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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AGLC
PointsBet Canada Officially Begins Registration Process in Alberta
PointsBet Canada has announced that it has commenced the registration process in Alberta and can now begin marketing activities, positioning the company to enter the province as Alberta prepares to become Canada’s second open and competitive regulated iGaming market.
Eligible Alberta residents can now pre-register at https://www.pointsbet.ca/ to receive notification of PointsBet’s launch, along with an exclusive welcome offer, ahead of the full platform rollout expected in the coming months.
This development follows the Alberta Gaming, Liquor and Cannabis (AGLC) streamlined process, enabling PointsBet Canada to introduce its premium sports betting and online casino experience while final registration steps continue.
“Alberta’s move toward an open, competitive iGaming framework is a positive step for Canadian players, offering more choice and consumer protections in a safe and regulated environment. We’re excited to introduce our innovative, Canadian-focused sports betting and online casino products to Alberta residents, supported by industry-leading speed, responsible gaming tools, and local expertise,” said Scott Vanderwel, CEO of PointsBet Canada.
The post PointsBet Canada Officially Begins Registration Process in Alberta appeared first on Americas iGaming & Sports Betting News.
Canada
Kambi Group Becomes the Official Sportsbook Partner of Ontario Lottery and Gaming Corporation
Kambi Group has formally assumed contractual responsibilities for OLG’s multi-channel sportsbook following the successful completion of the novation agreement with FDJ Gaming Solutions France (FDJ) and Ontario Lottery and Gaming Corporation (OLG), with OLG launched its Kambi-powered sportsbook on 27 January.
Kambi, the home of premium sports betting solutions, confirmed that it has formally assumed contractual responsibilities for the provision of sports betting services to OLG, having successfully met all conditions of the previously agreed novation agreement.
The completion follows the announcement in 2025 that Kambi had been selected by FDJ to take over FDJ’s role as OLG’s long-term sports betting partner with OLG’s consent and pending the satisfaction and completion of specific conditions. With these conditions now met, Kambi has officially assumed responsibility for the provision of sports betting services to OLG across both its retail and digital channels, with OLG gone live with its Kambi-powered sportsbook on 27 January.
OLG offers sports betting through PROLINE (retail) and PROLINE+ (online) with 100% of its profits reinvested into Ontario. Powered by Kambi’s Turnkey Sportsbook, OLG’s sports betting operations will benefit from Kambi’s market-leading technology and services, designed to deliver a scalable, compliant and engaging betting experience for players.
Werner Becher, Kambi Group Chief Executive Officer, said: “We are delighted to have officially completed this transition and to begin this next chapter of our partnership with OLG. Having met the necessary conditions of the novation agreement, Kambi is excited to become the official sportsbook provider and to have launched with one of the world’s most respected lottery operators. We value our partnership with OLG and look forward to leveraging our proven technology to help them drive sustainable growth and provide a safe and entertaining betting product for their customers in Ontario.”
Duncan Hannay, OLG President and CEO, added: “OLG strives to provide a market leading PROLINE sports betting experience for our players. We look forward to working alongside our new partner, Kambi, who offers a proven track record of product excellence and reliability, as we deliver on our commitment to give back to the people and communities of Ontario. This is an exciting step forward for both organizations.”
The post Kambi Group Becomes the Official Sportsbook Partner of Ontario Lottery and Gaming Corporation appeared first on Americas iGaming & Sports Betting News.
Canada
High Roller Technologies Signs Letter of Intent with Kindbridge Behavioral Health to Support Responsible Gambling in Ontario
High Roller Technologies Inc., operator of the award-winning, premium online casino brands High Roller and Fruta, announced it has entered into a non-binding Letter of Intent (LOI) with Kindbridge Behavioral Health (Kindbridge) to support its commitment to responsible gambling in Ontario, subject to licensing and regulatory approval.
Through the planned partnership with Kindbridge, High Roller intends to offer eligible Ontario players who choose to self-exclude a confidential pathway to support that helps individuals understand their options and take next steps at their own pace. The experience begins with education and a guided triage process, followed by the option to connect with no-cost peer support and, when appropriate, licensed Canadian clinicians. Using a stepped-care approach, individuals can start where they feel ready and access additional support over time, based on their needs and goals.
“We believe entertainment should always be enjoyed responsibly. Partnering with Kindbridge reinforces our commitment to player wellbeing by ensuring that anyone who may be experiencing challenges with their gambling activity has access to meaningful, professional support. This collaboration reflects our responsibility not only as an operator, but as a trusted brand that puts people first,” said Seth Young, Chief Executive Officer at High Roller.
Kindbridge works with gaming operators across North America to deliver early-intervention programs designed to identify, assess, and support at-risk individuals, including integration with self-exclusion and responsible gaming workflows.
“Building strong, accessible pathways to support is an essential part of effective responsible gambling programs.nOperators are uniquely positioned to assist individuals who may be experiencing distress by helping connect them to appropriate care. We’re proud to work with High Roller to expand access to specialized clinicians and evidence-based resources, supporting healthier outcomes for players and more effective responsible gambling frameworks,” said Daniel Umfleet, Founder & CEO of Kindbridge Behavioral Health.
Seth Young, who currently serves as Chief Executive Officer of High Roller, is a current shareholder, member of the Board of Advisors, and former member of the Board of Directors at Kindbridge.
The post High Roller Technologies Signs Letter of Intent with Kindbridge Behavioral Health to Support Responsible Gambling in Ontario appeared first on Americas iGaming & Sports Betting News.
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