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Rivalry Issues 2024 Business Update

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Rivalry Corp. (the “Company” or “Rivalry”) (TSXV: RVLY) (OTCQX: RVLCF) (FSE: 9VK), the leading sportsbook and iGaming operator for Millennials and Gen Z, today issued a letter to shareholders summarizing recent progress and outlining strategic priorities for 2024. The full text of the letter follows. All dollar figures are quoted in Canadian dollars.

 

Rivalry Corp. 2024 Business Update

To our Shareholders,

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Rivalry is defining the future of online gambling for a generation born on the internet.

Our aspiration is to set the standard for what is possible in this category, and to be market leaders in the inevitable generational shift that is underway.

We exited 2023 as a substantially diversified company, both geographically and across our product suite, with the strongest customer KPIs in our history.1 Our esports expertise no longer solely defines us, and our rapid ascent in other segments such as traditional sports, casino, and fantasy outlines the increasingly widening opportunity set we’re realizing as a result of our unrivaled demographic understanding.

Rivalry’s brand has become a bridge to Gen Z experiences. We’ve proven we can acquire, engage, and retain this demographic in gambling products under our umbrella. The value we’re beginning to unlock from this cannot be overstated.

The potential for how far our brand can go is just beginning to unfold. And it is why 2024 is setting up to be a year of significant growth, powered by our relentless pursuit to deliver a one-of-a-kind experience to a digitally native demographic that we can delight better than anyone else.

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What we have built is only made possible by a world-class team excelling at their craft. One that is unafraid to push against the long-standing industry status quo. This high standard has made Rivalry a gravitational center for talent and breeding ground for innovation that we believe is unmatched in the online gambling industry.

This is the engine building operating leverage for Rivalry, enabling us to deliver on growth while maintaining financial discipline, leading us to profitability.

Having taken significant strides toward our vision in 2023, we now enter 2024 hungry for more. In this letter we will highlight some of our achievements last year and share what shareholders can look forward to in 2024.

 

2023 Highlights

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We’re proud of our accomplishments last year:

Maintained growth momentum, with year-to-date reported betting handle increasing 127% to $338.1 million, revenue increasing 70% to $29.2 million, and gross profit up 175% to $13.2 million through Q3 2023 compared to the first nine months of 2022, while marketing spend decreased by 8%.

Proved our Gen Z demographic thesis by leading from the front with gaming and internet culture while diversifying below, with casino growing to nearly 50% of total wagers, followed by esports, and then sports.

Achieved record high customer KPIs, including all-time high average handle per customer, average revenue per user, and record low cost of customer acquisition, demonstrating the operating leverage which compounds with scale.1

Reached key product innovation milestones, including the release of an industry-first same-game parlay product for esports, supporting an improved sportsbook product mix and enhanced margin profile.

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Debuted our iOS mobile app in Ontario, contributing to a 400%+ year-over-year increase in betting handle in the province in Q3 2023.

Rapidly scaled our casino offering with new features, games, and mobile functionality.

Developed and launched our second-ever original game, Cash & Dash, which has already become one of the most popular and highest-grossing casino titles on our platform.

Continued marketing excellence and expanded creator network with over 100 brand partners and 90M+ aggregate followers, creating reliable consumer touch points to engage our core audience and enabling us to drive growth without the use of excessive bonus and promotional offers.

 

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A Generational Brand in Online Gambling Delivering Tangible Business Results

There are generational cycles in technology where new products rise up to serve an emerging customer in a way legacy companies did not. In the online betting space, we believe Rivalry is that company.

It’s reflected in a product suite that looks like nothing else in this category – one that is intrinsically entertaining, culturally relevant, and always evolving. It’s reflected in a brand strategically positioned at the intersection of gaming and internet culture with marketing that spreads globally through unignorable creative work. It’s seen in a company that deliberately stands out in a sea of sameness with a customer base averaging a decade younger than our peers.2

Everything we put out into the world is intentionally-designed to resonate with our target audience. Customers, interested brand partners, and various other stakeholders have come to view Rivalry as a proven onramp to interactive and entertaining experiences broadly, which is opening up exciting possibilities for the Company to expand.

In 2023, this enabled us to launch a standalone NBA fantasy app called Rivalry Ultimate Fan, which is acquiring new users, cross-selling them, and further engaging existing ones in our product universe.

