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Rivalry Issues 2022 Business Update

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Triple-Digit Growth in 2021 and a Fortified Balance Sheet Sets the Stage for Rivalry to Continue Redefining Next Gen Betting and Entertainment in 2022

Rivalry Corp. (the “Company” or “Rivalry”) (TSXV: RVLY) (FSE: 9VK), an internationally regulated sports betting and media company, today issued a letter to shareholders summarizing recent progress and outlining strategic priorities for 2022. The full text of the letter follows. All dollar figures are quoted in Canadian dollars.

Rivalry Corp. 2022 Business Update

To our Shareholders,

At Rivalry Corp. (“Rivalry” or the “Company”) we aspire for every year to exceed the last, and in 2021, our third full year of operating, we did just that. We delivered our strongest growth to date.

Since launch, we have demonstrated discipline and execution. Some highlights:

  • Created the most engaged esports betting brand globally1;
  • Increased revenue more than 600% year-over-year (YoY) to $8.9M as of our most recent reported quarter (Q3 2021) on a year-to-date (YTD) basis;
  • Grew betting handle2 over 180% YoY to $66.1M through October 2021 on a YTD basis, with an implied annual run rate as of the last reported quarter (Q3 2021) of nearly $100M;
  • Customer registrations increased to approximately 600,000 through October 2021 on a YTD basis, up from 350,000 as at 2020 year-end;
  • Customer acquisition costs remain significantly below market and deliver profitable unit economics3;
  • Developed all of our technology in house;
  • Pioneered a new gaming category of Massive Multiplayer Online Gambling Games (MMOGG) with our proprietary title Rushlane;
  • Conditionally granted a sports bookmaker licence in Australia from the Northern Territory Racing Commission (Australia) (the “NTRC”);
  • Submitted an application to the Alcohol and Gaming Commission of Ontario (the “AGCO”) to become a fully registered operator of internet gaming and sports betting in Ontario;
  • Commenced trading via direct listing on the TSX Venture Exchange on October 5, 2021.

Our ambition does not end there. We are confident 2022 will be another record year of accomplishments. The investment we will be making in all key areas of the business will likely exceed the past three years combined. This sets 2022 up for a multitude of material catalysts:

  • Anticipated launch in two new regulated markets, Australia and Ontario;
  • Innovative product releases, demonstrating the power and scalability of our proprietary technology;
  • New originally developed games to complement Rushlane and our MMOGG category;
  • New content and media to continue positioning Rivalry as a market-leading brand at the forefront of internet culture;
  • Launch in new geographies under our existing Isle of Man licence to provide continuous user growth and brand reach across the globe; and
  • Expand our capital markets presence to increase investor awareness.

Backing this effort is a fortified balance sheet with approximately $41.3 million of cash and no debt as at our most recently reported quarter (Q3 2021), a figure several times the amount we spent to build the entire business.

We are executing against a generational opportunity, and our vision is clear:

  1. Become the leader in next-gen sports betting and entertainment globally.
  2. Have the most engaged brand and portfolio of IP (games, content, creators, and more) that is revered and trusted.

We expect that success on these key priorities will make Rivalry transportable into new categories beyond betting. Why? Because we have a loyal user base and a foundation of trust with under 30’s in a regulated framework, fully KYC’d, with funded wallets, who are deeply engaged in our universe.

Rivalry was born through the mutual passion we share with our target audience: gaming and internet culture. At approximately 40% of the global population4, Gen Z and young Millennials, my generation and much of the team represent the largest generational cohort in history. We grew up interfaced with the internet, and view gaming as the sport of the internet. Through that lens, we have shaped Rivalry as a brand that is deeply woven into the fabric of this emerging internet culture that is reshaping multiple consumer industries, in addition to sports betting.

I’m confident Rivalry as a company, and a collection of talented individuals understands better than any of our peers how to navigate and participate in this culture. It is an inevitable generational tidal wave that we are focusing all our efforts on acquiring, retaining, and entertaining.

The growth and market leadership advantages we have created are a product of our disciplined execution on hundreds of large and small details that we deliver as a simple and cohesive user experience. This is how we are building brand equity with long-term sustainable value.

We measure our success on these efforts in revenue growth and margin expansion, healthy customer acquisition metrics, profitable unit economics, and deepening brand engagement.

In 2022 we are committed to expanding our brand leadership not just in next-gen sports betting globally, but in entertainment in this rapidly evolving internet culture that we are part of. It’s my belief that this intersection we live in, and the demographic we are serving, represents one of the biggest opportunities of the coming decade.

I have complete conviction in our team and strategy, which is now underpinned by the strongest balance sheet we have had since the founding. We will continue to deliver, and 2022 will demonstrate to the market what kind of pace we are capable of.

I wish everyone a successful and healthy year.

Steven Salz
Co-Founder & CEO
Rivalry Corp.

________________________
1 Source: Twitonomy, Social Blade, Rival IQ
2 The Company defines “Betting Handle” or “Handle” as the total dollar value accepted in wagers, adjusted for cancellations and corrections.
3 Source: Multiple EU public sportsbook filings
4 Source: United Nations

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Golden Nugget Online Casino Debuts in Ontario

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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.

