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Rivalry Reports 192% Growth in Handle and 60% Growth in Revenue for Q2 2023, Projects Profitability in H1 2024

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Rivalry Corp. (the “Company” or “Rivalry”) (TSXV: RVLY) (OTCQX: RVLCF) (FSE: 9VK), an internationally regulated sports betting and media company, today announced its financial results for the three- and six-month periods ended June 30, 2023. Rivalry has also provided revenue guidance that the Company anticipates reaching profitability in the first half of next year. All dollar figures are quoted in Canadian dollars.

“In Q2 we delivered a nearly three-fold increase in handle year-over-year,” said Steven Salz, Co-Founder and CEO of Rivalry. “Increased marketing sophistication and enhancements to our core product have led to operational improvements, increased player wallet share, and a material year-over-year reduction in cost of customer acquisition, positioning us well in the coming quarters. The growing strength in these underlying fundamentals continues to validate Rivalry’s global brand leadership in esports betting, and more broadly, in delivering a world class online gambling experience for the next generation of fans.”

“Our position among young Millennial and Gen Z customers represents one of our greatest competitive advantages, but has also presented unique learnings regarding betting behaviors. Generally we experience higher margin volatility within the sportsbook among this demographic, which impacted revenue this quarter,” Salz added. “That said, challenges like this come with our position at the bleeding edge of a demographic shift in online gambling, and it has also allowed Rivalry to learn more than other operators about what is needed to succeed among this coveted cohort. In the immediate term we have been tuning our operational initiatives to address normalizing margin and seeing early results. And to contextualize the upside potential of this work, at consistent industry average margins Rivalry would have been profitable in Q1 and Q2 this year against the betting handle we generated. With these ongoing adjustments being made based on our learnings, alongside the general benefits scaling handle through growth provides to margin, we expect to reduce volatility, positively impacting bottom-line results, and propelling us to profitability in the first half of next year.”

Second Quarter 2023 Highlights

  • Betting handle for the three-month period ended June 30, 2023 was $112.2 million, an increase of $73.8 million or 192% from $38.4 million in Q2 2022, while reducing marketing spend 6% year-over-year.
  • Casino has helped offset historical esports seasonality slowdown in Q2, contributing toward revenue diversity and growth, adding $57.5 million in handle during the second quarter.
  • Revenue was $8.5 million in Q2 2023, a record result for a second quarter, representing an increase of $3.2 million or 60% from $5.3 million of revenue in Q2 2022.
  • Gross profit was $3.8 million in Q2 2023, an increase of $1.8 million or 86% from $2.1 million of gross profit in Q2 2022.
  • Net loss was $6.3 million for Q2 2023, a 1% increase from the net loss of $6.2 million in Q2 2022. A select number of low probability esports and sports outcomes, alongside unique behavioral betting habits from Gen Z users, caused increased margin volatility and negatively impacted revenue, which combined with several one-time expenses expanded the Company’s net loss.
  • Adjusting for non-recurring items in the Company’s operational expenses over the last four quarters, Rivalry is pleased to note that its operational expenses have remained nearly flat, while simultaneously delivering triple digit year-over-year growth in betting handle every quarter. It is this clear operating leverage trend, combined with concerted efforts to increasingly stabilize margin at scale, that has led the Company to provide its H1/24 profitability guidance.
  • The Company has continued to broaden its product offering in recent months, including the launch of its mobile app in Ontario and more recently, an industry-first same-game parlay product for esports, structural sportsbook hold rate and customer experience improvements.
  • The Company had $14.0 million of cash and no debt as at June 30, 2023.²

Guidance

  • The Company is providing guidance as it projects to reach profitability in the first half of 2024. This projection is based on several factors, including an expectation of consistent year-over-year revenue growth, slower increases in costs due to operating leverage and disciplined management of expenses, and ongoing product innovation that strengthens the Rivalry brand and leads to increased betting activity and lower cost of customer acquisition.

“We are keen to share a number of additional product releases coming in Q3, beginning with Same Game Combos, our own proprietary version of same-game parlays for esports, which we released just last week,” Salz added. “This feature, and others arriving in the third quarter, strengthens our position at the edge of technical and product innovation, and more broadly, our ability to continue delivering a market-leading betting experience catered to young Millennial and Gen Z consumers. We have barely scratched the surface of the feature set on our deep product roadmap, which we are confident will enable us to win this global generational opportunity in betting.”

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Caesars Digital

EveryMatrix completes iGaming content launch with Caesars Entertainment

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April 10, 2025

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EveryMatrix online casino games content has gone live across five regulated jurisdictions with Caesars Entertainment, extending the technology provider’s reach in the regulated North American market.

EveryMatrix is now providing Caesars’ online casino players in New Jersey, West Virginia, Michigan, Pennsylvania and the Canadian province of Ontario with access to online casino games from its in-house studios, including Armadillo Studios and newly acquired Fantasma Games via integration with SlotMatrix. New game titles are now live across Caesars Palace Online Casino, Caesars Sportsbook & Casino and Horseshoe Online Casino.

EveryMatrix, the industry’s fastest-growing iGaming technology provider, has secured commercial agreements with multiple tier-1 operators in the US, with delivery through SlotMatrix. This includes its first breakthrough aggregation agreement at the end of 2024.

