Canada
Rivalry Announces Record Second Quarter 2022 Results
Rivalry Corp. (the “Company” or “Rivalry”) (TSXV: RVLY) (OTCQX: RVLCF) (FSE: 9VK), an internationally regulated sports betting and entertainment company, today announced its financial results for the three and six-month periods ended June 30, 2022. All dollar figures are quoted in Canadian dollars.
“We are very encouraged by our performance in Q2, putting up significant year-over-year growth across all core metrics, and sequential growth on a number as well, despite what is a seasonally quiet quarter in the esports calendar,” said Steven Salz, Co-Founder and CEO of Rivalry. “And thus far, our momentum in the third quarter is continuing this growth trajectory, including hitting another all-time record for betting handle in a single month, delivering $23.4 million in July. With a number of impactful product releases, marketing, and operational initiatives slated through the rest of year, we are hungry to demonstrate to the market the inherent operating leverage in our model.”
Second Quarter 2022 Highlights
- Betting handle1 was $38.4 million in Q2 2022, a year-over-year increase of 98% compared to $19.4 million in Q2 2021, and down 4% sequentially from the record high of $40.2 million in Q1 2022, as Q2 is a seasonally slower quarter.
- Revenue was a record $5.3 million in the second quarter, a year-over-year increase of 60% from $3.3 million in Q2 2021, and represented the Company’s highest-ever revenue in any quarter. Revenue was up 11% sequentially from $4.8 million in Q1 2022.
- Gross profit was a record $2.1 million in the second quarter, a year-over-year increase of $1.4 million or 206% from $0.7 million in Q2 2021, and up 201% sequentially from $0.7 million in Q1 2022.
- The Company had $27.8 million of cash and no debt as at June 30, 2022.2
- The Company commenced gaming operations in Ontario on April 4, 2022, the first day of regulated online gaming in the province.
- The Company announced the launch of gaming operations in Australia on May 9, 2022.
________________________
2 Includes cash and cash equivalents of $24.1 million and restricted cash of $3.7 million.
“The strength in the business in the second quarter was all achieved organically and driven by our existing core markets. Launching in our first two regulated markets was a very important milestone in Q2 that will help drive growth in the coming quarters as we establish our brand with consumers, deploying our ‘crawl, walk, run’ strategy that prioritizes operating with sustainable unit economics in new markets first, and scaling spend thereafter,” Salz added. “We were very encouraged with our Q2 performance considering that we did not see a material contribution from either of these markets yet, and during what is already a seasonally quiet quarter. On the other side we were proud to demonstrate the profitability potential of our current betting handle, posting record gross profit during the quarter.”
“Looking ahead, we are excited about the second half of the year,” Salz added. “The traditionally strong third quarter is tracking well for us. Several important platform enhancements in areas like mobile app, traditional sports offering, and our casino vertical are set to be launched in the coming months.”
Investor Conference Call
Management will host a conference call at 10:00 a.m. EDT on Thursday, August 25, 2022 to discuss the Company’s second quarter 2022 financial results.
| Dial-in: | 888-396-8049 (toll free) or (+1) 416-764-8646 (local or international calls) |
| Webcast: | A live webcast can be accessed from the Events section of the Company’s website at www.rivalrycorp.com or at this link. A replay of the webcast will be archived on the Company’s website for one year. |
Rivalry’s financial statements and management discussion and analysis for the period ended June 30, 2022 are available on SEDAR at www.sedar.com, and on the Company’s website at www.rivalrycorp.com.
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CasinoCanada.com has established a partnership with FortuneJack crypto casino to support brand visibility and drive traffic to the platform across non-regulated Canadian markets.
CasinoCanada will create and publish informational content highlighting FortuneJack’s features and gaming portfolio. The content will be integrated into CasinoCanada’s review and comparison sections to expand coverage and improve user navigation.
CasinoCanada is an online casino guide focused on the Canadian market, operated by SEOBROTHERS.
Eugene Ravdin, Head of PR at SEOBROTHERS, stated: “Our objective is to provide users with structured information about FortuneJack’s platform and support consistent traffic development. With crypto casinos rapidly growing in popularity and becoming an increasingly important segment of the iGaming industry, we see strong potential in this direction and aim to help users navigate it with clarity and confidence.”
