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Rivalry Announces Record Third Quarter 2022 Results and First-Ever Profitable Month in October

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Esports Betting, Expanded Casino Offering, and Deepened Brand Footprint Among Next Generation Consumers Drive Record Quarter and Net Profit in October

  • Record betting handle of $70.3 million in Q3 2022, up 203% year-over-year, and 83% quarter-over-quarter.

  • Record revenue of $7.1 million in Q3 2022, up 93% year-over-year, and 35% quarter-over-quarter.

  • Gross profit of $2.1 million in Q3 2022, an increase of 263% year-over-year and consistent with Q2 2022.

  • Momentum has continued into the fourth quarter with a single-month record betting handle of $37.2 million and revenue of $4.5 million in October 2022, achieving the first profitable month in the Company’s history.

  • Operating leverage and profitable customer unit economics set stage for accelerated growth as the Company scales into new verticals and markets.

  • Strong cash position and no debt provides an important foundation for further execution.

Rivalry Corp., an internationally regulated sports betting, media, and technology company, today announced its financial results for the three and nine-month periods ended September 30, 2022. The Company also announced preliminary results for the month of October, 2022. All dollar figures are quoted in Canadian dollars.

“Our leading brand position among Millennial and Gen Z consumers was a catalyst in generating meaningful revenue from esports betting during a period of several tentpole international events, and ultimately driving record results in the third quarter,” said Steven Salz, Co-Founder and CEO of Rivalry. “Our differentiated strategy and product offering is key in connecting with a demographic that legacy operators aren’t equipped to serve. We’ve created brand equity, loyalty, and consumer engagement that continue to guide our successful player acquisition and retention strategy, enhance customer unit economics, and highlight the operating leverage within the business that increases as we scale.”

“The momentum we saw during Q3 has continued into this current quarter as we delivered record results in October, including reaching our first profitable month,” Salz continued. “Delivering a clean net profit on a normalized basis is a promising validation of our overarching strategy which prioritizes sustainable user economics and careful capital allocation. While October will likely set our high benchmark in 2022 as seasonally one of the strongest months, we believe our +20% month-over-month average growth over the past year, successful casino product expansion, and increased market share ownership of esports betting positively signals directionally as to where we are headed on underlying profitability in the future.”

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Third Quarter 2022 Highlights

  • Betting handle was $70.3 million in Q3 2022, a year-over-year increase of 203% compared to $23.2 million in Q3 2021, and up 83% sequentially from $38.4 million in Q2 2022. Betting handle exceeded the previous record quarterly high of $40.2 million reported by the Company in Q1 2022.

  • Revenue was a record $7.1 million in the third quarter, a year-over-year increase of 93% from $3.7 million in Q3 2021, and represented the Company’s highest-ever revenue in any quarter. Revenue was up 35% sequentially from $5.3 million in Q2 2022.

  • The Company launched its first-ever casino game during the quarter and saw immediate impact, contributing 30% of betting handle and 15% of revenue in Q3 2022 despite minimal marketing efforts.

  • Gross profit was $2.1 million in the third quarter, a year-over-year increase of $1.5 million or 263% from $0.6 million in Q3 2021, and up 1% sequentially from $2.1 million in Q2 2022.

  • Company maintained a market leadership position among next generation consumers with 82% of active users under the age of 30-years old and continues to highlight significant opportunities in esports betting, demonstrated by over 90% of sportsbook handle derived from esports in Q3 2022.

  • The Company had $23.0 million of cash and no debt as at September 30, 2022.

 

October 2022 Preliminary Results

  • Betting handle for the month ended October 31, 2022 was $37.2 million, a year-over-year increase of 190% compared to $12.8 million in October 2021, representing an all-time single-month record for the Company.

  • Revenue was $4.5 million in October 2022, a year-over-year increase of 501% from $0.7 million in October 2021, and also represented a single-month record.

  • Gross profit was $2.1 million in October 2022, a single-month record, equaling the entire reported Q3 2022 gross profit.

  • October delivered the Company’s first monthly net profit, on a normalized basis, representing a meaningful milestone that demonstrates the inherent operating leverage in the Company’s model and path forward to future sustained profitability.

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ROGA Launches National College Education Campaign

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The Responsible Online Gaming Association (ROGA) has launched the “Know Your Play” campaign in partnership with EPIC Global Solutions, Kindbridge Behavioral Health, and the Responsible Gambling Council (RGC). This is a major initiative designed to provide college-aged students with detailed content focused on responsible gaming, mental health and well-being, and financial literacy.

“College students are learning to navigate newfound financial independence and equipping this age group with resources to make informed decisions that can build good financial habits will serve them throughout their lives, whether they engage in gaming or not. While previous programs have focused on student-athletes, our campaign intends to educate the broader student population about responsible gaming concepts that can help this age group set realistic expectations and see gaming as a form of entertainment, not as a way of making money,” ROGA Executive Director Dr. Jennifer Shatley said.

The campaign utilizes digital learning tools, resources, and videos available to all college-aged students at knowyourplay.org, even if they are not enrolled in a university. These resources will educate students on key responsible gaming concepts, including randomness, impulsiveness, and limit setting, while addressing myths like the illusion of control in sports betting. It will also focus on the role stress and mental health play in overall student wellbeing and provide practical tips for management. Additionally, extended resources will be piloted with select universities.

