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Rivalry Reports First Quarter 2024 Results, Expands Into Crypto Segment Through Rivalry Token

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Rivalry Corp. (the “Company” or “Rivalry”) (TSXV: RVLY) (OTCQX: RVLCF) (FSE: 9VK), the leading sportsbook and iGaming operator for Gen Z, today announced financial results for the three-month period ended March 31, 2024. The Company also announced Rivalry Token, a native cryptocurrency token that will act as a nexus between Rivalry, Web3, and gamblers. All dollar figures are quoted in Canadian dollars.

“Our first quarter results saw a return to growth with sequential increases in betting handle, gross gaming revenue, and net revenue,” said Steven Salz, Co-Founder and CEO of Rivalry. “We are also very encouraged by the improvement to net revenue margin experienced in the quarter, hitting an all-time record, proving our strategy is delivering results, and representing a meaningful improvement as compared to the average levels experienced throughout 2023. Additionally, interest in our original casino content continues to build, unlocking B2B revenue opportunities that we are keen to detail more fully in the near future.”

“Today we also announced a decisive move to more deeply tap into the significant global crypto gambling market through Rivalry Token. This represents a meaningful strategic step for Rivalry, complementing our existing approach which focuses on a generation that grew up immersed in gaming and internet culture, and now extending that reach to the crypto community. The Venn diagram of Gen Z, gamblers, gamers, and crypto enthusiasts or crypto curious has an extremely high degree of overlap that we are uniquely positioned to access.”

“Alongside this announcement, we have also released an overhaul of our homepage, a more fulsome crypto wallet experience, and adjusted the onboarding experience for new users to materially reduce friction while maintaining compliance. Together, this represents a meaningful effort to access a higher value crypto gambling cohort, adding more depth and reach to Rivalry’s global network. This comes at an opportune time, as momentum in crypto gambling has been building amongst our target audience and they’ve been gravitating towards it. By expanding our product offering into this segment, it positions us to compete and win as we innovate product and gain access to this higher value customer cohort.”

First Quarter 2024 Highlights

Betting handle for Q1 2024 was $94.7 million, increasing by $9.6 million, or 11% as compared to Q4 2023.
Gross gaming revenue (“GGR”)2 was $7.7 million in Q1 2024, up $1.3 million, or 20% from $6.4 million in Q4 2023.
Net revenue3 was $4.5 million in Q1 2024, increasing by $1.5 million, or 51% from $3.0 million in Q4 2023. As a percentage of GGR, the Q1 2024 net revenue margin of 58.5% was the highest in Company history, and compares to 45.4% in FY 2023. As a percentage of betting handle, the net revenue margin of 4.7% was the highest of the past five quarters. The improvements reflect ongoing initiatives to increase margins through innovation and adjustments to the product offering.
The Casino segment continues to be a strong contributor, generating 59% of betting handle and 19% of GGR in the quarter. Segment results reflect the ongoing expansion of Rivalry’s casino product line, including the original game Cash & Dash released in the second half of 2023.
Net loss was $5.2 million in Q1 2024, the Company’s narrowest net loss of the last four quarters.
The Company had $9.4 million of cash as at March 31, 2024.4
Rivalry released a basketball same-game-parlay product coinciding with the 2024 NBA playoffs, building on the Company’s growing traditional sports vertical. This has supported both acquisition efforts and net revenue margin enhancement.
The Company also released pre-made-parlays, driving meaningful customer interest and improving sportsbook hold.
Rivalry released shareable bet slips during the quarter, introducing a social feature to increase user acquisition and community engagement.
Rivalry continues to explore interest in licensing its first-party casino games, accelerating the advancement of its B2B vertical.
The Company is updating its profitability guidance from the first half of 2024 to by the end of 2024.
Rivalry Token

Rivalry has today revealed Rivalry Token, a native crypto token on the blockchain to add increased functionality, economics, and user experiences across the Company’s product suite, continuing Rivalry’s track record of innovation in online betting. The launch of Rivalry Token, anticipated to arrive in H2 2024, represents one of several forthcoming initiatives to position Rivalry in the crypto gambling market and better serve its core audience of under-30 bettors.

