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Rivalry Announces 2023 Annual Letter to Shareholders and Filing of 2023 Annual Financial Statements
Rivalry Corp. (the “Company” or “Rivalry”) (TSXV: RVLY) (OTCQX: RVLCF) (FSE: 9VK), the leading sportsbook and iGaming operator for Gen Z, is pleased to announce its 2023 annual letter to shareholders and the filing of its financial results for the three (3) and 12-month period ended December 31, 2023. All dollar figures are quoted in Canadian dollars.
2023 Annual Letter to Shareholders
To our Shareholders,
This time last year I spoke about Rivalry’s evolution from a market leader in esports to a diversified Company setting the standard for Gen Z betting entertainment broadly.
Today, we have a business with revenue distribution across casino, sports, and esports betting, growing market share in new geographies, with increased velocity in core regions, and the strongest customer KPIs in Rivalry’s history.
In 2023, Rivalry recorded $423.2 million in betting handle1, up 82% from the previous year. Similarly, gross gaming revenue2 and net revenue both saw 34% and 66% respective increases, while the introduction of higher margin products released in H2 such as Same Game Combos and Quick Combos are continuing to improve overall sportsbook hold and guide Rivalry closer to profitability.
Our deepened product suite now includes fantasy, additional sports coverage, and new proprietary casino games. All of which are uniquely driving growth among a targeted customer segment and widening our opportunity set in 2024 and beyond – from a 60% increase in traditional sports betting to a burgeoning B2B game vertical. The potential for how far our brand can go is just beginning to unfold.
The year ahead is rife with new, innovative product releases arriving in Q2 and continuing throughout 2024. We are doubling down on core growth opportunities in sports that resonate with our audience, such as basketball and soccer. Further, we are building on a successful casino segment which already represents 50% of our business, enhancing variety, depth, and accessibility, as well as developing new original games which blur the lines between betting and entertainment. We are in the process of additional geographic expansion, and pursuing new licenses to broaden our total addressable market, positioning Rivalry to own the Gen Z gambling opportunity globally.
While Rivalry’s operations have expanded into new high-growth verticals, our north star has remained the same: to define the future of online gambling for a generation born on the internet.
Online gambling in 2024 is radically different than it was just six years ago when Rivalry launched. In that time we’ve seen gaming and internet culture reshape how consumers engage with technology. That shift is broadening the definition of gambling, where product design is influenced by video games, or it exists fully embedded within social apps like Telegram, where content creators are the new affiliates, and much more.
Over the same period, the rise of cryptocurrency and blockchain technology has introduced a new level of speed, access, and security to web-based consumer experiences. Industry estimates now put crypto wagers at up to one quarter of global betting handle3, with 30% year-over-year growth in 20244, and showing no signs of slowing down.
The development of this ecosystem has commercially unlocked online gambling unlike anything since its first transition from land to online many years ago. It has brought in a new global audience, and enriched the customer experience from end-to-end.
Alongside the growth of this technology has emerged new methods of gambling, taking wallet share from more traditional forms at an accelerated rate. The shift in consumer behavior and the signal from our users is clear – interactive, volatile, and crypto-infused product experiences will set the precedent for how the next generation gambles online.
Rivalry, with a brand steeped in internet culture and living at the intersection of this digital economic renaissance, is well-positioned to access this growth opportunity. There is high overlap between Gen Z, gamers, gamblers, and a fast-growing audience of over 420 million crypto users worldwide5 organically aligned with our audience and brand. And we believe that more than half of this audience globally is already wagering with crypto.
It will be Rivalry’s ability to understand, implement, and adapt to this shift more rapidly than our peers that we expect to create first-mover advantages for us. It is for that reason that our vision is now bolder than ever for what’s possible in the online gambling category.
Soon, we will reveal plans for a crypto-enabled product set to enhance alignment between Rivalry and its users, increase network effects, and generally deliver a consumer experience that lives on the internet of 2024.
To that effect, the success of our first-party games and their ability to acquire and engage a captive audience of Gen Z bettors online has validated our original game development strategy amongst industry peers. This has unlocked a new commercial opportunity for Rivalry to license its IP, opening up another line of revenue for the business that has great potential for global scale.