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The value being created from our original game IP is also materializing rapidly. Four months after launching our latest first-party game Cash & Dash, it has become the fifth most-played game on our platform and among the top ten highest-grossing titles by revenue.

In roughly a year’s time, casino has grown to nearly 50% of betting handle, growing 141% year-over-year in Q3 2023 without cannibalizing player wallet share. Casino.exe, our custom-built platform, has represented a key part of our success in this segment by differentiating Rivalry’s casino offering from the others out there.

The connective thread between these things is a highly-nuanced understanding of Gen Z’s consumer behaviors, its connectivity to gaming and internet culture, and our ability to transform it into a successful product experience that is well-differentiated from the pack.

Together, this creates a generational brand in online gambling delivering tangible business results, and one where the possibilities of its products, marketing, and brand are limitless.

 

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Rivalry in 2024 and Beyond

We are committed to pursuing strategic and well-measured investments in key areas of our business, positioning Rivalry for sustained growth throughout 2024 and beyond. Our objectives are designed to maintain and accelerate our momentum towards profitability. Initiatives and catalysts anticipated to drive results in 2024 include:

Operating leverage and profitability: Continued cost management to balance profitability with growth by doubling down on proven marketing tactics which deliver business operating leverage and position Rivalry for long-term success.

New original games: Releasing more first-party games in 2024 which blur the lines between gaming, betting, and entertainment to meaningfully engage a digitally native audience.

Casino B2B opportunities. Our original casino games have demonstrated their ability to engage an under-30 demographic and drive revenue; we believe this will open up B2B licensing opportunities and create a new revenue stream for our business.

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Product innovation: New proprietary releases and enhancements to the current product suite across sportsbook, casino, and more, including those which drive usage of higher-margin verticals and increase overall player engagement.

Player value focus: Strengthening innovative player retention initiatives through gamification and loyalty programs that not only increase player satisfaction and compound user value, but contribute to the profoundly unique experience of betting on Rivalry.

Geographic expansion: Growing our Total Addressable Market by entering new markets.

Traditional sports expansion: Investing further in the traditional sports segment, which has increased on Rivalry by 60% since 2022, demonstrating the success of our brand among Gen Z broadly and enabling us to continue broadening our TAM.

Our multi-year track record of triple-digit growth amidst decreasing year-over-year marketing spend is a testament to the execution of our team, business model, and brand leadership among Gen Z. We have unparalleled demographic expertise, a product innovation engine delivering results, unforgettable marketing, and an immensely talented team.

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Our vision for online betting is challenging conventional norms in a long-standing industry. We are disruptors, stepping on nicely manicured lawns by seeing the future of online gambling and creating it. The next generation is just getting started on their customer journey, and we are poised to own it.

We have conviction in our one-of-one strategy in this industry and will continue pushing it forward at every opportunity.

As we step into 2024, our enthusiasm is at a high to showcase the same operational excellence that has set us apart in a fiercely competitive industry.

With that, I wish everyone a happy, successful, and healthy year.

Steven Salz
Co-Founder & CEO
Rivalry Corp.

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Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains certain forward-looking information within the meaning of applicable Canadian securities laws (“forward-looking statements”). All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “project” and similar words, including negatives thereof, suggesting future outcomes or that certain events or conditions “may” or “will” occur. These statements are only predictions.

Forward-looking statements are based on the opinions and estimates of management of the Company at the date the statements are made based on information then available to the Company. Various factors and assumptions are applied in drawing conclusions or making the forecasts or projections set out in forward-looking statements. Forward-looking statements are subject to and involve a number of known and unknown, variables, risks and uncertainties, many of which are beyond the control of the Company, which may cause the Company’s actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Such factors, among other things, include regulatory or political change such as changes in applicable laws and regulations; the ability to obtain and maintain required licenses; the esports and sports betting industry being a heavily regulated industry; the complex and evolving regulatory environment for the online gaming and online gambling industry; the success of esports and other betting products are not guaranteed; changes in public perception of the esports and online gambling industry; failure to retain or add customers; the Company having a limited operating history; negative cash flow from operations; operational risks; cybersecurity risks; reliance on management; reliance on third parties and third-party networks; exchange rate risks; risks related to cryptocurrency transactions; risk of intellectual property infringement or invalid claims; the effect of capital market conditions and other factors on capital availability; competition, including from more established or better financed competitors; and general economic, market and business conditions. For additional risks, please see the Company’s annual information form for the year ended December 31, 2022 and other disclosure documents available on SEDAR+ website.

