Canada
Rivalry Corp Reports Record Third Quarter 2023 Results, Reaffirms H1 2024 Profit Guidance

Company achieves record Q3 against reduced marketing spend and flattened Opex, highlighting operating leverage; strongest customer KPI’s on a year-to-date basis in Rivalry Corp’s history; positioned to accelerate growth with recently announced $14M capital infusion
- Betting handle of $105.7 million, up 50% year-over-year, while reducing marketing spend 13%.
- Revenue of $8.7 million, a 22% increase year-over-year.
- Gross profit of $4.0 million, up 90% year-over-year.
- Casino has grown to approximately half of the company’s betting handle in Q3, demonstrating ability to cross-sell next generation bettors and drive growth against unseasonably low viewership in select Q3 eSports events.
- Year-to-date customer KPI’s the strongest in company history: all-time high average handle per customer, average revenue per user and record low cost of customer acquisition.
- Year-to-date betting handle has increased 127%, revenue by 70% and gross profit up 175% over the first nine months of 2022. Achieved while reducing marketing spend, highlighting the inherent operating leverage in the business.
- Subsequent to the quarter end, Rivalry Corp completed a $14 million capital infusion that strengthens the balance sheet and provides the company with capital to pursue growth and profitability at the same time.
- Company re-affirms guidance, anticipates achieving profitability in H1 2024.
- Announces virtual investor day to be held on January 17, 2024.
Rivalry Corp (TSXV: RVLY) (OTCQX: RVLCF) (FSE: 9VK), the leading sportsbook and iGaming operator for Millennials and Gen Z, today announced its financial results for the three and nine-month periods ended September 30, 2023. All dollar figures are quoted in Canadian dollars.
“We are proud to have delivered a record third quarter while exercising discipline on costs amidst a challenging capital markets environment for growth companies,” the co-founder and Chief Executive Officer for Rivalry Corp, Steven Salz, said. “Now, with our recently announced capital infusion, we will be able to go back on the offensive, while still maintaining our path to profitability.
“Years of consistent performance, flattened Opex multiple quarters in a row, demonstrated triple-digit growth year-over-year across core metrics year-to-date with all-time high average handle per customer, average revenue per user and record low cost of customer acquisition over that same period gives me high conviction in Rivalry Corp’s future. It is this proven operating leverage, supported by an improving sportsbook margin profile resulting in more revenue per dollar wagered now fuelled by growth capital, that is creating a significant opportunity set for Rivalry Corp. It is that combination which gives us confidence to reaffirm our first half 2024 profitability guidance.”
Third Quarter 2023 Highlights:
- Betting handle for Q3 2023 was $105.7 million, an increase of $35.4 million or 50% from $70.3 million in Q3 2022.
- Revenue was $8.7 million in Q3 2023, a record result for a third quarter, representing an increase of $1.6 million or 22% from $7.1 million of revenue in Q3 2022.
- Gross profit was $4.0 million in Q3 2023, an increase of $1.9 million or 90% from $2.1 million of gross profit in Q3 2022.
- The casino segment generated approximately half of total betting handle ($50.4 million). Recent casino product launches including a custom-branded slots category, a new original game Cash & Dash and the release of Casino.exe on our iOS mobile app in Ontario set the stage for continued growth and increased player wallet share.
- Modest decline in operating expenses sequentially continues the trend of effective cost management while still maintaining significant year-over-year growth rates at the company.
- Net loss was $5.6 million for Q3 2023, a 6% reduction from the net loss of $6.0 million in Q3 2022 and 12% decrease sequentially.
- Rivalry Corp launched an industry-first same-game parlay product for eSports within the quarter, supporting an improved sportsbook product mix and contributing to an enhanced margin profile.
- The company had $7.4 million of cash and no debt as at September 30, 2023.
- On November 15, 2023, Rivalry Corp strengthened its balance sheet with the announcement of a private placement offering of $14 million principal amount senior secured convertible debentures to scale several strategic verticals across marketing, product development and geographic expansion.
Year-to-Date 2023 Highlights:
- Betting handle for the nine-month period ended September 30, 2023 was $338.1 million, an increase of $189.2 million or 127% from $148.9 million in the comparable period of 2022 while marketing spend decreased by 8%.
- Revenue was $29.2 million in the first nine months of 2023, representing an increase of $12.0 million or 70% from $17.2 million of revenue the previous year.
- Gross profit was $13.2 million in the first nine months of 2023, an increase of $8.4 million or 175% from $4.8 million of gross profit a year earlier.
- Net loss of $15.2 million in the nine-month period ended September 30, 2023, a reduction of $3.6 million compared to a net loss of $18.8 million over the same period in 2022.
Investor Day:
Rivalry Corp is pleased to announce a virtual investor day to be held at 10:00am EST on January 17, 2024. The company will discuss its outlook for 2024, growth initiatives, upcoming product innovations and insights into the Gen Z consumer. More details will be revealed in the coming weeks.
Investor Conference Call:
Management will host a conference call at 10:00am EST on Wednesday, November 29, 2023 to discuss the company’s third quarter 2023 financial results.
- Dial-in: 888-886-7786 (toll free) or (+1) 416-764-8658 (local or international calls).
- Webcast: A live webcast can be accessed from the Events section of the company’s website at www. RivalryCorp .com. A replay of the webcast will be archived on the company’s website for one year.
Rivalry Corp’s financial statements and management discussion and analysis for the period ended September 30, 2023 are available on SEDAR+ at www. SedarPlus.ca and on the company’s website at www. RivalryCorp .com.
Stock Options:
The company also announces that it has approved a grant of stock options, pursuant to the terms of the company’s equity incentive plan, to an investor relations service provider. A total of 44,444 stock options have been awarded to such investor relations service provider. The stock options will be exercisable at an exercise price equal to the closing price of the subordinate voting shares on the TSX Venture Exchange two trading days following the issuance of this press release, for a period of five years from the date of the grant. The stock options vest in equal quarterly instalments over a period of twelve months, commencing on the three-month anniversary of the date of the grant.
Canada
absolutebet Secures AGCO Registration as an Internet Gaming Operator in Ontario

