Canada
Rivalry Announces Record Fourth Quarter, Year-End 2022, and All-Time High Quarterly Revenue In Preliminary Q1 2023 Results
Rivalry Corp., an internationally regulated sports betting and media company, today announced its financial results for the three and 12-month periods ended December 31, 2022. The Company also announced preliminary results for the three-month period ended March 31, 2023. All dollar figures are quoted in Canadian dollars.
“Our market strategy and operational excellence continues to build upon consecutive record-setting quarters, driving a strong finish to the year and a robust Q1, while simultaneously demonstrating sequential narrowing losses on our path to profitability,” said Steven Salz, Co-Founder and CEO of Rivalry. “Underpinning our growth is significant brand loyalty among the Millennial and Gen Z audience and true product innovation in online betting, enabling every marketing dollar to go further, enhancing retention, and creating a distinctly unique platform. Rivalry continues to be economically rewarded for taking an inventive approach to the betting experience and tailoring it for a demographic with unique consumption habits.”
Full-Year 2022 Financial Highlights
- Betting handle was $232.8 million in 2022, an increase of 198% compared to $78.2 million in 2021.
- Revenue was a record $26.6 million in 2022, an increase of 140% from $11.0 million in 2021.
- Gross profit was $9.8 million in 2022, an increase of $7.6 million or 349% from $2.2 million in 2021.
- Net loss for the year was $31.1 million, compared to a net loss of $24.3 million in 2021. The 2022 net loss includes $8.2 million of share-based compensation expense, a non-cash item, compared to $10.5 million of share-based compensation expense in 2021.
- The Company had $16.4 million of cash and no debt as at December 31, 2022.2
Fourth Quarter 2022 Financial Highlights
- Betting handle was $83.9 million in Q4 2022, a year-over-year increase of 237% compared to $24.9 million in Q4 2021, and up 19% sequentially from the previous record quarterly handle of $70.3 million in Q3 2022.
- Revenue was $9.4 million in Q4 2022, a year-over-year increase of 338% from $2.2 million in Q4 2021, and represented the Company’s highest-ever revenue up to that point. Revenue was up 32% sequentially from $7.1 million in Q3 2022.
- Sportsbook revenue of $7.1 million in Q4 2022 was $1.0 million higher than in Q3 2022, driven by a very strong month in October. Gaming revenue of $2.3 million was up by $1.2 million or 119% over Q3 2022, as the Company began offering a wider set of casino games on its Casino.exe platform.
- Gross profit was $5.0 million in Q4 2022, a year-over-year increase of $4.6 million from $0.4 million in Q4 2021, and up 139% sequentially from $2.1 million in Q3 2022.
- Net loss for Q4 2022 was $12.3 million. The net loss included $6.4 million of share-based compensation, a non-cash expense that is not expected to recur in future periods, as well as non-recurring spending of $1.1 million. Absent those non-recurring items, the Q4 2022 adjusted net loss was $4.9 million3, in line with a trend of narrowing losses over the past four quarters.
First Quarter 2023 Preliminary Results4
- Betting handle for the three-month period ended March 31, 2023 was $120.2 million, an increase of $80.0 million or 199% from $40.2 million in Q1 2022. Betting handle increased by $36.2 million or 43% from the previous quarterly record of $83.9 million in Q4 2022.
- Revenue for Q1 2023 was $12.0 million, an increase of $7.2 million or 151% from $4.8 million in Q1 2022, and up $2.5 million or 27% over Q4 2022 revenue of $9.4 million.
- Gross profit was $5.4 million in Q1 2023, an increase of $4.8 million from $0.7 million of gross profit in Q1 2022, and up $0.4 million or 9% from Q4 2022 gross profit of $5.0 million.
- These results were achieved with a 10% reduction in marketing spend YoY.
- Net loss was $3.5 million for Q1 2023, compared to a net loss of $6.6 million in Q1 2022.
Operational Highlights
- Rivalry obtained licences in its first two fully regulated markets, commencing gaming operations in Ontario on April 4, 2022 and in Australia on May 9, 2022.
- The Company added mobile esports to its sportsbook in March 2022, enabling customers to wager on a variety of competitive esports played on mobile devices.