The year ahead is poised to be one of our most ground-breaking, with a myriad of innovative product releases across all of Rivalry’s verticals, adding more dimension to our business, operations, and addressable audience, and building on our competitive moat as the market leader in Gen Z betting entertainment.
We look forward to sharing more details about these upcoming initiatives, the opportunities they will unlock for our Company, and delivering on our promise to create long-term shareholder value and reach profitability. Thank you all for your continued support.
betting terminals
Meridianbet Completes Fairbet Acquisition, Expanding Malta Retail Gaming Network Under Golden Matrix Group
Meridianbet, a leading global sports betting and gaming operator and a subsidiary of Golden Matrix Group Inc. (NASDAQ: GMGI), has completed the acquisition of Fairbet Ltd., a licensed retail gaming operator in Malta.
The transaction significantly expands Meridianbet’s physical retail footprint in one of Europe’s most tightly regulated gaming jurisdictions.
Fairbet operates under Malta Gaming Authority (MGA) license B2C/195/2011, and the acquisition grants Meridianbet 100% ownership of Fairbet’s retail operations across Malta and Gozo, the archipelago’s second-largest island. The deal expands Meridianbet’s presence beyond its existing locations and further consolidates its position within the Maltese retail gaming market.
As part of the transaction, nine additional retail locations will be integrated into the Meridianbet network, increasing the company’s total number of storefronts in Malta to 20. The enlarged retail estate is expected to operate more than 60 sports betting terminals and over 120 slot machines, significantly boosting Meridianbet’s land-based gaming capacity.
The companies’ previous technology partnership will now transition into full operational integration, with Meridianbet assuming complete operational control of Fairbet’s retail network. All locations will be rebranded under the Meridianbet name, ensuring unified technology, compliance, and customer experience across the portfolio.
Malta’s retail gaming sector is governed by one of the most restrictive regulatory frameworks in Europe, with only three licensed operators permitted to operate retail betting locations: Meridianbet, Izibet (the National Lottery operator), and Fairbet. With Fairbet now wholly owned by Meridianbet, the company effectively controls two of the three retail gaming licenses in the jurisdiction.
The Malta Gaming Authority (MGA) enforces strict licensing criteria, substantial capital requirements, and rigorous compliance standards that create significant barriers to market entry. These conditions limit competition and create long-term scarcity value for licensed operators that meet the regulatory threshold.
“Completing the acquisition of Fairbet strengthens our position in a market where regulatory barriers create inherent scarcity value,” said Zoran Milosevic, CEO of Meridianbet. “This transaction allows us to expand our retail infrastructure in Malta, while our technology now supports the majority of licensed retail gaming in the country. It reflects our disciplined M&A strategy, targeting high-barrier markets where limited licensing creates durable competitive advantages.”
The Fairbet acquisition aligns with Meridianbet’s broader growth strategy, which combines organic expansion with selective mergers and acquisitions in jurisdictions where regulation encourages consolidation. Malta has been a core operational hub for Meridianbet since 2008, with the company ranking among the country’s originally licensed gaming operators during the early development of the MGA framework.
Malta’s gaming industry benefits from a regulatory regime widely regarded as one of Europe’s most credible. The MGA’s oversight framework emphasizes investor protection, technical compliance, and financial stability, positioning Malta-licensed operators for trust and recognition across international markets.
Meridianbet’s expanded retail footprint across Malta and Gozo enhances its ability to serve both local customers and the island nation’s strong tourism sector. According to Malta’s National Statistics Office, tourist arrivals exceeded three million visitors in 2024, reinforcing the strategic value of a broad, well-positioned retail gaming network
The post Meridianbet Completes Fairbet Acquisition, Expanding Malta Retail Gaming Network Under Golden Matrix Group appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
Atlaslive
Atlaslive Reaches Final Shortlist for Best Live Platform Provider at SiGMA Eurasia 2026
Atlaslive, a provider of B2B iGaming platform technology, has earned a place on the shortlist for the BEST LIVE PLATFORM PROVIDER 2026 category at the SiGMA Eurasia Awards 2026.
The SiGMA Eurasia Awards spotlight excellence across the iGaming, affiliate, and online entertainment industries, honoring companies and solutions that drive innovation, sustainable growth, and measurable impact. The shortlist is announced as part of the SiGMA Eurasia Summit, taking place February 9–11, 2026, at Dubai Festival City in the United Arab Emirates.