Internet Gaming Operator by the Alcohol and Gaming Commission of Ontario (AGCO).
This significant milestone authorizes absolutebet to offer regulated iGaming services in Ontario’s legal market under the oversight of AGCO and iGaming Ontario (iGO).
The registration marks a key step in absolutebet’s mission to bring a trusted, responsible, and innovative online casino experience to Ontario players. absolutebet is committed to operating with integrity and transparency, meeting all provincial standards for player protection, responsible gambling, anti-money laundering, and game integrity.
“Securing AGCO registration is more than a milestone—it’s the start of absolutebet’s journey in one of the most exciting regulated markets in the world,” said Chen Truman, Founder of absolutebet. “We are building a brand that will grow with the Ontario community and set the stage for future expansion.”
On the regulatory milestone, Krisztina Kalla, Legal & Regulatory Compliance Advisor of absolutebet, commented: “I’m incredibly proud to see all the hard work behind this license pay off. Securing AGCO registration has taken months of preparation and close collaboration with regulators and partners. I am very happy to see the result of that work, and even more excited as we move into the launch phase and open up the absolutebet community to Ontario players in a fun and responsible way.”
Ontario is recognized as one of the most competitive and fast-growing regulated iGaming markets in North America. With AGCO registration secured, absolutebet will move forward with the final stages of its iGO onboarding process in preparation for launch.
The post absolutebet Secures AGCO Registration as an Internet Gaming Operator in Ontario appeared first on Gaming and Gambling Industry in the Americas.
Alex Malchenko Head of Sales at Evoplay
Evoplay strengthens Ontario presence in partnership with Caesars Entertainment

Evoplay, the award-winning game development studio, has partnered with Caesars Entertainment to expand its footprint in the Canadian market, following its initial entry earlier this year. The partnership integrates 20 of the studio’s top-performing titles onto Caesars Palace Online Casino, Horseshoe Online Casino and Caesars Sportsbook & Casino in Ontario, including fan-favourites such as Hot Triple Sevens, Triple Chili, and The Greatest Catch Bonus Buy.
Having announced its official entrance into Ontario in March, the collaboration with Caesars marks a significant step in Evoplay’s local strategy. Further standout releases, such as Inner Fire Bonus Buy and Hot Volcano, also launched as part of the initial package, with additional player favourites, including Fruit Nova and Ice Mania.
The collaboration underlines Evoplay’s commitment to working with leading operators to deliver high-quality content tailored to regional audiences.
Alex Malchenko, Head of Sales at Evoplay, said: “Launching with Caesars in Ontario marks a key milestone in our North American strategy.
“It reflects both the strength of our portfolio and our commitment to providing innovative, high-performing content to operators of the highest caliber.”
Ricardo Cornejo Rivas, Vice President of Online Gaming at Caesars Digital, said: “Evoplay brings a fresh and dynamic approach to online gaming, which we’re excited to offer to our players in Ontario. This portfolio of standout titles adds to our growing content library and furthering our ongoing goal of delivering top-tier entertainment experiences to our players.”
The post Evoplay strengthens Ontario presence in partnership with Caesars Entertainment appeared first on Gaming and Gambling Industry in the Americas.
Canada
iGaming Ontario Appoints Joseph Hillier as its New President and CEO

The iGaming Ontario Board of Directors has announced Joseph Hillier as the organization’s new President and Chief Executive Officer, effective September 8, 2025. Joseph’s depth in the Ontario igaming market combined with successful public and private sector careers make him the ideal President and CEO at this critical point in iGaming Ontario’s growth.
Joseph was most recently Chief Strategy Officer and Corporate Secretary at the Alcohol and Gaming Commission of Ontario (AGCO), where he delivered significant strategic and regulatory initiatives across the province’s alcohol, cannabis, gaming, and horse racing sectors. Prior to the AGCO, he served as Chief of Staff to Ontario Attorney General Hon. Doug Downey and led the development, launch and implementation of Canada’s first private sector-driven igaming market and the creation of iGaming Ontario. Joseph also spent more than a decade working in the financial and legal services sectors.
The Board expressed its sincere thanks to David Smith for serving as Interim President and Chief Executive Officer since Martha Otton’s retirement.
The post iGaming Ontario Appoints Joseph Hillier as its New President and CEO appeared first on Gaming and Gambling Industry in the Americas.
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