Press Releases
Rivalry Issues 2024 Business Update
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,
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.
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
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.
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.
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.
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.
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.
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.
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.
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.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Source: Rivalry Corp.
Latest News
Join the Danish Problem Gambling Committee’s Online Conference: A Critical Conversation on Problem Gambling Prevention and Treatment
As a global hub for cutting-edge discussions and educational initiatives, we at HIPTHER and European Gaming are honored to support the upcoming Online Conference on Problem Gambling, hosted by the Danish Problem Gambling Committee. Scheduled for Wednesday, January 15, 2025, from 3:00 PM to 5:00 PM (Danish time), this event promises to be a vital gathering of researchers, policymakers, and stakeholders addressing one of the most pressing challenges in the gambling industry.
Why You Should Attend
Problem gambling affects millions worldwide, influencing not just individual lives but also families and communities. This conference provides a unique opportunity to learn from leading international and Danish researchers about the latest advancements in problem gambling prevention, treatment methodologies, and regulatory strategies.
Highlights of the Program
The carefully curated program ensures a comprehensive look at the key issues and solutions surrounding problem gambling:
- Welcome and Opening Remarks
Marie Weinreich Petersen, from the Danish Problem Gambling Committee, will kick off the event, setting the stage for an insightful discussion. - Introduction by Anders Dorph, Director of the Danish Gambling Authority, highlighting the role of regulatory bodies in tackling gambling-related harm.
- Keynote Presentation by Jakob Johnsson, a clinical psychologist and PhD from the Karolinska Institutet. His presentation, “Preventing Gambling Problems – A Step-Wise Approach for Duty-of-Care,” will focus on creating structured frameworks to mitigate risks effectively.
- Flash Talk by Anna Westh Stenbro, a psychologist and PhD candidate at Aarhus University Hospital, exploring the comparative effectiveness of internet-based therapy versus traditional cognitive behavioral therapy in treating gambling disorders.
- Research Insights from Anne Mette Thorhauge, Associate Professor at the University of Copenhagen. Her talk, “Gamblified Game Mechanisms in Danish Children and Young People’s Gaming,” dives into the impact of game mechanics that mimic gambling on youth behavior.
- Keynote Presentation by David C. Hodgins, a prominent researcher from the University of Calgary, on “How Much Is Too Much? Development and Impact of Lower Risk Gambling Guidelines.” This talk will address the critical question of establishing thresholds for safer gambling.
- Interactive Q&A and Final Remarks
Participants will have the chance to engage directly with speakers, followed by closing insights from Marie Weinreich Petersen.
Key Themes to Watch For
- The Role of Duty-of-Care in Gambling Prevention: Learn about structured approaches to reducing harm while fostering responsible gambling practices.
- Innovations in Therapy: Discover how online therapeutic interventions are transforming the treatment landscape for gambling disorders.
- Youth and Gambling-Like Gaming Mechanisms: Explore the overlap between gaming and gambling and its implications for younger demographics.
- Evidence-Based Guidelines: Gain a deeper understanding of how lower-risk gambling thresholds are developed and their real-world impact.
How to Participate
The conference will take place online, making it accessible to a global audience. To join, simply register via this link by Monday, January 6, 2025, 3:00 PM (Danish time). A link to access the virtual event will be shared with registrants closer to the date.
HIPTHER’s Commitment to Responsible Gaming
Our involvement in supporting this event underscores HIPTHER’s dedication to fostering responsible gaming and raising awareness about gambling-related harms. By backing initiatives like this, we aim to drive meaningful conversations and actionable outcomes within the industry.
Mark your calendars for January 15, 2025, and join us for a transformative discussion on combating problem gambling. Together, let’s pave the way for safer and more sustainable gaming environments worldwide.
The post Join the Danish Problem Gambling Committee’s Online Conference: A Critical Conversation on Problem Gambling Prevention and Treatment appeared first on European Gaming Industry News.
How to stay ahead in the face of fierce competition? SOFTSWISS, a leading tech provider with over 15 years of experience in iGaming, shares fresh insights from a customer survey conducted by Kantar in November 2024.
With around 25% of the world’s population ever involved in iGaming, according to Global Gambling Statistics, the industry hosts thousands of projects and hundreds of software developers. To gain data-driven insights into the needs and expectations of iGaming operators, SOFTSWISS invited Kantar, the world’s leading analytics agency, to conduct a comprehensive customer survey.
Expertise Comes First
The survey revealed the top 5 most important characteristics for iGaming operators when choosing a technology supplier:
- High level of professionalism and expertise in the team
- Security of operations at all stages
- Supplier’s long-term and reliable reputation
- Flexible approach to collaboration terms
- Creation of new opportunities for business revenue growth
Notably, many of the characteristics highlighted by respondents in the Kantar survey align closely with those outlined in the recent iGaming Trends 2025 Report.