“EPIC has vast expertise and experience in creating programs that resonate with college-aged audiences and are delighted to partner with ROGA on a campaign that will provide critical education to college students across the country. By combining expert knowledge with personal stories, our program aims to foster a well-rounded understanding of financial literacy, decision-making, and risk-taking,” Teresa Fiore, SVP of Partnerships at EPIC Global Solutions, said.

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The campaign will begin rolling out at college campuses over the next several weeks with in-person learning sessions and workshops in tandem with digital delivery tools for greater accessibility and reach, ensuring that the program effectively engages students across diverse campuses and demographics.

“College life presents unique pressures, from financial independence to academic performance, all of which can impact mental health. By fostering decision-making skills that bridge these areas, we’re helping students build resilience, manage stress, and develop healthy habits that will serve them well beyond their college years,” Kindbridge Group CEO Daniel Umfleet, said.

“College students face an increased risk of harm from gambling, making prevention education essential in protecting this important audience. RGC has a long history of creating prevention programs for young adults, and we are proud to partner with ROGA on this crucial initiative. This campaign will equip students with the knowledge and skills needed to make informed decisions should they choose to gamble. By providing valuable information, digital tools, and resources, we are empowering young adults to approach gambling with a lower-risk mindset and reduce potential harm,” RGC CEO Sarah McCarthy said.

The post ROGA Launches National College Education Campaign appeared first on Gaming and Gambling Industry in the Americas.

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Siyata Mobile Announces New Order from Leading Canadian Gaming and Entertainment Company

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Siyata Mobile Inc, a global vendor of Push-to-Talk over Cellular (PoC) devices and cellular signal booster systems, announced a new order for SD7 handsets and related accessories for a new customer, a leading gaming and entertainment company located in Canada.

This order marks one of Siyata’s first entries into the gaming and casino industry, a sector with significant growth potential for the Company. The customer operates dozens of gaming, entertainment, and hospitality venues across Canada and will deploy the SD7 handsets for Push-to-Talk (PTT) communications among its security and maintenance teams.

“This new order is an exciting milestone for Siyata as we expand further into the gaming and casino market. There is a growing industry trend toward modern, cellular-based communication solutions. Casinos require reliable, cost-effective, and easy-to-use communication tools with exceptional audio clarity, and our SD7 handsets and accessories are an ideal fit for those demands. This casino is replacing traditional Land Mobile Radio (LMR) two-way radios with advanced PoC technology for its security and maintenance personnel. The SD7’s robust capabilities, including instant push-to-talk functionality and superior coverage, make it an attractive choice for businesses prioritizing security and operational efficiency,” Marc Seelenfreund, CEO of Siyata Mobile, said.

The post Siyata Mobile Announces New Order from Leading Canadian Gaming and Entertainment Company appeared first on Gaming and Gambling Industry in the Americas.

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CasinoCanada Started a New Partnership With Ocean Spin by LaLa Stars

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CasinoCanada, the number one gambling guide for players in Canada, is thrilled to announce its new partnership with Ocean Spin a brand under the umbrella of LaLa Stars.

This collaboration marks an exciting step in CasinoCanada’s mission to provide its audience with the most comprehensive and up-to-date information on top gaming experiences.

The partnership agreement will grant LaLa Stars premium visibility across high-traffic sections of CasinoCanada’s website, which has been a trusted source for Canadian players for over 20 years.

LaLa Stars presents itself as an affiliate program that generates double-digit profits by making it easy and enjoyable to promote the brands. The program features a memorable design, a player-centric retention system, top-tier payment options, and game providers. Fast payments, flexible commission models, high-converting brands, powerful reporting, no middlemen, and outstanding conversion make LaLa Stars a popular choice. Additional company benefits are: a revenue share of up to 60%, a CPA of up to €500, hybrid CPA.

Ocean Spin Casino, a brand of LaLa Stars company, despite being quite new on the iGaming market, is a huge online gambling platform where all casino newcomers are greeted with a welcome bonus of 100% for up to €500, and 200 free spins plus one Bonus Crab. It comes as a first deposit bonus for a minimum deposit amount of €20. Sports-betting enthusiasts can also claim a welcome bonus of 100% for up to €100.

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Ocean Spin Casino’s games include: gaming machines, roulette blackjack, betting, video poker, bingo, baccarat, jackpot games, and live games.

“We are excited to meet our new partner Ocean Spin Casino, and hope to bring maximum use and value to our community,” said Aleksandra Drigo, Sales Director at CasinoCanada. “This partnership perfectly reflects our dedication to highlighting the best in the gaming industry while offering our audience valuable insights and chances to experience top-notch gaming. We hope for a productive and long-term partnership!”

The partnership is now live, featuring LaLa Stars reviews and exclusive offers on the CasinoCanada website. This collaboration is set to deliver even more thrilling updates, exclusive content, and personalized promotions for the Canadian gambling community.

The post CasinoCanada Started a New Partnership With Ocean Spin by LaLa Stars appeared first on Gaming and Gambling Industry in the Americas.

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