No assurance can be given that the expectations reflected in forward-looking statements will prove to be correct. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.

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No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Source: Rivalry Corp.

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NASCAR launches persistent world on Roblox where players can become racing tycoons

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NASCAR is once again taking the virtual racing world by storm, this time with the launch of “NASCAR Tycoon” on Roblox created by Dubit.

Building on the success of its previous “NASCAR Speed Hub,” this new experience promises to deliver an even more immersive and interactive NASCAR world.

Developed in partnership with the renowned metaverse studio Dubit, “NASCAR Tycoon” allows players to dive deep into the management and racing aspects of NASCAR, offering a unique blend of strategy and high-speed thrills in a distinctly Roblox-native way.

Players will have the opportunity to jump in the driver’s seat of cars styled after NASCAR’s Next Gen Cup Series vehicles, competing against each other and managing teams in thrilling races. Earning fame and fortune as they build their virtual tycoon, players can make passive income while they play. As players progress in “NASCAR Tycoon,” they will unlock exclusive perks such as building their own NASCAR racing teams, expanding their garages, collecting new cars, accessing customizations and attracting sponsors.

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The launch comes hot on the heels of recent Fortnite activations and follows the debut of NASCAR in Jailbreak and NASCAR Speed Hub last year – a virtual environment built by Dubit, for players to race around tracks linked to real-world races.

“We’re thrilled to launch ‘NASCAR Tycoon’ on Roblox, developed in partnership with Dubit, marking a key milestone in our ongoing efforts to authentically engage with the Roblox community,” said Nick Rend, VP of Interactive and Emerging Platforms at NASCAR. “This initiative is about more than reaching new audiences; it’s about deepening our connection on a platform where we see tremendous potential. By blending the excitement of NASCAR with the interactive and dynamic environment of Roblox, we’re enhancing traditional fandom in ways that are engaging, fun, and distinctly forward-looking.”

With over 300 million monthly active users, Roblox is ripe with opportunities for sporting organisations like NASCAR and offers a chance to engage with audiences in an immersive and interactive environment.

Andrew Douthwaite, Chief Commercial Officer at Dubit, shares his excitement: “We’re thrilled to bring the next phase of NASCAR to life on Roblox, building on the success of previous activations. NASCAR Tycoon allows Roblox players to experience the excitement of NASCAR racing like never before, blending the strategic elements of team management with the adrenaline-pumping action on the track. It has been a true joy working with such a forward-thinking, iconic sports brand in NASCAR, and we look forward to continuing to push the boundaries together”

Dubit has created Roblox activations, virtual merchandise ranges and experiences for global brands including Unilever, Samsung, Reckitt, Kraft, H&M and adidas.

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“NASCAR Tycoon” is now available on Roblox.

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90 suspicious betting alerts reported by IBIA in Q2 2024

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The International Betting Integrity Association (IBIA) reported 90 alerts of suspicious betting to the relevant authorities in the second quarter (Q2) of 2024.

The Q2 2024 total is 3% less that the revised figure of 93 alerts in Q1 2024 and an increase of 80% when compared to the Q2 2023 total of 50 alerts. IBIA and its growing membership monitor over $300bn per annum in betting turnover (handle) across more than 125 sports betting brands globally, making IBIA the largest betting integrity monitor of its type in the world.

The 90 incidents of suspicious betting in Q2 concerned 8 sports, across 25 countries and 5 continents. Other key data for Q2 2024 includes:

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  • Three sports (eSports, football, table tennis) accounted for 84% of all alerts in Q2.
  • eSports provided around 50% of the Q2 total; however, the majority of those alerts concern a single linked case, which has also contributed to a revised Q1 figure of 43.
  • Poland had the highest number of country specific alerts with 6 cases.
  • The 19 alerts on sporting events in Europe in Q2 2024 is an increase of 15 on the 4 alerts in Q1, but a decrease on the 31 cases in Q2 2023.

Khalid Ali, IBIA CEO, said: “An increase in the Q2 and revised Q1 alerts compared to previous quarters is primarily related to a linked case in eSports. The situation is being monitored closely and heightened vigilance advocated as we seek to work with stakeholders to investigate. While the increase in alerts may understandably draw attention, it should be noted that eSports saw a significant reduction in annual alerts across IBIA’s membership in 2023. The case again highlights the importance and effectiveness of customer account monitoring in the detection of suspicious betting and the protection of sporting events, consumers and regulated betting markets.”