“Online gambling is the latest web-based consumer category being increasingly disrupted by blockchain technologies with greater speed, access, and functionality than their legacy counterparts,” Salz added. “Tech-savvy bettors are leading a behavioral shift towards more experiential and crypto-enabled gambling experiences that are taking wallet share from incumbents at an accelerated rate.”

“Rivalry is well-positioned to access the growth opportunity in crypto with a proven product set, a brand entrenched in internet culture, and a captive audience of digitally native users that are driving this economic renaissance. The launch of Rivalry Token, alongside a broader expansion into cryptocurrencies, strengthens our product-market fit among an under-30 audience and positions us competitively to capture a meaningful share of this fast-growing and highly valuable segment of the market.”

Rivalry Token will be a utility token integrated within Rivalry’s product suite – from sportsbook to casino and more – with built-in properties to enhance the customer experience from end-to-end. This introduces a dynamic relationship where every sports wager and casino spin, win or lose, is rewarded with a decentralized asset that delivers meaningful real money utility for the player. The Company expects its token will drive an increase in player engagement, loyalty, and advocacy by establishing more positive economic alignment between itself and users.

Rivalry has today launched a pre-farming campaign called PLAY-2-EARN, where users can begin accumulating interim token points through site activity and eventually social media which will be converted into Rivalry Tokens later this year.

Following the official launch, Rivalry Token will be available for players to use on Rivalry in all of the Company’s active markets excluding Ontario and Australia.

The Company will release more information about Rivalry Token throughout the coming months, including commercial partners, token economics, and more.

Investor Conference Call

Management will host a conference call at 10:00 a.m. EDT on Thursday, May 30, 2024 to discuss the Company’s first quarter 2024 financial results and its expansion into the cryptocurrency space.

Canada

Northern Super League Partners with Stats Perform

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Stats Perform, the global leader in sports AI, data and technology, has announced an official data partnership with the Northern Super League (NSL). The partnership will allow world-leading Opta data to be collected live from every NSL league game for the next three years.

Beginning this month, the Northern Super League (NSL) establishes a new era in Canadian sport as the country’s first professional domestic women’s soccer league — an ambitious and transformative initiative co-founded by former Canadian international and Olympic medallist Diana Matheson. Its inaugural season kicks off on April 16 and will feature six teams who have assembled multinational player rosters with extensive club and international experience, including 100-cap Canadian internationals Desiree Scott and Quinn.

Once the action begins, detailed data from every on-ball event, including advanced AI-powered Opta Analytics metrics such as Expected Goals (xG) and Expected Assists (xA), will be captured and distributed via feeds and Stats Perform products, including OptaAI Studio. This will enable various broadcasters, publishers and rights holders to generate stories and insights throughout the NSL season and provide them straight to the league’s fans in real time.

As part of the agreement, the NSL’s League Office and every NSL club will also have access to Opta Search, part of OptaAI Studio. This will allow their content creators to leverage all Opta data collected during the NSL season in the creation of data-led stories on the stand-out performers, and will help them generate key talking points for publication on official league and club platforms. Opta Search will also empower the NSL’s media team to create a range of data visualizations, including player shot maps and touch maps, to visually illustrate the impact of different players’ on-field performances.

Christina Litz, NSL President, said: “We are thrilled to have Stats Perform on board as our official data partner. When we talk about detailed performance data in soccer, Opta is the gold standard, so we are delighted to have it powering each of our official digital channels. As the season progresses, we want to put the spotlight on all the on-field heroes who emerge and having access to world-class data will help us tell their stories and inspire a new generation of Canadian soccer fans.”

Steve Xeller, Chief Revenue Officer at Stats Perform, said: “Stats Perform has been a huge supporter of expansion leagues around the world, so we are very pleased to be partnering with NSL in the lead-up to their first domestic campaign. Seeing a fully professional women’s soccer league launch in Canada is an incredibly exciting development for the sport in North America and we see considerable potential in working proactively with the League’s Head Office to help the competition grow, using the power of AI and data-led storytelling to build fan communities across the continent.”

The post Northern Super League Partners with Stats Perform appeared first on Gaming and Gambling Industry in the Americas.