The post Golden Nugget Online Casino Debuts in Ontario appeared first on Gaming and Gambling Industry in the Americas.

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AGLC

Casino ATM Scam in Edmonton Reveals Money Laundering and Drug Links

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Law enforcement in Alberta continues to search for the last suspect in a sophisticated fraud operation that targeted ATMs in Edmonton-area casinos and resulted in over CAD 1 million ($720,487) in losses throughout Western Canada.

The Royal Canadian Mounted Police (RCMP) has confirmed that Hisham Ismaeel, 28, remains at large with a province-wide warrant for his arrest. He faces charges of fraud exceeding $5000 and possessing proceeds of crime. Police have already arrested four other men linked to the scheme. Investigators describe the operation as a well-planned effort to exploit financial systems and clean dirty money.

The accused, Elliot Miao, 42, Van Bau Ta, 39, Hassan Jaafar Haydar Ahmad, 37, and Dennis Jones, 42, showed up in the Alberta Court of Justice last week. They face charges from fraud and money laundering to owning criminal property. Miao also has a narcotics trafficking charge after police found cocaine when they searched with warrants.

Investigators claim the group made coordinated withdrawals at several casino ATMs, timing their transactions to avoid getting caught. This action messed up ATM networks in the area and showed flaws in the systems that banks and casinos use to stop misuse.

The RCMP Federal Policing Northwest Region led an investigation that involved six search warrants in Edmonton. The Edmonton Police Service, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Alberta Gaming, Liquor and Cannabis (AGLC), and several banks supported this effort. Officials said the case shows how teamwork between public agencies and the private sector plays a key role in combating modern financial crime.

AGLC representatives pointed out that casino operators in the province must follow strict reporting and surveillance rules under Canada’s anti-money laundering laws. The specific casinos affected remain unnamed, but the Edmonton region has seven licensed facilities. AGLC said its policies helped spot problems and backed the RCMP’s investigation.

Compliance experts say this fraud shows how criminals change their methods to take advantage of weak spots in reporting limits and transaction checks. They claim that casinos, which deal with lots of cash, are still easy targets unless they keep improving their detection systems and teach their front-line workers to notice coordinated actions like several big withdrawals happening one after another.

For now, the case highlights both the money and crime aspects of casino-related fraud. Besides the million-dollar losses, finding drugs during the raids points to a bigger criminal operation where financial crimes and drug dealing overlap.

The post Casino ATM Scam in Edmonton Reveals Money Laundering and Drug Links appeared first on Gaming and Gambling Industry in the Americas.

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Bragg Gaming

Bragg Confirms Cyber Attack – Hackers Access Internal IT Systems

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Bragg Gaming Group, a leading online gaming technology provider, has confirmed a major cybersecurity incident that compromised its internal IT infrastructure in the early hours of Saturday, August 16, 2025.

The company detected unauthorized intrusion attempts that successfully breached its internal network, triggering an immediate and comprehensive incident response.

Key Takeaways

  • Bragg Gaming Group experienced a cybersecurity breach involving access to internal IT systems.

  • No customer personal data or payment information appears to have been compromised.

  • The company has enacted full containment and investigation protocols.

Details of the Breach

According to a preliminary forensic analysis by Bragg’s internal security team, the attack was a targeted breach aimed at the company’s internal computer environment. While the exact method of intrusion is still under investigation, early indicators suggest a sophisticated exploit of internal network vulnerabilities.

Fortunately, the company’s customer-facing systems, including sensitive user data and financial information, appear to have been unaffected. Bragg’s existing encryption protocols and access control systems successfully prevented the attackers from accessing customer information.

Immediate Response Measures

In response to the breach, Bragg launched a multi-tiered containment strategy, including:

  • Network Segmentation to isolate affected systems

  • Enhanced Monitoring of data flows across its Remote Games Server (RGS) platform

  • Security Audits of critical infrastructure, including the Bragg Hub and PAM systems

  • Engagement of Independent Cybersecurity Experts to assist in incident analysis and system hardening

Bragg’s Security Operations Center has also elevated its alert level, initiating 24/7 monitoring across all server clusters and network endpoints. In addition, company-wide penetration testing is now underway to proactively identify any residual vulnerabilities.

Business Continuity Maintained

Despite the severity of the breach, Bragg reports that its operations remain unaffected. All gaming services, including iCasino and sportsbook offerings across regulated markets, continue to function without disruption.

“While this incident is deeply concerning, we are confident in the rapid and thorough response initiated by our team,” a company spokesperson stated. “We remain committed to protecting our infrastructure, our partners, and most importantly, our players.”

Looking Ahead

As part of its response, Bragg has also launched mandatory security awareness training for all employees to reinforce best practices and prevent future incidents.

Cybersecurity analysts will continue working with Bragg to determine the full scope of the attack, improve system resilience, and maintain the trust of its users and stakeholders.

Bragg’s handling of the incident highlights both the evolving nature of cybersecurity threats and the importance of robust, responsive defense systems in the digital gaming sector.

Source: cybersecuritynews.com

The post Bragg Confirms Cyber Attack – Hackers Access Internal IT Systems appeared first on Gaming and Gambling Industry in the Americas.

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