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Rivalry Announces Record Third Quarter 2022 Results and First-Ever Profitable Month in October

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3 years ago

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Esports Betting, Expanded Casino Offering, and Deepened Brand Footprint Among Next Generation Consumers Drive Record Quarter and Net Profit in October

  • Record betting handle of $70.3 million in Q3 2022, up 203% year-over-year, and 83% quarter-over-quarter.

  • Record revenue of $7.1 million in Q3 2022, up 93% year-over-year, and 35% quarter-over-quarter.

  • Gross profit of $2.1 million in Q3 2022, an increase of 263% year-over-year and consistent with Q2 2022.

  • Momentum has continued into the fourth quarter with a single-month record betting handle of $37.2 million and revenue of $4.5 million in October 2022, achieving the first profitable month in the Company’s history.

  • Operating leverage and profitable customer unit economics set stage for accelerated growth as the Company scales into new verticals and markets.

  • Strong cash position and no debt provides an important foundation for further execution.

Rivalry Corp., an internationally regulated sports betting, media, and technology company, today announced its financial results for the three and nine-month periods ended September 30, 2022. The Company also announced preliminary results for the month of October, 2022. All dollar figures are quoted in Canadian dollars.

“Our leading brand position among Millennial and Gen Z consumers was a catalyst in generating meaningful revenue from esports betting during a period of several tentpole international events, and ultimately driving record results in the third quarter,” said Steven Salz, Co-Founder and CEO of Rivalry. “Our differentiated strategy and product offering is key in connecting with a demographic that legacy operators aren’t equipped to serve. We’ve created brand equity, loyalty, and consumer engagement that continue to guide our successful player acquisition and retention strategy, enhance customer unit economics, and highlight the operating leverage within the business that increases as we scale.”

“The momentum we saw during Q3 has continued into this current quarter as we delivered record results in October, including reaching our first profitable month,” Salz continued. “Delivering a clean net profit on a normalized basis is a promising validation of our overarching strategy which prioritizes sustainable user economics and careful capital allocation. While October will likely set our high benchmark in 2022 as seasonally one of the strongest months, we believe our +20% month-over-month average growth over the past year, successful casino product expansion, and increased market share ownership of esports betting positively signals directionally as to where we are headed on underlying profitability in the future.”

Third Quarter 2022 Highlights

  • Betting handle was $70.3 million in Q3 2022, a year-over-year increase of 203% compared to $23.2 million in Q3 2021, and up 83% sequentially from $38.4 million in Q2 2022. Betting handle exceeded the previous record quarterly high of $40.2 million reported by the Company in Q1 2022.

  • Revenue was a record $7.1 million in the third quarter, a year-over-year increase of 93% from $3.7 million in Q3 2021, and represented the Company’s highest-ever revenue in any quarter. Revenue was up 35% sequentially from $5.3 million in Q2 2022.

  • The Company launched its first-ever casino game during the quarter and saw immediate impact, contributing 30% of betting handle and 15% of revenue in Q3 2022 despite minimal marketing efforts.

  • Gross profit was $2.1 million in the third quarter, a year-over-year increase of $1.5 million or 263% from $0.6 million in Q3 2021, and up 1% sequentially from $2.1 million in Q2 2022.

  • Company maintained a market leadership position among next generation consumers with 82% of active users under the age of 30-years old and continues to highlight significant opportunities in esports betting, demonstrated by over 90% of sportsbook handle derived from esports in Q3 2022.

  • The Company had $23.0 million of cash and no debt as at September 30, 2022.

 

October 2022 Preliminary Results

  • Betting handle for the month ended October 31, 2022 was $37.2 million, a year-over-year increase of 190% compared to $12.8 million in October 2021, representing an all-time single-month record for the Company.

  • Revenue was $4.5 million in October 2022, a year-over-year increase of 501% from $0.7 million in October 2021, and also represented a single-month record.

  • Gross profit was $2.1 million in October 2022, a single-month record, equaling the entire reported Q3 2022 gross profit.

  • October delivered the Company’s first monthly net profit, on a normalized basis, representing a meaningful milestone that demonstrates the inherent operating leverage in the Company’s model and path forward to future sustained profitability.

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iGaming Ontario Appoints Joseph Hillier as its New President and CEO

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3 hours ago

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September 2, 2025

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The iGaming Ontario Board of Directors has announced Joseph Hillier as the organization’s new President and Chief Executive Officer, effective September 8, 2025. Joseph’s depth in the Ontario igaming market combined with successful public and private sector careers make him the ideal President and CEO at this critical point in iGaming Ontario’s growth.

