUZOHAPP, said.

Sim Bielak will be a speaker on one of the panels, sharing his industry insight on capturing the attention of the next generation of Canadian gamblers. The panel, titled “Next-Gen gamification: engaging Millennials and Gen Z”, is scheduled for Thursday 20 from 11.45 am – 12.30 pm.

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