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INCENTIVE GAMES SIGNS EXCLUSIVE DISTRIBUTION DEAL FOR NORTH AMERICA, EUROPE, SOUTH AFRICA AND UK WITH LIGHT & WONDER

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Leading B2B games provider, Incentive Games, today announced its new agreement with premium gaming company and content provider Light & Wonder, Inc.

Through this agreement, Incentive Games will distribute its premium pay-to-play games – including new arcade-style titles – to key global regulated markets including the USA, Canada, South Africa, UK, and within Europe via Light & Wonder’s extensive operator network. Additionally, Incentive Games’ popular free-to-play content will be made available to a wider audience through Light & Wonder’s content marketplace.

The agreement brings together two industry leaders in iGaming and the strengths of both companies to deliver exceptional player experiences and elevate customer engagement.

Ahmed Baker, Chief Commercial Officer at Incentive Games said, “This agreement is a landmark moment in our company’s history. Previously, we’ve worked directly with major operators such as bet365, FanDuel, and Sky Bet. Now, we can distribute our games via Light & Wonder, an exceptional aggregator that we trust will handle our games with care.”

Steve Mayes, Senior Director of Partners at Light & Wonder, said: “We are excited to work with Incentive Games, a leader in gamification solutions. We look forward to leveraging their innovative platform and bringing their customisable crash and fast game content to all major regulated markets.”

The post INCENTIVE GAMES SIGNS EXCLUSIVE DISTRIBUTION DEAL FOR NORTH AMERICA, EUROPE, SOUTH AFRICA AND UK WITH LIGHT & WONDER appeared first on European Gaming Industry News.

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Soft2Bet’s ToonieBet Partners with the Ottawa Senators as Official Online Casino Partner

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With the Ottawa Senators securing a playoff spot in the NHL, ToonieBet will be there every step of the way, engaging fans with exclusive giveaways, premium entertainment, and a casino experience that mirrors the team’s energy and excitement.

The Ottawa Senators and Tooniebet, an online casino for players across Ontario, announced a partnership that will make Tooniebet the NHL team’s Official Online Casino Partner.

Tooniebet, which launched in 2024 is part of Soft2Bet – one of the world’s fastest growing iGaming turnkey solutions providers with iGaming brands around the world with a portfolio of 19 global licenses, including Ontario.

Additional highlights of the Ottawa Senators and TonnieBet partnership will include:

  • In-Arena & Broadcast Branding: Digitally enhanced dashboards for home and away games
  • In-rink board signage for home games
  • Virtual slot signage for various games
  • Digital inventory throughout the Ottawa Senators site on NHL.com
  • Direct Fan Engagement: Social contests and promotions hosted on Senators’ digital platforms
  • Television Broadcast Branding: Digitally enhanced rink boards for home and away games
  • In-arena rink board signage for home games

Martin Ballard, VP Corporate Partnerships, Ottawa Senators stated: “We are thrilled to welcome ToonieBet as an official partner of the Ottawa Senators. Cooperating with a brand that shares our commitment to providing fans with an exceptional and trusted experience is incredibly exciting. Together, we look forward to delivering memorable moments and engaging our passionate fanbase in new and innovative ways.”

Oksana Tsyhankova, Chief Marketing Officer at Soft2Bet, commented: “Partnering Soft2Bet’s ToonieBet brand with the Ottawa Senators is a significant milestone that reinforces our strong brand presence in Ontario. In a short period, we have achieved impressive performance and retention results, with a primary focus on localised, engaging experiences for Canadian players, which makes ToonieBet truly set itself apart.”

By tapping into the Senators’ digital platforms and in-arena presence, ToonieBet will stay close to the action and connect with fans in real, engaging ways while continuing to offer a top-quality online casino experience.

ToonieBet offers a fast, localised online casino experience for players in Ottawa and across Ontario.  Through this partnership, fans will have the chance to win Senators merchandise and tickets while ToonieBet grows its presence in a competitive Ontario market. With in-arena branding, regional broadcast coverage, and digital promotions, ToonieBet will be highly visible to the team’s loyal supporters.

The post Soft2Bet’s ToonieBet Partners with the Ottawa Senators as Official Online Casino Partner appeared first on Gaming and Gambling Industry in the Americas.

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