- The Company entered the casino segment with its first third-party game in Q3 2022 and launched its proprietary platform Casino.exe in the fourth quarter with several additional games.
- Customer registrations increased to approximately 1.5 million by the end of Q1 2023.
- Rivalry’s creator partner network and owned media properties reached a total of 85 million followers, deepening reach, acquisition, and engagement among core target audience.
- Company brand strategy helped maintain market-leading position among next generation of bettors, with Millennial and Gen Z consumers accounting for 97% of active users in 2022.
- Esports betting continues to drive significant growth, representing nearly 90% of sportsbook handle in 2022.
- The Company expanded its casino offering in January 2023 with eight new titles including live dealer and table games, and debuted Casino.exe in its home market of Ontario in March 2023.
- On April 26, 2023, Rivalry announced a private placement for gross proceeds of up to $10 million (the “Private Placement”) with participation from key sports betting, technology, and payments stakeholders, signaling a vote of confidence in the Company’s user economics and ability to execute within this emerging vertical. The Private Placement is expected to close in one or more tranches commencing on or about May 5, 2023.
Outlook
“We have reached an inflection point in the business where the economic return of our strategy and unique position at the intersection of esports and betting has outlined a clear path to profitability,” Salz added. “We are well-positioned to scale efficiently throughout the year, with a collection of near and long-term initiatives that will contribute to our disruptive product and brand.”
Initiatives the Company expects to drive continued growth in 2023 include:
- Expanding our esports offering to deepen our core product, attract new customers, and establish the most comprehensive product globally.
- Continued evolution of our interactive Casino.exe platform and release of additional proprietary and third-party games that cater to our core demographic and further establish a betting experience unique to Rivalry.
- Continued product development, including new betting markets and proprietary platform features, to meet shifting consumption habits of Millennial and Gen Z consumers.
- Launch of a mobile app in our regulated markets to increase accessibility of our product and player acquisition.
- Geographic expansion to increase our addressable market and customer base.
- Expanded brand execution through premium content, creator partner programming, and community activations to enhance customer engagement and retention, solidifying Rivalry’s leadership position among next generation consumers.
- Continuing to grow our investor base through proactive capital markets outreach.
AGCO
AGCO Fines Great Canadian Casino Resort Toronto $350,000 for Serious Regulatory Violations Linked to Impromptu After-Party on Gaming Floor

The Alcohol and Gaming Commission of Ontario (AGCO) has issued monetary penalties totaling $350,000 against Great Canadian Casino Resort Toronto for multiple violations of provincial gaming standards. The penalties follow an impromptu after-party that was permitted to take place in the pre-dawn hours directly on the casino’s gaming floor.
On September 27, 2024, an electronic dance music event attended by thousands of people was hosted in the theatre adjacent to the casino at Great Canadian Casino Resort Toronto. The event was marked by widespread intoxication, disorderly behavior, and numerous criminal and medical incidents – both inside and outside the venue – including alleged assaults, drug overdoses, and acts of public indecency. Although paid duty officers were present, additional police and emergency services were required to manage the situation.
In the midst of this high-risk environment, casino management approved an unscheduled request by the performing artist to host an after-party on the active gaming floor. The artist and more than 400 guests were permitted onto the gaming floor where the artist was allowed to perform amidst operational table games and gaming machines – without any prior risk assessment or planning.
As a result, security personnel were unable to effectively control the casino floor, including witness reports that an attendee was seen climbing onto slot machines. Failure to maintain appropriate control compromises the security, safety, and integrity of the casino floor. Following the conclusion of the event, the operator failed to promptly report these incidents to the AGCO as required.
Based on the findings of its review, the AGCO’s Registrar has issued an Order of Monetary Penalty (OMP) totaling $350,000 against Great Canadian Casino Resort Toronto. These penalties address critical failures in their operations, incident reporting, employee training, and the management of disturbances.
A gaming operator served with an OMP has 15 days to appeal the Registrar’s decision to the Licence Appeal Tribunal (LAT), an adjudicative tribunal that is part of Tribunals Ontario and independent of the AGCO.