SlotMatrix is the provider’s proprietary aggregation platform and the industry’s largest content library with more than 34,000 games from 350+ studios.

Using the full power of SlotMatrix, North American brands can offer their customers exclusive EveryMatrix games plus a host of best-performing, third-party live and slots content, further enhanced by EveryMatrix’s gamification and player engagement features including free spins, leaderboards and tournaments.

EveryMatrix has more than 300 global customers and holds North American licences in Ontario, New Jersey, Michigan, West Virginia, Connecticut and Pennsylvania.

Erik Nyman, President, EveryMatrix Americas, said: “We’re very happy to be live on Caesars’ digital platforms across multiple jurisdictions in the U.S. and Canada, including Fantasma Games content that has proven to be a huge hit with U.S. players.

“It is an honour to partner with Caesars Entertainment, as their position and strong brand equity speak for itself. We have shaped a strong relationship with Caesars leading up to go-live that has carried over to the operational phase.”

“SlotMatrix is a casino aggregation platform not just with the largest portfolio of studios but also encompassing unique proprietary player engagement features that are a true game changer for brands, now available to Caesars’ online casino players.”

Matt Sunderland, Senior Vice President and Chief iGaming Officer at Caesars Digital, said: “Completing this launch with our partners at EveryMatrix marks another milestone for our online casino players. We’re pleased to enhance our online casino platforms with an expanded catalogue featuring a variety of these new titles, which we believe will provide our players with an even more engaging and enjoyable gaming experience.”

The post EveryMatrix completes iGaming content launch with Caesars Entertainment appeared first on Gaming and Gambling Industry in the Americas.

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Aaron LaBerge

PENN Entertainment Launches Stand-alone iCasino App, theScore Casino, in Ontario

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53 minutes ago

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April 10, 2025

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PENN Entertainment announced that it has launched theScore Casino, a new stand-alone iCasino app in Ontario. The dedicated online casino experience leverages the popular theScore brand, which has been a mainstay in the Ontario market for decades. Now available on Android, iOS, and desktop, customers can login using their existing theScore Bet credentials, allowing for a seamless experience across online gaming platforms.

theScore Casino operates on the same cutting-edge proprietary technology platform as PENN’s online Hollywood Casino, which launched as a standalone product in the US in December. The product was recently ranked by Eilers & Krejcik as the #2 overall iCasino product in the US.

theScore Casino, also available within theScore Bet app, offers a variety of online slots, table games, and live dealer content, including original titles from PENN Game Studios, the company’s in-house game development studio. theScore Casino also includes bespoke live dealer tables and exclusive games such as Blue Jays Blackjack, an original title leveraging theScore Bet’s partnership with the Toronto Blue Jays.

“We’re excited to introduce our dedicated iCasino product in Ontario under the well-known and trusted theScore brand. We’ve built a strong online gaming foothold in the Ontario market and are primed to deliver an even better casino experience with our proven stand-alone app. Our customer-friendly platform features more than 1200 games, dozens of original titles and intuitive game play that distinguishes our product and positions us for even greater success,” said Aaron LaBerge, Chief Technology Officer and Head of Interactive at PENN Entertainment.

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Ben Clemes

High Roller Appoints Seth Young as SVP of Corporate Strategy and Investor Relation

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53 minutes ago

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April 10, 2025

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High Roller Technologies, operator of the premium online casino brands High Roller and Fruta, has appointed Seth Young as Senior Vice President (SVP) of Corporate Strategy & Investor Relations. In his new role, Mr. Young will collaborate with the management team to shape and implement the Company’s long-term business strategy.

“We are thrilled to welcome Seth Young to our team. His over 20 years of industry experience, combined with his extensive knowledge of gaming technologies, strategic planning, and business development, will be invaluable as we continue to build on High Roller’s strong position in the industry,” said Ben Clemes, CEO of High Roller Technologies.

Mr. Young is a widely recognized interactive gaming expert with a successful track record of continuously being at the forefront of new gaming technologies and strategies.

Prior to joining High Roller, Mr. Young served as Chief Innovation Officer at PointsBet, where he was responsible for strategic corporate development efforts including fundraising, new market development, government affairs, regulatory affairs, and more. He also previously served as Chief Operating Officer at FSG Digital, Executive Director of Online Gaming at Foxwoods Resort Casino, Chief Operating Officer at Flower City Gaming, and Director of Strategy for TexasHoldem.com.

Additionally, Mr. Young is a founding partner of GMA Consulting, an internationally respected consulting firm serving the gaming, sports, entertainment, and hospitality sectors. Young also serves on the Board of Directors for Kinectify, EQL Games, Kindbridge Behavioral Health, and Aquimo.

Mr. Young has been recognized for his contributions to the gaming industry, receiving the Innovation Group’s 2018 Emerging Leaders of Gaming Award and being named to Global Gaming Business Magazine’s 40 Under 40 list in the same year.

“It is a privilege to join High Roller and work alongside such a highly reputable, innovative, and deeply experienced team. The Company offers a world-class consumer entertainment experience through its highly premium brands, and I have no doubt High Roller is uniquely positioned for continued growth and success,” Seth Young said.

The post High Roller Appoints Seth Young as SVP of Corporate Strategy and Investor Relation appeared first on Gaming and Gambling Industry in the Americas.

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