

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.”
Buffey Bourassa
Social Gaming Leadership Alliance: California Tribes Rise Up Against AB 831

Members of Kletsel Dehe Wintun Nation, the Sherwood Valley Rancheria of Pomo Indians, the Mechoopda Indian Tribe of Chico Rancheria and Big Lagoon Rancheria gathered outside the State Capitol in Sacramento to protest Assembly Bill 831 (AB 831).
If passed, the bill would limit economic opportunities available to less wealthy tribes in the state by banning legitimate online social games using sweepstakes promotions. It would also eliminate more than $1 billion of existing economic activity generated by the industry in California, and close off a potential new revenue source for the state via sensible, modern regulation and taxation.
“AB831 is a flawed and rushed bill that lacks broad tribal consensus. As Kletsel Dehe Wintun Nation, the Sherwood Valley Rancheria of Pomo Indians, the Mechoopda Indian Tribe of Chico Rancheria and Big Lagoon Rancheria have made clear, this bill would limit economic options available to tribes and worsen already fragile economic conditions. What California lawmakers should focus on instead is creating proper regulation that supports online social games, creates new revenue sources for the state and protects economic opportunities for all tribes,” said Jeff Duncan, Executive Director of SGLA and former Congressman.
The tribes’ protest focused on the following themes:
• Economic Disparity. Tribes in more geographically isolated areas often lack the scale and resources of wealthy, established gaming tribes. The policies proposed in AB 831 would eliminate digital commerce opportunities for economically disadvantaged tribes to partner with social gaming operators that could provide essential supplemental revenue streams to fund essential services such as healthcare, education, housing, food security, and social programs.
• Lack of Tribal Unity. The increasing number of tribes coming out in opposition to AB 831 highlights the growing divide amongst tribal nations when it comes to the legislation.
• Violation of Tribal Sovereignty. AB 831 contains broad criminalization language that would impose criminal penalties on those who “support directly or indirectly the operation, conduct, or promotion of an online sweepstakes game.” As written, AB 831 also applies to tribal nations. Extending State criminal jurisdiction into Indian Country violates federal law and is an encroachment on tribal sovereignty.
“For communities long overlooked and geographically isolated, digital commerce is not a luxury – it is a lifeline. AB 831 would sever that lifeline. Tribal members gather at the State Capitol today to ask lawmakers to stand for tribal equity, sovereignty, and economic justice by voting NO on AB 831,” said Eric Wright, Tribal Administrator of Kletsel Dehe Wintun Nation and CEO of Kletsel Economic Development Authority, the tribe’s economic development arm.
“We were proud to join with other tribes at the Capitol in Sacramento to tell lawmakers that eliminating legitimate, regulated digital enterprise will only deepen the disparities our people face, erode our tribal self-sufficiency, and contradict California’s stated commitment to equity and inclusion for all tribal nations. We call on California legislators to reject AB 831 and instead advance inclusive policies that support digital innovation, economic diversification, and tribal self-determination. The future of our communities depends on it,” Buffey Bourassa, Secretary of the Sherwood Valley Rancheria of Pomo Indians, said.
“This bill has moved forward without meaningful consultation with our tribes, and it threatens to even further entrench a two-tiered system that benefits wealthy gaming tribes while marginalizing more rural nations like ours. We urge California lawmakers to reject AB 831 and stand firmly for tribal sovereignty, equity, and economic justice,” said Dennis Ramirez, Chairman of the Mechoopda Indian Tribe of Chico Rancheria.
Previously, Kletsel Dehe Wintun Nation, the Sherwood Valley Rancheria of Pomo Indians, the Mechoopda Indian Tribe of Chico Rancheria, and Big Lagoon Rancheria have sent letters to state legislators, including President pro Tempore Senator Mike McGuire and Senate Appropriations Committee Chair Senator Anna Caballero, voicing their opposition against AB 831 and the harm the bill would cause their tribes.
AB 831 was introduced as a last-minute “gut-and-amend” bill in July. The members of these tribal nations and others are urging California lawmakers to reject AB 831 and instead pursue policies that expand economic opportunity, respect tribal sovereignty, and preserve access to popular forms of digital entertainment for all Californians.
The post Social Gaming Leadership Alliance: California Tribes Rise Up Against AB 831 appeared first on Gaming and Gambling Industry in the Americas.
Betty
Thunderkick commits to growth in Ontario with Betty partnership

