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Latest News
Rivalry Reports 192% Growth in Handle and 60% Growth in Revenue for Q2 2023, Projects Profitability in H1 2024
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.”
Latest News
Week 8/2025 slot games releases
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Here are this weeks latest slots releases compiled by European Gaming
Tom Horn Gaming is thrilled to announce the launch of its latest Hold & Win slot game, Majestic Coins. This high-volatility 3×3 slot takes players on a winning quest, where shimmering coins, respins, and grand jackpots lead to massive wins. Set against a sleek black 3×3 reel grid with 5 win lines, Majestic Coins offers classic slot excitement with a modern twist.
Candy Links Bonanza 2 is the newest slot game from Stakelogic, inviting you to wander through magical realms filled with delightfully sweet treats. Amidst this charming backdrop, two 5×5 grids are placed side by side. The grid on the right is where all the gameplay unfolds, while the other grid collects coins. Forming lines of coins wins their values and activates the powerful Wheels of Fortune!
Step into a world where opulence meets nature in Zillion’s latest release, Royal Crown Fruits – a dazzling slot experience filled with vibrant fruit symbols, golden crowns, and thrilling rewards. With 20 winning lines, the game blends classic charm with modern excitement, offering players a chance to strike royal-sized wins.
Big Time Gaming is back with its most exhilarating instalment yet. Max Megaways III invites players to gear up and embark on a high-stakes Arctic mission that’s shaken, stirred, and loaded with epic rewards. In this 6-reel Megaways™ slot, players get up to 117,649 ways to win, and that’s just the start of the action. Armed with MegaDozer™ mechanics, Free Spins, and a treasure trove of bonuses, Max Megaways III is set to deliver edge-of-your-seat excitement like never before.
Play’n GO delves into the mysteries of ancient Egypt with the release of Myth of Dead, a visually stunning slot that combines engaging gameplay with the allure of legendary treasures. This 5-reel, 3-row game with 10 paylines offers a captivating journey into a world ruled by powerful deities and golden riches.
Belatra Games, the specialist online slots developer, has released Blast the Bass, a brand new title that immerses players into an adventure on the open seas. Set out in the deep ocean, Blast the Bass brings together engaging mechanics, big bonus features and fun graphics that entertain players on every spin. A salty old skipper acts as the Wild symbol and will substitute for all regular symbols to combine for winning lines.
Push Gaming has launched Mad Blast, a volatile, multiplier-focused, pay-anywhere game that builds crazy robots along with wild winnings. Set in the workshop of the Mad Tinkerer, quirky, colourful bomb symbols populate the reels, with eight or more required to award a win. Winning symbols are removed from play, and the cascade of replacement icons allows subsequent wins to be formed.
Relax Gaming has revealed Glyph of Gods, an Egyptian-themed slot where hieroglyphs hold the key to wins. Bringing a fresh take on the much-loved Egyptian theme, this game features Glyph Positions which allow for Wild, Bonus, and Glyph symbols to land in dedicated spots, opening up multiple opportunities for big winning moments.
Blueprint Gaming returns in style with Big Catch Even Bigger Bass, offering a plethora of modifiers to maximise players’ winning potential. After years of success with its iconic Fishin’ Frenzy™ series, Blueprint has moved from the ocean to a picturesque lake where a bait box of aquatic symbols take their place on the 6×4, 4,096 win matrix, nestled in a mountainous landscape.
Amusnet announces the exclusive launch of 20 Wild Goals at Betano in Romania from February 20th to March 24th, 2025. 20 Wild Goals is a 5-reel video slot set in a stadium environment, offering 20 paylines. The Wild symbol, represented by a ball, expands to cover the entire reel, boosting the potential for higher wins. The tumbling reel feature adds a layer of excitement by removing winning combinations and increasing multipliers with each subsequent spin.
The post Week 8/2025 slot games releases appeared first on European Gaming Industry News.
Industry News
IGT Achieves Improved ESG Score from FTSE Russell
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International Game Technology PLC announced that it has achieved an environmental, social and governance (ESG) Score of 4.3 out of 5.0 from FTSE Russell, positioning IGT in the 97th percentile within the Travel and Leisure sector of FTSE Russell’s ESG Scores. This was an improvement from IGT’s previous ESG Score of 4.2 out of 5.0 in 2023, demonstrating its ongoing commitment to enhancing ESG performance.
“As a company committed to continually elevating our sustainability practices and leadership, IGT is proud to once again achieve an improved ESG score from FTSE Russell. Through our global Sustainable Play program, we execute sustainable practices and policies throughout our company and this improved score validates our ongoing efforts,” Wendy Montgomery, SVP of Marketing, Communications and Sustainability at IGT, said.
FTSE Russell’s ESG Scores and data model allows investors to understand a company’s exposure to, and management of, ESG issues in multiple dimensions. The ESG Scores are comprises an overall rating that breaks down into underlying pillar and theme exposures. Scores built on over 300 individual indicator assessments are applied to each company’s unique circumstances. The ESG Scores align with the UN Sustainable Development Goals (SDGs), all of which are reflected in FTSE Russell’s ESG framework.
The post IGT Achieves Improved ESG Score from FTSE Russell appeared first on European Gaming Industry News.
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Playtech’s Bingo Technology Powers Buzz Bingo’s Launch of Innovative Omni-channel Experience
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Playtech announced the launch of Buzz Bingo’s groundbreaking omni-channel bingo game, Big Money Live.
Big Money Live sets a new standard in the bingo proposition by seamlessly combining online and land-based players across all Buzz Bingo clubs into a shared and exciting experience, powered by a low latency video stream with an engaging live presenter.
Officially launched at the end of 2024, Big Money Live debuted with a record-breaking £100,000 prize pool, the largest omni-channel bingo prize in the UK. Players nationwide participated in the exciting new chapter of bingo history, enjoying the game from both the vibrant atmosphere of bingo halls and the comfort of their own homes, showcasing the flexibility of this bingo offering.
Big Money Live is broadcasted from Buzz Bingo’s state-of-the-art studio in Derby and streamed live twice daily, seven days a week. Playtech, in collaboration with its ECM Systems platform, has worked closely with Buzz Bingo to develop a cutting-edge offering that caters to both digital and retail bingo enthusiasts. The seamless delivery of bingo games alongside live video enables entertaining and engaging features to be created around the core games, creating opportunities to attract new and younger audiences to play bingo together online and in-venue.
Marat Koss, VP of Interactive Gaming at Playtech, said: “We are incredibly proud to partner with Buzz Bingo on this project. Big Money Live represents a significant milestone in our ongoing commitment to innovation and excellence in the gaming industry. This collaboration showcases our ability to deliver top-tier technology solutions, such as the ECM handheld machines, that enhance player experiences across multiple channels, including online and retail. We’ve already received great feedback from the industry over this offering and functionality.”
Dave Evans, Chief Product Officer at Buzz Bingo, said: “The launch of Big Money Live marks an exciting new phase for bingo in the UK. Our partnership with Playtech has been instrumental in bringing this vision to life, and we are confident that this game will attract more players and offer bigger prizes than ever before.”
Richard Kearns, Head of Bingo at Buzz Bingo, said: “This new concept is a testament to the hard work and collaboration between our teams and Playtech. We are dedicated to providing innovative and engaging bingo experiences, and Big Money Live is a perfect example of this commitment.”
The post Playtech’s Bingo Technology Powers Buzz Bingo’s Launch of Innovative Omni-channel Experience appeared first on European Gaming Industry News.
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