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Rivalry Reports 192% Growth in Handle and 60% Growth in Revenue for Q2 2023, Projects Profitability in H1 2024
Rivalry Corp. (the “Company” or “Rivalry”) (TSXV: RVLY) (OTCQX: RVLCF) (FSE: 9VK), an internationally regulated sports betting and media company, today announced its financial results for the three- and six-month periods ended June 30, 2023. Rivalry has also provided revenue guidance that the Company anticipates reaching profitability in the first half of next year. All dollar figures are quoted in Canadian dollars.
“In Q2 we delivered a nearly three-fold increase in handle year-over-year,” said Steven Salz, Co-Founder and CEO of Rivalry. “Increased marketing sophistication and enhancements to our core product have led to operational improvements, increased player wallet share, and a material year-over-year reduction in cost of customer acquisition, positioning us well in the coming quarters. The growing strength in these underlying fundamentals continues to validate Rivalry’s global brand leadership in esports betting, and more broadly, in delivering a world class online gambling experience for the next generation of fans.”
“Our position among young Millennial and Gen Z customers represents one of our greatest competitive advantages, but has also presented unique learnings regarding betting behaviors. Generally we experience higher margin volatility within the sportsbook among this demographic, which impacted revenue this quarter,” Salz added. “That said, challenges like this come with our position at the bleeding edge of a demographic shift in online gambling, and it has also allowed Rivalry to learn more than other operators about what is needed to succeed among this coveted cohort. In the immediate term we have been tuning our operational initiatives to address normalizing margin and seeing early results. And to contextualize the upside potential of this work, at consistent industry average margins Rivalry would have been profitable in Q1 and Q2 this year against the betting handle we generated. With these ongoing adjustments being made based on our learnings, alongside the general benefits scaling handle through growth provides to margin, we expect to reduce volatility, positively impacting bottom-line results, and propelling us to profitability in the first half of next year.”
Second Quarter 2023 Highlights
- Betting handle for the three-month period ended June 30, 2023 was $112.2 million, an increase of $73.8 million or 192% from $38.4 million in Q2 2022, while reducing marketing spend 6% year-over-year.
- Casino has helped offset historical esports seasonality slowdown in Q2, contributing toward revenue diversity and growth, adding $57.5 million in handle during the second quarter.
- Revenue was $8.5 million in Q2 2023, a record result for a second quarter, representing an increase of $3.2 million or 60% from $5.3 million of revenue in Q2 2022.
- Gross profit was $3.8 million in Q2 2023, an increase of $1.8 million or 86% from $2.1 million of gross profit in Q2 2022.
- Net loss was $6.3 million for Q2 2023, a 1% increase from the net loss of $6.2 million in Q2 2022. A select number of low probability esports and sports outcomes, alongside unique behavioral betting habits from Gen Z users, caused increased margin volatility and negatively impacted revenue, which combined with several one-time expenses expanded the Company’s net loss.
- Adjusting for non-recurring items in the Company’s operational expenses over the last four quarters, Rivalry is pleased to note that its operational expenses have remained nearly flat, while simultaneously delivering triple digit year-over-year growth in betting handle every quarter. It is this clear operating leverage trend, combined with concerted efforts to increasingly stabilize margin at scale, that has led the Company to provide its H1/24 profitability guidance.
- The Company has continued to broaden its product offering in recent months, including the launch of its mobile app in Ontario and more recently, an industry-first same-game parlay product for esports, structural sportsbook hold rate and customer experience improvements.
- The Company had $14.0 million of cash and no debt as at June 30, 2023.²
Guidance
- The Company is providing guidance as it projects to reach profitability in the first half of 2024. This projection is based on several factors, including an expectation of consistent year-over-year revenue growth, slower increases in costs due to operating leverage and disciplined management of expenses, and ongoing product innovation that strengthens the Rivalry brand and leads to increased betting activity and lower cost of customer acquisition.
“We are keen to share a number of additional product releases coming in Q3, beginning with Same Game Combos, our own proprietary version of same-game parlays for esports, which we released just last week,” Salz added. “This feature, and others arriving in the third quarter, strengthens our position at the edge of technical and product innovation, and more broadly, our ability to continue delivering a market-leading betting experience catered to young Millennial and Gen Z consumers. We have barely scratched the surface of the feature set on our deep product roadmap, which we are confident will enable us to win this global generational opportunity in betting.”
Win Systems, a leading provider of technology solutions for the gaming and entertainment industry, will be attending GAT Expo Cartagena 2026 on March 25–26 in Cartagena de Indias. Visitors can find the company at Stand A7, where it will highlight its latest electronic roulette innovations and casino solutions.
At the event, Win Systems will unveil Colors, the next evolution of its successful electronic roulette line. This includes an innovative 6-position wall-mounted version designed to optimize floor space while delivering maximum performance and visual impact on the gaming floor.
Customization and Player Engagement
Colors stands out for its high level of customization, allowing operators to tailor visual elements and configurations to align with their brand identity and market preferences. Whether in compact or large-scale setups, Colors is engineered to capture attention and enhance player engagement from the very first spin.