Independent slots studio Thunderkick has agreed a deal with Ontario-based operator Betty to supply the rapidly growing online casino with a diverse collection of globally popular titles.
Betty, an official partner of sporting franchises Toronto Maple Leafs and Toronto Raptors, has risen to prominence since its 2022 establishment, when it was built following the consultation of 300 casino players to create the optimal iGaming environment.
Distinguishing itself from North American competitors by catering specifically to slot enthusiasts rather than sports bettors, the operator has curated a portfolio of 2,800 games, hand-picked to deliver customers maximum entertainment value.
Thunderkick’s content is the latest to be integrated into Betty’s online casino, and the agreement will see a selection of its most popular titles, including The Wildos 2, Midas Golden Touch 3, and Esqueleto Explosivo 3, made available to a greater number of Ontarian players.
Thunderkick marked its debut in the Canadian province in Q2 of 2024, and has since partnered with a network of leading operators to improve its market position. The collaboration with Betty will further amplify its visibility in a key jurisdiction as the provider looks to reinforce its reputation as a global slot developer.
Svante Sahlström, CCO at Thunderkick, said: “It’s our mission at Thunderkick to go deeper, not wider, in 2025. That means forging meaningful, lasting relationships in target markets as opposed to securing as many commercial deals as possible.
“Since entering Ontario over 12 months ago, we have worked tirelessly to enhance our presence in the province, and working with leading brands such as Betty allows us to bring our unique games to a deeper pool of Canadian players.”
Paraskeva Smirnova, Casino Operations Manager at Betty, added: “Betty’s USP has always been our drive to build a slot portfolio with the very best titles from the industry’s most creative suppliers.
“Thunderkick’s passion for slot development is there for all to see, and the introduction of its games to our casino further elevates the consumer experience.”
The post Thunderkick commits to growth in Ontario with Betty partnership appeared first on Gaming and Gambling Industry in the Americas.
Greece
Betsson Becomes the Official Naming Partner and Main Sponsor of ARIS BC

Betsson, one of the world’s leading sports betting and gaming operators, has announced the renewal and expansion of its partnership with ARIS Basketball Club for the 2025/26 season.
Under the new agreement, Betsson will continue as the Main Sponsor of the club while also becoming its Official Naming Partner. The Betsson brand will feature prominently on the front of the official team jersey, reflecting the elevated level of the partnership.
The collaboration, which established in 2023, has gone from strength to strength, built on a shared commitment to promoting basketball and engaging with the passionate ARIS fanbase. This expanded sponsorship reflects the mutual trust, respect and ambition between Betsson and one of Greece’s most historic clubs.
With the arrival of the team’s new investor and owner, Richard Xiao and the launch of an ambitious transformation plan, ARIS BC is entering a new era of growth and modernisation.
Agapitos Diakogiannis, CEO of ARIS BC, said: “Our partnership with Betsson, which is now further strengthened through its role as Main Sponsor and Naming Partner, stands as a strong vote of confidence in ARIS’ vision and momentum. Together, we are entering a new era with the ambition of restoring the club to where it truly belongs – at the top – building on our values, our history, and the unwavering passion of our supporters”.
Thanos Marinos, Managing Director of Betsson Greece, said: “Betsson proudly stands beside ARIS BC during this period of renewal and momentum. Our ambition is to support the club’s growth, enhance its visibility, and deepen the bond with its loyal supporters. ARIS is a legendary club with a unique identity and passionate fanbase, and we are excited to contribute to its journey forward.
“With more than 60 years of history and a presence in more than 24 markets worldwide, Betsson brings global expertise in sports and entertainment, fostering responsible, innovative, and meaningful partnerships that create value for communities and the game alike.”
The post Betsson Becomes the Official Naming Partner and Main Sponsor of ARIS BC appeared first on European Gaming Industry News.
-
gaming3 years ago
ODIN by 4Players: Immersive, state-of-the-art in-game audio launches into the next generation of gaming
-
EEG iGaming Directory9 years ago
iSoftBet continues to grow with new release Forest Mania
-
News7 years ago
Softbroke collaborates with Asia Live Tech for the expansion of the service line in the igaming market
-
News7 years ago
Super Bowl LIII: NFL Fans Can Bet on the #1 Sportsbook Review Site Betting-Super-Bowl.com, Providing Free Unbiased and Trusted News, Picks and Predictions
-
iGaming Industry8 years ago
Rick Meitzler appointed to the Indian Gaming Magazine Advisory Board for 2018
-
News7 years ago
REVEALED: Top eSports players set to earn $3.2 million in 2019
-
iGaming Industry8 years ago
French Senator raises Loot Boxes to France’s Gambling Regulator
-
News7 years ago
Exclusive Interview with Miklos Handa (Founder of the email marketing solutions, “MailMike.net”), speaker at Vienna International Gaming Expo 2018