Canada
Rivalry Announces Record Third Quarter 2022 Results and First-Ever Profitable Month in October
Esports Betting, Expanded Casino Offering, and Deepened Brand Footprint Among Next Generation Consumers Drive Record Quarter and Net Profit in October
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Record betting handle of $70.3 million in Q3 2022, up 203% year-over-year, and 83% quarter-over-quarter.
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Record revenue of $7.1 million in Q3 2022, up 93% year-over-year, and 35% quarter-over-quarter.
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Gross profit of $2.1 million in Q3 2022, an increase of 263% year-over-year and consistent with Q2 2022.
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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.
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Operating leverage and profitable customer unit economics set stage for accelerated growth as the Company scales into new verticals and markets.
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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.”
Third Quarter 2022 Highlights
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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.
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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.
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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.
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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.
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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.
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The Company had $23.0 million of cash and no debt as at September 30, 2022.
October 2022 Preliminary Results
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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.
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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.
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Gross profit was $2.1 million in October 2022, a single-month record, equaling the entire reported Q3 2022 gross profit.
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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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Canada
Casino Time Elevates Social Gaming in Ontario with Launch of iGaming Website
Casino Time, a full-service online casino for Ontario residents, proudly announces the highly anticipated launch of its iGaming website, CasinoTime.ca. Affiliated with 10 Charitable Gaming entertainment venues across the province, Casino Time extends its legacy fundraising model and beloved social gaming experience to the digital realm.
At the time of launch, Casino Time features a premium selection of games in each of its core product verticals including Slots, Live Dealer Casino Games, and Bingo. Adding to its diverse portfolio, Casino Time is also set to introduce a Sportsbook in late 2024. With a robust suite of features including interactive chat, local customer service, 24/7 accessibility, loyalty rewards, and rapid payment solutions, the online platform provides a powerful casino experience that is community-oriented.
Casino Time is committed to meeting the expectations of players who value the superior gaming experience associated with its charitable gaming affiliates. The iGaming website harnesses industry-leading technology from Gaming Innovation Group (GiG) to deliver an intuitive user experience and offers progressive jackpots and full-service game offerings from Pragmatic Play, Evolution, IGT, and Blueprint Gaming, including mega hits like Lightning Roulette, Gonzo’s Quest, and Cleopatra.
Pragmatic Play will also be the driving force behind Casino Time’s Bingo offering, handpicked by the operator for its best-in-class user experience, comprehensive promotional suite, live chat functionality, and exclusive play-on-demand feature. Casino Time is the first Canadian iGaming operator to offer regulated access to the globally renowned bingo product, Bingo Blast, cherished by players everywhere.
“We have been leading the revival of community gaming in Ontario for 20 years with cutting-edge gambling entertainment at the local level. Now through an exclusive partnership with iGO, we’re bringing our offerings online across Ontario, providing more access to the social gaming revolution that has won us a legion of fans,” says D’Arcy Stuart, CEO of Casino Time.
Rooted in legacy, Casino Time’s team is dedicated to delivering an unparalleled online and offline gaming experience with over 50 years of serving the gambling community in Ontario. Committed to VIP loyalty, high-touch customer care, responsible gaming practices, and safety and security, Casino Time provides community and peace of mind to its players.
“In our physical locations, our gambling product is, of course, second to none, but the special sauce is the social experience, which we’re replicating with the iGaming platform,” adds George Prue, General Manager of Jackpot Time Sarnia. “We know our customers personally and we love being part of their recreation and banter. Plus, proceeds get invested straight back into the community. That’s a gambling model we can proudly stand behind.”
Casino Time is not merely an online entity; it is an extension of the vibrant Ontario gambling community. Casino Time’s iGaming website goes beyond the ordinary, fostering a community-oriented gaming experience that is both social and inclusive.
Alcohol and Gaming Commission of Ontario (AGCO)
Soft2Bet strengthens integrity monitoring with IBIA membership in Ontario
Soft2Bet, a leading casino and sportsbook platform provider, has joined the International Betting Integrity Association (IBIA) and activated its membership in Ontario, Canada, following its licensing in the Canadian province.
Soft2bet obtained its Certificate of Registration from the Alcohol and Gaming Commission of Ontario (AGCO) at the end of March, where the company’s Ontario-focused brand Tooniebet.com will now feed into IBIA’s world-leading sports betting integrity monitoring platform before worldwide implementation in the coming months.
IBIA includes over 50 of the world’s leading sports betting and gaming companies, who operate over 125 sports betting brands. Soft2Bet’s decision to join the association further strengthens its own internal betting integrity protocols and IBIA’s position as the world’s leading sports betting integrity monitoring body.
David Yatom Hay, General Counsel at Soft2Bet, commented: “Soft2Bet is delighted to be joining the IBIA as we strengthen our own betting integrity monitoring processes and play our part in furthering the IBIA’s long-standing work on this key issue. Ontario is a world class iGaming jurisdiction; it will be the first market where we will implement our IBIA membership and we look forward to deploying the monitoring infrastructure worldwide in all the other markets in which we operate.”
Khalid Ali, CEO of IBIA, said: “Soft2Bet is a very welcome addition to IBIA, further strengthening our position in the Ontario market. The operator’s decision to join IBIA demonstrates its desire to utilise the best integrity protection available for its sportsbook product. The association is delighted to be able to integrate Tooniebet within our integrity monitoring system and looks forward to working closely with Soft2Bet to maintain the high integrity of its sportsbook.”
IBIA is a not-for-profit body that has no competing conflicts with the delivery of commercial services to other sectors and is run by operators and for operators to protect regulated sports betting markets from match-fixing. IBIA’s global monitoring network is a highly effective anti-corruption tool, detecting and reporting suspicious activity in regulated betting markets.
Through the IBIA monitoring network it is possible to track transactional activities linked to individual customer accounts. IBIA members generate more than $300bn in annual betting turnover (handle), accounting for approximately 50% of the global commercial regulated land-based and online sports betting sector, and in excess of 50% for online alone.
IBIA recently released a report on the Availability of Sports Betting Products which highlighted Ontario as a leading regulated gambling jurisdiction, with an expected onshore channelisation for sports betting of 92% in 2024 forecast to rise to 97% in2028. IBIA currently represents over 60% of the private sports betting operators licensed in the province. All online sportsbetting operators licensed in Ontario are required to be part of a betting integrity monitoring body.
IBIA’s Q1 2024 report detailed 56 alerts during the quarter. IBIA alerts contributed to the investigations and subsequent successful sanctioning of 21 clubs, players and officials in 2023, an increase on the 15 sanctioned in 2022.
British Columbia Lottery Corporation
SCCG Management Signs Contract with British Columbia Lottery Corporation
SCCG Management has signed a contract with the British Columbia Lottery Corporation (BCLC), the B.C. Crown corporation which conducts and manages commercial gambling in the province, including lotteries, casinos, and online gaming. This partnership aims to undertake a comprehensive assessment and strategic enhancement of BCLC’s diverse operations.
The work between SCCG and BCLC will involve a thorough review of technological infrastructures, strategic market positioning, and the integration of various gaming modalities. SCCG’s extensive expertise will be pivotal in harmonizing BCLC’s online and physical gaming experiences.
Stephen Crystal, Founder and CEO of SCCG Management, said: “Our collaboration with BCLC represents a remarkable opportunity to push the boundaries of innovation within the gaming industry. We are committed to deploying our resources and expertise to enhance BCLC’s operational efficiencies and customer engagement strategies. It’s an honor to partner with an organization that has a robust impact on the community through its support of public initiatives.”
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