Established in 2012, FortuneJack is an online cryptocurrency casino platform offering over 3,500 games, including more than 2,700 slot titles. The platform features providers such as Pragmatic Play, Yggdrasil, Betsoft Gaming, Red Tiger, GameArt, and PG Soft.
FortuneJack’s live casino section includes up to 135 games, along with betting options across 50 sports. FortuneJack is operated by PlayWave SRL, registered and licensed under Anjouan laws.
Sally Betanishvili, Brand Manager at FortuneJack commented: “At FortuneJack, Since 2014 our priority is staying at the forefront of the iGaming evolution by offering a premier crypto-gaming experience. Partnering with CasinoCanada allows us to bring our extensive portfolio of over 6000+ games to a wider Canadian audience that values transparency and variety. We are excited to work with a partner that shares our commitment to helping players navigate the exciting world of crypto casinos with confidence.”
The partnership will focus on ongoing content development, increased platform visibility, and user acquisition initiatives across CasinoCanada’s media channels.
The post CasinoCanada announces partnership with FortuneJack casino appeared first on Americas iGaming & Sports Betting News.
CasinoCanada.com has partnered with FortuneJack crypto casino to increase FortuneJack’s visibility and drive traffic via CasinoCanada’s content channels in non-regulated Canadian markets.
Under the deal, CasinoCanada will create and publish informational content focused on FortuneJack’s features and gaming portfolio. The material will be integrated into CasinoCanada’s review and comparison sections, which the company said is intended to expand coverage and improve user navigation.
CasinoCanada is an online casino guide focused on the Canadian market and operated by SEOBROTHERS. Eugene Ravdin, Head of PR at SEOBROTHERS, said: “Our objective is to provide users with structured information about FortuneJack’s platform and support consistent traffic development. With crypto casinos rapidly growing in popularity and becoming an increasingly important segment of the iGaming industry, we see strong potential in this direction and aim to help users navigate it with clarity and confidence.”
FortuneJack, established in 2012, said it offers over 3,500 games, including more than 2,700 slots, from providers including Pragmatic Play, Yggdrasil, Betsoft Gaming, Red Tiger, GameArt, and PG Soft. The operator also lists up to 135 live casino games and betting across 50 sports. FortuneJack is operated by PlayWave SRL and is registered and licensed under Anjouan laws.
Sally Betanishvili, Brand Manager at FortuneJack, said: “At FortuneJack, Since 2014 our priority is staying at the forefront of the iGaming evolution by offering a premier crypto-gaming experience. Partnering with CasinoCanada allows us to bring our extensive portfolio of over 6000+ games to a wider Canadian audience that values transparency and variety. We are excited to work with a partner that shares our commitment to helping players navigate the exciting world of crypto casinos with confidence.” The companies said the partnership will focus on ongoing content development, increased platform visibility, and user acquisition initiatives across CasinoCanada’s media channels.
The post CasinoCanada partners with FortuneJack to expand crypto casino coverage appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
FanDuel has announced a new partnership with the Toronto Tempo, becoming its first official iGaming partner.
This multi-year agreement brings together two brands committed to expanding women’s sports in Canada. Through this collaboration, FanDuel positions itself as the best Sportsbook and Casino for fans to engage with Canada’s women’s team, bringing them closer to the action and women’s basketball than ever before.
“Partnering with the Toronto Tempo in their inaugural season is an exciting opportunity for FanDuel customers and basketball fans. As a company that shares the same passion for community and empowering women’s sports, we are proud to support a new franchise that will celebrate fans and elevate women’s professional sports in Canada,” said Tom Burdakin, Vice President of Marketing at FanDuel.
“One word to describe this partnership is transformative. Welcoming FanDuel marks a significant milestone for our organization as we continue to build Canada’s first WNBA team and deepen fan engagement,” said Lisa Ferkul, Chief Revenue Officer at Toronto Tempo.
FanDuel has had a front row seat to the growth of women’s sports in recent years as a proud official partner of the WNBA. Through this partnership and FanDuel’s best in class WNBA offering, fans can engage in more ways than any other platform from tip-off to buzzer.
As the first Sportsbook and Casino partner, FanDuel and the Toronto Tempo will bring exclusive fan initiatives to FanDuel’s customers, as well as in-arena visibility and digital activations to connect fans with the excitement of the WNBA both on and off the court.
The post FanDuel Announces New Partnership with Toronto Tempo appeared first on Americas iGaming & Sports Betting News.
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