Fewer operators prioritise a strong client portfolio and responsible gambling initiatives, as these are not viewed as immediate business drivers and have a less direct impact on operator success. Furthermore, responsible gambling tools are mandatory under licensing requirements in many jurisdictions, making them a standard feature in the offerings of licensed providers.
Valentina Bagniya, Chief Marketing Officer at SOFTSWISS, comments: “Delivering exceptional products starts with a profound understanding of client needs and expectations. That’s why marketing research and customer surveys are integral to daily operations. By sharing valuable insights with our partners and competitors, we actively contribute to driving innovation and growth across the industry”.
Sources of iGaming Insights
According to respondents, the top 5 sources of information about the iGaming industry are:
- Recommendations from colleagues, partners
- Industry news resources
- Company websites that provide products and services
- Employees of partner companies
The importance of companies’ websites almost tripled compared to the previous year’s results. Similarly, the value of recommendations also increased significantly, climbing from fourth place to the top of the ranking.
“The trend of growing recommendations’ importance extends beyond the iGaming industry. In 2024, consumers are navigating an overwhelming media flow, where much information gets lost. While brands still communicate actively, capturing audiences has become harder. Personal connections are becoming more significant, offering a more direct and trusted way to reach consumers,” shares Kateryna Kaliuzhna, Senior Client Partner at Kantar.
The primer position of recommendations underscores the growing importance of partnerships and networks, highlighting the value of community-driven insights from trusted experts. This dominance also amplified the role of news resources and company websites, which serve as key channels for industry professionals to share their expertise. These shifts reflect a broader trend towards trust, transparency, and the demand for credible, easily accessible information in the rapidly evolving iGaming market.
About SOFTSWISS
SOFTSWISS is an international technology company with over 15 years of experience in developing innovative solutions for the iGaming industry. SOFTSWISS holds a number of gaming licences and provides comprehensive software for managing iGaming projects. The company’s product portfolio includes the Online Casino Platform, the Game Aggregator with over 23,500 casino games, the Affilka Affiliate Platform, the Sportsbook Software and the Jackpot Aggregator. In 2013, SOFTSWISS revolutionised the industry by introducing the world’s first Bitcoin-optimised online casino solution. The expert team, based in Malta, Poland, and Georgia, counts over 2,000 employees.
The post What Operators Expect From Tech Providers? Kantar Survey Insights for SOFTSWISS appeared first on European Gaming Industry News.
The global esports organization GIANTX has officially presented the roster for its League of Legends Superliga team, the most prestigious esports competition in Spain, organized by the LVP. The roster includes Feisty (midlaner) and Aetinoth (ADC), who continue for another year after establishing themselves as key players for the organization, and newcomers Badlulu (toplaner), Ferret (jungler), and Lospa (support).
The team, known as GIANTX Pride, will be led by Fearless, a veteran coach who has already won three Superliga titles with GIANTX. After previous stints with teams like Guasones and Rebels, Fearless returns to lead this young and promising roster as they pursue the organization’s long-awaited eighth Superliga trophy, with the season set to begin in January 2025.
The roster was revealed during an event at the Home of GIANTX in Málaga, attended by over 150 fans and supported by Opel, the team’s main partner in the Superliga. The event featured activities, giveaways, and a showmatch against Barça Esports, where fans got a first glimpse of the team in action.
Feisty (South Korea, 2003) and Aetinoth (Turkey, 2005) return for another year, having gained recognition as rising talents with potential for the LEC, Europe’s premier competition in which GIANTX also competes. Badlulu (France, 2002), with prior experience in the Superliga at CASE Esports, joins as the toplaner. Ferret (Turkey, 2001), a promising jungler from the Turkish scene, comes from FUT, while Lospa (South Korea, 2002), a former Iberian Cup champion, joins as support after training in Gen.G Academy.
GIANTX Pride is the most decorated organization in Superliga LVP history, with seven titles to its name. The last victory came in the summer of 2021, and the team is determined to add the elusive eighth trophy to its collection. The Superliga for 2025 will feature ten teams, including Barça Esports, Guasones, Los Heretics, LUA Gaming, Movistar KOI, Ramboot Club, UCAM Esports, VENI VIDI VICI, and ZETA, competing across three splits—winter, spring, and summer.
The LVP, part of Grupo Mediapro, has introduced changes to the Superliga’s format for 2025. The updated calendar will be released soon, setting the stage for another thrilling season.
The post GIANTX unveils its team for the Spanish Superliga of League of Legends appeared first on European Gaming Industry News.
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