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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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AGLC

AGLC Announces New Board Chair

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Alberta Gaming, Liquor and Cannabis (AGLC) has announced the appointment of Larry Spagnolo as the new Board Chair, effective August 15, 2025. This announcement follows the official Order in Council issued by the Alberta Government and marks a new chapter in AGLC’s ongoing commitment to support communities, encourage responsible choices and position Alberta as the best place to do business.

Larry brings a wealth of experience in technology and business leadership to the AGLC Board and will play an integral role in guiding AGLC’s strategic direction. He is currently serving as VP and GM of Emerson’s SaaS SCADA business and has held senior roles at Zedi and Telus, driving innovation, growth, and global success.

A strong advocate for education and community, Larry serves as Vice Chair of Athabasca University’s Board of Governors and has held board roles with NAIT and Polytechnics Canada. He was awarded the King Charles III Coronation Medal for his community contributions.

AGLC and the Board of Directors extend their heartfelt thanks to Len Rhodes for his leadership and dedication as Board Chair since August 2019. He decided not to seek a third term and will continue to serve in this role until August 14, 2025. Len led AGLC through some significant milestones, including reducing red tape by 51%, growth of the emerging cannabis industry and ensuring AGLC delivered a balanced approach to business development, social responsibility, and regulatory oversight.

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Bonus Guardian

Pinnacle Ontario live with CasinoEngine in North America debut

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EveryMatrix has expanded its partnership with tier-1 operator Pinnacle powering its new casino in Ontario, Canada, using CasinoEngine platform technology – the first time its platform solution has gone live in North America. 

The latest agreement builds on the two companies’ previous collaboration that saw EveryMatrix’s CasinoEngine productivity platform power the well-known brand’s global casino offering.

The new launch takes the relationship to North America, marking EveryMatrix’s debut CasinoEngine platform integration in that market.

BonusEngine, EveryMatrix’s cross-vertical bonusing tool will be integrated in the second phase of launch. This will equip Pinnacle Ontario with a host of bonus types as well as AI-powered bonus abuse solution Bonus Guardian.

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BonusEngine is the first of multiple engagement tools from EveryMatrix’s EngageSuite that Pinnacle plans to integrate.

With this comprehensive toolkit at its disposal, and the opportunity to add even more casino products in the future, Pinnacle Ontario can tailor campaigns, segment audiences, and reward players more effectively, creating a world-class digital entertainment experience for its customers.

EveryMatrix has more than 300 global customers and holds North American licences in Ontario, New Jersey, Michigan, West Virginia, Connecticut and Pennsylvania.

Stian Enger Petersen, CEO, Casino, EveryMatrix, said: “This launch marks a key milestone for EveryMatrix as we bring our market-leading CasinoEngine platform to Canada for the first time.

“We’re delighted to expand our partnership with Pinnacle and support their ambitions in Ontario with a powerful combination of platform, content, and engagement tools that are proven to drive success.”

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Prime Skill Games Inc. Official Response to AGCO Press Release

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As CEO of Prime Skill Games Inc., I feel compelled to address recent comments made by the Alcohol and Gaming Commission of Ontario regarding so-called unapproved gambling machines in convenience stores across the province.

Let me be perfectly clear

Our machines are not gambling devices. They are entirely skill-based, fully compliant with the law, and built on the fundamental idea that players are in control. The outcome of every session is determined solely by the player’s ability, not by random chance.

Prime Skill Games is proud to be the only true skill game operating in Ontario today.

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We categorically reject any suggestion that our products fall under the definition of unregulated gambling. Such statements are inaccurate, misleading, and fail to recognize the critical distinction between games of skill and games of chance.

We stand firmly behind the legality of our machines and the integrity of our operations. We will demonstrate this through every available means, whether through legal documentation, expert analysis, or, if necessary, before the courts. We are prepared and unafraid to defend the truth.

To our players, partners, and business community, we want to reassure you that our mission has not changed. We are committed to offering a responsible, transparent, and innovative entertainment experience. We will not be intimidated by broad and baseless accusations, and we will continue to move forward with strength and clarity.

 

Sincerely

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Matt Zamroźniak

Chief Executive Officer

Prime Skill Games Inc.

The post Prime Skill Games Inc. Official Response to AGCO Press Release appeared first on Gaming and Gambling Industry in the Americas.

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