The Q2 integrity report includes a focus on Brazil ahead of the opening of the market to licensed operators which is expected to see $34bn in betting turnover onshore, creating $2.8bn in taxable revenue by 2028. IBIA has also recently called for other Latin American jurisdictions to adopt the Brazilian regulatory framework and integrity provisions, which include a requirement that licensed sports betting operators should join an independent integrity monitoring body.

The post 90 suspicious betting alerts reported by IBIA in Q2 2024 appeared first on European Gaming Industry News.

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iDenfy designs an exclusive free identity verification application on Bubble

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iDenfy’s easily integrated KYC plugin is now available for download on the fastly-growing no-code platform

iDenfy, a Lithuania-based RegTech company offering automated identity verification and fraud prevention solutions, introduced a new addition to its variety of KYC integration options, this time, a unique application on Bubble. iDenfy’s Know Your Customer (KYC) plugin on the no-code platform is designed to serve as a straightforward, simple, and highly affordable identity verification option on the market, ideal for startups.

iDenfy presented a new opportunity for businesses looking to simplify their KYC compliance burdens with easier, more affordable, and accessible ID verification options. To stand out in the market, after building KYC plugins for WordPress, Magento, Zapier, and WooCommerce, iDenfy’s team announced its new KYC application on Bubble, a well-established no-code platform that facilitates app development through a drag-and-drop editor.

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iDenfy’s new KYC plugin on Bubble allows businesses to meet KYC requirements by using a completely free identity verification service, eliminating the need to build the entire solution from scratch. According to iDenfy, by choosing this approach, startups, and SMBs can save costs and streamline KYC checks without having to worry about the hassle of heavy coding or handling large data volumes.

“Our new plugin on Bubble is a great alternative to other third-party solutions due to its simplicity and crucial long-term benefits, like time savings on manual resources and accelerated scalability,” says Domantas Ciulde, the CEO of iDenfy.

iDenfy’s KYC plugin provides built-in features for document verification, facial recognition, and 3D liveness detection. Additionally, it offers the option of real-time human supervision for manual identity verification checks, ensuring complete accuracy. According to iDenfy, their app on Bubble is the simplest and most cost-effective method to verify identities online, applicable to various business models such as e-commerce platforms, crypto exchanges, financial service providers, and more.

After analyzing the market, iDenfy chose to present its new application on Bubble due to its powerful workflows, flexible database, and, more importantly, the ability to build sophisticated applications without coding. Currently, Bubble Bubble positions itself as the go-to platform for everyone, including beginners without product-building experience, offering simplified full-stack app development through user-friendly drag-and-drop functionality.

With the same goal at its core, after installing iDenfy’s KYC plugin on Bubble, users will access it on their plugin tab. This simple process will be completed after ensuring proper functionality and enabling the Bubble data API by completing a few key fields: iDenfy API key, secret, Bubble application data API URL, and Token. As claimed by iDenfy, this plugin not only enables companies to confirm the identity of global users but also safeguards against fraudulent attacks, maintaining a consistent level of positive user experience for legitimate customers.

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iDenfy’s recently launched plugin on Bubble enables customization or extension of existing software applications without altering their core code. This functionality empowers developers to add new features or integrate with third-party services seamlessly. While suitable for entrepreneurs, business owners, and aspiring developers, the Bubble platform is recognized for its strengths in scalability, security, and ready-made integrations, such as iDenfy’s KYC app, which establishes a robust foundation for balancing user security and mandatory compliance.

With the new plugin, iDenfy aims to elevate its fraud prevention hub and provide a new level of easy integration and extensive functionality with a developer-friendly approach through pre-built elements. Domantas Ciulde, the CEO of iDenfy, adds: “We want to help businesses get started with identity verification in a fast, hassle-free, and compliant manner, which is the key to long-term success.”

It’s worth mentioning that iDenfy has gained recognition in recent years for its multi-level KYC/KYB/AML compliance solutions. With a 4.9-star rating from over 70 reviews, iDenfy is recognized as the leading identity verification service based on G2’s customer satisfaction rate. In the near future, the company plans to develop additional standardized, free, and easily integrated KYC plugins while maintaining a focus on other services, such as Business Verification for corporate clients.

The post iDenfy designs an exclusive free identity verification application on Bubble appeared first on European Gaming Industry News.

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