A key innovation is its dynamic paytable, which enables players to select from four different paytable options. This includes multipliers of up to 120x on inside bets, offering both increased excitement for players and higher revenue potential for operators. By combining design, performance, and flexibility, Colors delivers a highly versatile and profitable solution for modern casinos.
Enhanced Slot Offerings
In addition to Colors, Win Systems will showcase its renowned Sublime and Rhapsody slot machines, now featuring new game releases that blend advanced graphics, innovative mechanics, and high performance. These updates reinforce Win Systems’ commitment to creating engaging content that maximizes both the player experience and operator profitability.
Strategic Industry Presence
“GAT Expo Cartagena is a key platform for the Latin American gaming industry,” said Manuel Wladdimiro, Sales Director for Central America & the Caribbean at Win Systems. “It’s an ideal opportunity to present our latest innovations and strengthen our presence in the region.”
With a proven international track record and a constantly evolving product portfolio, Win Systems continues to prioritize innovation, performance, and results-driven design. Attendees are invited to visit Stand A7 to experience these new developments firsthand.
The post Win Systems arrives at GAT Expo Cartagena with its latest innovation appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
MIRACL, the world’s only single-step multi-factor authentication (MFA) provider, today announces a strategic partnership with PureWager Group, an emerging leader in next-generation sports betting technology. This collaboration will enable effortless player access via MIRACL’s passwordless, single-step login, boosting security and improving user experience across PureWager’s network.
PureWager Group is at the forefront of delivering innovative retail and online sportsbook solutions across North America, with a particular focus on Tribal Enterprises. Their platform empowers clients with Class 2 and on-premises mobile gaming solutions, alongside engaging social sportsbook and iCasino experiences.
MIRACL replaces traditional login methods entirely, providing passwordless authentication through a simple PIN. Fully compliant with GDPR, AML, and other international standards, MIRACL eliminates the need for usernames, passwords, or separate 2FA tools. With a proven 99.9% login success rate, the solution ensures players enjoy seamless access, while operators reduce potential revenue loss from login friction.
Sandro Di Michele, Chief Revenue Officer at PureWager Group, commented:
“Simplicity sits at the heart of the PureWager platform. As we expand our next-generation sportsbook ecosystem across North America, it’s essential that players can log in quickly and securely. MIRACL’s single-step authentication removes unnecessary friction while delivering the highest levels of security and compliance. This partnership strengthens our ability to offer a modern sportsbook experience that’s intuitive for players, efficient for operators, and scalable for future growth.”
Rob Griffin, CEO of MIRACL, added:
“MIRACL is fast becoming the standard for secure, frictionless logins across iGaming and sports betting. By partnering with leading next-gen technology providers like PureWager, we are removing password-related login barriers while supporting operators in meeting evolving regulatory requirements for multi-factor authentication. This collaboration will give more players access to a secure, seamless experience, keeping them engaged and loyal, while protecting their accounts with best-in-class security.”
MIRACL Trust eliminates the need for passwords, SMS codes, push notifications, or physical key cards. Leveraging patented Zero Knowledge Proof (ZKP) technology, no personal data is stored or transmitted, meaning there are no “honey-pots” vulnerable to attack, and the solution remains fully GDPR-compliant. Players can log in using a simple PIN or biometric scan in just two seconds, enjoying an average success rate of 99.88%.
By combining ease of access with robust security, MIRACL ensures the online gaming experience is both safe and convenient. For operators, this reduces fraud risk and strengthens the integrity of their platforms, while players benefit from a smooth, uninterrupted gaming experience.
The post PureWager and MIRACL announce new partnership appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
Choice Gaming is taking crash games to the next level with the launch of Arm’s Punch, a high-energy title created in collaboration with MMA superstar Arman Tsarukyan. The partnership brings the adrenaline and intensity of the fight arena directly to players’ screens, where every round feels like stepping into the ring and every multiplier offers the chance to land a big win.
Set inside a buzzing boxing arena, Arm’s Punch delivers non-stop action as multipliers climb higher with every passing second. Players must decide the perfect moment to cash out before the round crashes, balancing risk and reward to maximise their potential winnings.
The game offers manual and automatic cash-out options, the ability to place multiple bets per round, and a live feed displaying bets and results in real time, creating a fast-paced and immersive experience that keeps players constantly engaged.
Anna Vardanyan, Partnership Manager at Choice Gaming, said:
“We’re excited to introduce Arm’s Punch and deliver a crash game that combines speed, excitement and real win potential. The collaboration with Arman Tsarukyan adds an extra level of energy to the experience, bringing the thrill of combat sports into the gameplay.”
With lightning-fast rounds, explosive gameplay and the involvement of one of MMA’s rising stars, Arm’s Punch delivers a dynamic crash experience designed for players who enjoy both the strategic timing of crash games and the electrifying atmosphere of combat sports.
More than just a game, Arm’s Punch aims to deliver a true knockout experience for fans of fast-paced gaming and fight-inspired action.
The post Choice Gaming Launches High-Energy Crash Game Arm’s Punch appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
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