“Casino operators have a fundamental duty to control their gaming environment. Great Canadian Casino Resort Toronto’s lapses in this incident compromised the safety of patrons and the security and integrity of the gaming floor,” Dr. Karin Schnarr, Chief Executive Officer and Registrar of AGCO, said.
The post AGCO Fines Great Canadian Casino Resort Toronto $350,000 for Serious Regulatory Violations Linked to Impromptu After-Party on Gaming Floor appeared first on Gaming and Gambling Industry in the Americas.
Canada
IGT and Atlantic Lottery Sign Eight-Year Video Lottery Central System Technology Agreement

International Game Technology PLC announced that its subsidiary, IGT Canada Solutions ULC (hereinafter “IGT”), signed an eight-year agreement with Atlantic Lottery to supply its IntelligenEVO video lottery central system technology across Atlantic Canada. The agreement includes the option for multiple extensions and positions the Atlantic Lottery to become the first World Lottery Association (WLA)-affiliated lottery operator to deploy IGT’s next-generation central management system in a game-to-system (G2S) distributed market.
“By leveraging IGT’s IntelligenEVO technology, Atlantic Lottery will power its video lottery network with the industry’s best-in-class central system and position itself to maximize future contributions to good causes. As an organization that prioritizes system security and exceptional player experiences, Atlantic Lottery believes that IGT’s IntelliegnEVO solution will help generate high player satisfaction and optimal network performance,” said Michael MacKinnon, Atlantic Lottery VP, Product.
“As a long-time supplier to Atlantic Lottery, IGT looks forward to helping the Lottery achieve its growth and player engagement goals with our leading-edge IntelligenEVO video lottery central system. IGT’s IntelligenEVO is a scalable technology for the WLA market that is backed by decades of experience and operator feedback, and maximizes the benefits of real-time data, cloud-based technologies and in-depth analytics,” said David Flinn, IGT SVP Canada, EMEA and LATAM, Gaming Sales.
With peak system security, network availability and responsible gaming functionalities, IntelligenEVO is a reliable, scalable solution that can meet the needs of today and in the future. The solution will accelerate time-to-market and enables the Atlantic Lottery to benefit from the system’s suite of player-focused functionality. The technology’s G2S and open API design optimizes data collection and delivery and will enable Atlantic Lottery to customize their program for evolving player needs.
The post IGT and Atlantic Lottery Sign Eight-Year Video Lottery Central System Technology Agreement appeared first on Gaming and Gambling Industry in the Americas.
BetRivers
NetGaming Goes Live in Ontario with Rush Street Interactive via BetRivers Platform

NetGaming, a fast-growing online casino content supplier, is proud to announce its launch in Ontario with Rush Street Interactive, Inc., a leading online casino and sports betting company in the United States, Canada and Latin America. This strategic collaboration marks a significant milestone for NetGaming as it continues to expand its footprint across regulated North American markets.
As part of the launch, Ontario players on BetRivers can now enjoy a diverse portfolio of NetGaming titles, known for their high-quality graphics, immersive gameplay, and unique themes. Standout games such as Zeus’s Thunderbolt, Bison Gold, and Fireball Inferno are among the first to go live, with additional titles set to follow soon.
This partnership is just the beginning. NetGaming plans to extend its collaboration with Rush Street Interactive into Michigan, New Jersey, Pennsylvania, Delaware, and Mexico over the coming months.
Pallavi Deshmukh, CEO of NetGaming, commented: “We are thrilled to go live with Rush Street Interactive, a powerhouse operator with a strong presence and loyal player base. This launch marks a significant milestone in our
North American expansion strategy and underscores our commitment to delivering exceptional gaming experiences tailored to local player preferences across the region.”
Richard Schwartz, CEO of Rush Street Interactive, commented: “We are pleased to partner with NetGaming to bring innovative, premium games to our players in Ontario. This collaboration aligns with our strategy to offer world-class
entertainment through engaging, action-packed online casino games. We look forward to expanding this partnership into additional regulated markets in the months ahead.”
This strategic partnership highlights both companies’ dedication to providing high- quality, innovative, and responsible entertainment to players in regulated markets.
The post NetGaming Goes Live in Ontario with Rush Street Interactive via BetRivers Platform appeared first on Gaming and Gambling Industry in the Americas.
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