Joseph was most recently Chief Strategy Officer and Corporate Secretary at the Alcohol and Gaming Commission of Ontario (AGCO), where he delivered significant strategic and regulatory initiatives across the province’s alcohol, cannabis, gaming, and horse racing sectors. Prior to the AGCO, he served as Chief of Staff to Ontario Attorney General Hon. Doug Downey and led the development, launch and implementation of Canada’s first private sector-driven igaming market and the creation of iGaming Ontario. Joseph also spent more than a decade working in the financial and legal services sectors.

The Board expressed its sincere thanks to David Smith for serving as Interim President and Chief Executive Officer since Martha Otton’s retirement.

The post iGaming Ontario Appoints Joseph Hillier as its New President and CEO appeared first on Gaming and Gambling Industry in the Americas.

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Blanka Homor Sales Director at Playson

Playson strengthens Ontario foothold with Casino Time integration

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3 hours ago

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September 2, 2025

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Partnership accelerates supplier’s continued expansion across North America

 Playson, the accomplished digital entertainment supplier, has bolstered its presence in Canada after securing a new partnership with Casino Time, one of Ontario’s fastest growing regulated operators.

Casino Time will benefit from Playson’s comprehensive Hold and Win portfolio, which consistently features among the supplier’s top-performing titles released to market.

Coin Strike: Hold and Win, Thunder Coins: Hold and Win, and Diamonds Power: Hold and Win are among the releases now available to the Casino Time player base, courtesy of a seamless integration via Light & Wonder’s aggregation platform.

Renowned for its retail presence across Ontario, Casino Time has successfully bridged the gap between physical and digital gaming since entering the province’s regulated iGaming market in 2024. Its online offering is set to reach new heights with the addition of Playson’s titles, which offer immersive gameplay and captivating visuals that are proven to increase player retention and satisfaction.

The latest agreement coincides with a significant period of growth in North America for Playson, underlining its long-term vision of expanding its market share in regulated territories with key operators.

Blanka Homor, Sales Director at Playson, said: “Ontario is a market of major significance for us in North America and so it is great to join ties with such a household name.

“Casino Time’s online expansion continues to soar and we are confident our Hold and Win collection will resonate with local players, offering them alternative ways of engaging in captivating slot experiences.”

Jeffrey Holmes, Chief Operating Officer at Casino Time, said: “Partnering with Playson is an exciting step in our mission to deliver the very best in online casino entertainment. Their Hold and Win titles are a proven hit in multiple markets, and we are certain these will add a unique dynamic to our slot library.

“This collaboration strengthens our ability to bridge the gap between retail and digital gaming, while giving our players fresh, immersive experiences.”

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Golden Nugget Online Casino Debuts in Ontario

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5 days ago

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August 28, 2025

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Golden Nugget Online Gaming has officially entered the Canada online casino market with its launch in Ontario.

Backed by DraftKings technology, the brand is now offering players a feature-rich mobile and desktop gaming platform. This move also marks the first time the Golden Nugget brand has expanded outside the US.

The casino debuted with more than 2000 slot titles, alongside blackjack, roulette, and craps. The platform is available on iOS and Android, ensuring accessibility across devices.

With its debut in “The Heartland Province,” Ontario becomes the fifth region where Golden Nugget operates, joining Michigan, New Jersey, Pennsylvania, and West Virginia.

Matt Kalish, President of DraftKings North America, noted that this development is a welcome opportunity for the brand to provide top-quality online casino gaming for players in a burgeoning iGaming market.

Kalish added: “Golden Nugget is one of the most iconic brands in gaming, and we are thrilled to be live in Ontario with its robust mobile casino offering. The Golden Nugget Online Gaming casino app offers hundreds of popular casino games, exclusive content, smooth navigation, premium support, and a dynamic loyalty program – all backed by DraftKings’ cutting-edge technology.”

Ontario’s regulated iGaming market is already crowded. iGaming Ontario reports that the province hosts 50 licensed operators and 87 active gaming websites. Importantly, online casinos account for 88% of cash wagers. In June alone, the vertical produced CA$243 million in net gaming revenue from CA$7.26 billion in total wagers.

Golden Nugget aims to stand out with both classic and exclusive content. Players can access land-based favorites like Huff N’ More Puff, Cleopatra, and Hypernova Megaways. Exclusive DraftKings titles such as Rocket, Dollar Up, and Quakey Shakey also enhance the library. Many jackpot titles even exceed $1 million.

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