“Platform performance is measured in milliseconds, uptime, and player trust. Being shortlisted in this category reflects the technical discipline and delivery standards our teams bring to operators every day.”
—Anastasiia Poltavets, CMO at Atlaslive
Partners, supporters, and members of the community can participate in the awards process through public voting by submitting their support using the following form:
https://share.hsforms.com/11aCinm5wS92yCSiAtXDGUg3s9oo
Taking place during summit week, the awards ceremonies create a key moment for industry professionals to connect, share insights, and celebrate innovation at one of the year’s most prominent gaming events.
About Atlaslive
Atlaslive delivers flexible, scalable iGaming platform technology to operators in regulated markets. Focused on performance, reliability, and continuous product development, Atlaslive enables sportsbook and casino operations aligned with diverse business models.
This document is provided to you for your information and discussion only. This document was based on public sources of information and was created by the Atlaslive team for marketing usage. It is not a solicitation or an offer to buy or sell any gambling-related product. Nothing in this document constitutes legal or business development advice. This document has been prepared from sources Atlaslive believes to be reliable, but we do not guarantee its accuracy or completeness and do not accept liability for any loss arising from its use. Atlaslive reserves the right to remedy any errors that may be present in this document.
About Atlaslive
Atlaslive is a B2B software development company that specializes in creating a multifunctional and automated platform to optimize the workflow of sports betting and casino operators. Key components of the Atlaslive Platform include Sportsbook, Casino, Risk Management and Anti-Fraud Tools, CRM, Bonus Engine, Business Analytics, Payment Systems, and Retail Module. Follow the company on LinkedIn to stay updated with the latest news in iGaming technology.
The post Atlaslive Reaches Final Shortlist for Best Live Platform Provider at SiGMA Eurasia 2026 appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
Atlaslive
Atlaslive Reaches Final Shortlist for Best Live Platform Provider at SiGMA Eurasia 2026
Atlaslive, a provider of B2B iGaming platform technology, has earned a place on the shortlist for the BEST LIVE PLATFORM PROVIDER 2026 category at the SiGMA Eurasia Awards 2026.
The SiGMA Eurasia Awards spotlight excellence across the iGaming, affiliate, and online entertainment industries, honoring companies and solutions that drive innovation, sustainable growth, and measurable impact. The shortlist is announced as part of the SiGMA Eurasia Summit, taking place February 9–11, 2026, at Dubai Festival City in the United Arab Emirates.
“Platform performance is measured in milliseconds, uptime, and player trust. Being shortlisted in this category reflects the technical discipline and delivery standards our teams bring to operators every day.”
—Anastasiia Poltavets, CMO at Atlaslive
Partners, supporters, and members of the community can participate in the awards process through public voting by submitting their support using the following form:
https://share.hsforms.com/11aCinm5wS92yCSiAtXDGUg3s9oo
Taking place during summit week, the awards ceremonies create a key moment for industry professionals to connect, share insights, and celebrate innovation at one of the year’s most prominent gaming events.
About Atlaslive
Atlaslive delivers flexible, scalable iGaming platform technology to operators in regulated markets. Focused on performance, reliability, and continuous product development, Atlaslive enables sportsbook and casino operations aligned with diverse business models.
This document is provided to you for your information and discussion only. This document was based on public sources of information and was created by the Atlaslive team for marketing usage. It is not a solicitation or an offer to buy or sell any gambling-related product. Nothing in this document constitutes legal or business development advice. This document has been prepared from sources Atlaslive believes to be reliable, but we do not guarantee its accuracy or completeness and do not accept liability for any loss arising from its use. Atlaslive reserves the right to remedy any errors that may be present in this document.
About Atlaslive
Atlaslive is a B2B software development company that specializes in creating a multifunctional and automated platform to optimize the workflow of sports betting and casino operators. Key components of the Atlaslive Platform include Sportsbook, Casino, Risk Management and Anti-Fraud Tools, CRM, Bonus Engine, Business Analytics, Payment Systems, and Retail Module. Follow the company on LinkedIn to stay updated with the latest news in iGaming technology.
The post Atlaslive Reaches Final Shortlist for Best Live Platform Provider at SiGMA Eurasia 2026 appeared first on Americas iGaming & Sports Betting News.
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