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

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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

Fewer Canadians gamble than 20 years ago. So why is Canada’s market still growing?

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By CasinoCanada.com

In 2002, 76 percent of Canadians aged 15 and over reported gambling in the previous year, according to Statistics Canada’s report Fighting the Odds. By 2018, that figure had fallen to 64.5 percent, based on the agency’s Gambling Rapid Response module.

At first glance, that suggests gambling participation in Canada has declined over the past two decades.

Yet over the same period, gambling has become more visible, more digital and more embedded in sport and everyday life. Sports betting brands sponsor professional teams, betting segments are embedded in live broadcasts, and provincial regulators report billions of dollars in annual online wagering.

How can participation fall while the industry expands? The answer lies in how Canada’s gambling market has changed, and in who is driving its growth.

This analysis draws on national participation surveys and provincial financial reporting to compare long-term participation trends with recent regulated market performance.

Research highlights of this article

  • National gambling participation declined from 76% in 2002 to 64.5% in 2018.
  • Ontario’s regulated online market generated approximately CAD 1.3 billion in revenue in 2022–23, rising to CAD 2.9 billion in 2024–25.
  • Total wagers in Ontario increased from approximately CAD 63.2 billion in 2023–24 to CAD 82.7 billion in 2024–25.
  • Online casino accounted for roughly three quarters of Ontario’s regulated online revenue in 2024–25.
  • Approximately 2.6 million active player accounts were recorded in Ontario in 2024–25.

Growth without more players

If fewer Canadians report gambling today than in the early 2000s, market growth cannot simply be explained by expanding participation. Since its launch in April 2022, Ontario’s regulated online gambling market has grown year over year. According to iGaming Ontario’s Annual Reports, in its first full fiscal year, the market generated approximately CAD 1.3 billion in gaming revenue. That rose to CAD 2.2 billion in 2023–24, before reaching CAD 2.9 billion in 2024–25. Total wagers also significantly increased from approximately CAD 63.2 billion in 2023–24 to CAD 82.7 billion in 2024-25.

The latest annual report also recorded approximately 2.6 million active player accounts in a province of roughly 15 million residents. Even allowing for multiple accounts per individual, the figures suggest a highly active digital environment concentrated among a defined segment of players.

The implication is clear: recent market growth appears to be driven less by an expanding audience and more by increased activity per active player.

Operators active in the market say the same shift is visible in player behaviour since Ontario introduced its regulated online framework. Dmitry Arabuli, CEO at Tonybet, said: “Since regulation launched in Ontario, the player landscape has changed significantly as many of the largest North American operators entered the market. Competition increased, with the focus shifting from chasing large volumes of casual participants to building stronger relationships with more informed and engaged players. These players tend to interact more frequently with betting products and show stronger loyalty to the platforms they trust.”

“Regulation also drew a clearer line between grey-market operators and licensed platforms. Many players who were previously using offshore sites have migrated towards regulated products. This did not necessarily expand the total number of gamblers, but it redirected an existing player base into the licensed ecosystem.”

Despite sports betting dominating headlines since the passage of Bill C-218 in 2021, online casino remains the commercial engine of Ontario’s regulated market. iGaming Ontario’s 2024–2025 annual report shows that online casino generated approximately CAD 2.2 billion of the CAD 2.9 billion in total gaming revenue.

In other words, casino accounts for roughly three quarters of the province’s regulated online revenue.

Sports betting reshaped visibility, but casino sustains the economics.

Modern growth appears to be driven less by player acquisition and more by retention and increased engagement within the existing customer base.

A provincial and digital transformation

One reason the national picture can appear contradictory is that Canada does not operate a single gambling model.

Ontario runs a competitive regulated online market with dozens of licensed operators. Other provinces continue to rely primarily on government-operated platforms. Alberta has signalled plans to introduce its own regulated framework.

Since 2018, most of the meaningful growth data has been provincial and digital, not national and survey-based. While participation surveys provide a broad snapshot, provincial market reports reveal how play is evolving in practice.

The shift from retail-based lottery and venue gambling to app-based multi-vertical platforms represents a structural transformation. Gambling is increasingly platform-based, integrated into smartphones and digital ecosystems rather than tied to specific locations.

That structural change helps explain how the industry can grow even without broader participation.

Visibility versus participation

Following the legalisation of single-event sports betting, sportsbook partnerships and advertising have expanded across professional sport. Major leagues, including the National Hockey League, have entered into official betting partnerships at the league level, while Canadian competitions such as the Canadian Football League and Canadian Premier League have also announced sponsorship agreements with licensed operators.

Betting brands now feature prominently in arena signage, broadcast integrations and digital content, embedding gambling directly into the commercial presentation of professional sport.

Dmitry Arabuli, CEO at Tonybet, said: Ontario regulation made gambling become much more visible in sports broadcasts, live events and daily sports culture. It opened significant opportunities for operators such as Tonybet to do business in Canada legally and build brand awareness through marketing and PR campaigns. For example, Tonybet has previously partnered with the Canadian Premier League and currently works with the Canadian Elite Basketball League.”

Arabuli added that these partnerships help operators connect with highly engaged sports audiences.These partnerships help strengthen brand awareness, target high-value players, and improve customer retention by building trusted and long-term relationships in the Canadian market.”

Yet fewer Canadians report gambling than two decades ago.

This disconnect between rising visibility and declining participation creates a cultural tension. Gambling is increasingly framed as a routine extension of sport rather than a distinct commercial activity.

For younger audiences in particular, repeated exposure through live broadcasts and social media feeds helps position betting as part of the sporting experience itself, regardless of whether participation is expanding.

Visibility, in other words, is reshaping how gambling is perceived, even if it is not expanding its audience.

Selected examples of publicly announced partnerships, as of 13 March 2026, are outlined below.

Selected Professional Sports Betting and iGaming Partnerships in Canadian Sport

League / Organisation Betting Partner Nature of Partnership Scope
National Hockey League (NHL) ESPN BET; theScore Bet Official league betting partner North America / Canada
Canadian Football League (CFL) ToonieBet Official sports betting and casino partner Canada
Canadian Elite Basketball League (CEBL) TonyBet Official online sportsbook partner Canada
Maple Leafs Sports & Entertainment (MLSE) Betty Official online casino partner Ontario

Sources: Various league and operator press releases; compiled by CasinoCanada.com.

Risk concentration and policy relevance

If growth is increasingly driven by more intensive digital play among a defined group of participants, the social and regulatory implications become more complex.

Market expansion rooted in activity rather than recruitment raises questions about how gambling risk is distributed. A smaller base of highly active players may account for a disproportionate share of wagering volume.

At the same time, regulators are increasingly focused on channelisation, responsible gambling tools and sustainable market design. If the future of Canada’s gambling market depends more on engagement intensity than expanding participation, policy debates may shift accordingly.

The conversation may move away from how many Canadians gamble and towards how gambling is structured, monitored and integrated into daily digital life.

The next phase

Alberta’s regulatory plans suggest Canada’s gambling evolution is not over. But the next stage may not be about expanding participation. It may be about managing a digital market driven by deeper engagement among a smaller group of players.

Canada’s gambling market is no longer expanding simply because more people are playing. It is expanding because the way people play has fundamentally changed.

The paradox remains: fewer players, larger market.

 

Methodological note: National participation figures are drawn from Statistics Canada surveys conducted in 2002 and 2018. More recent insights are based on publicly available provincial regulator reporting, which measures wagering, revenue and account activity rather than survey participation. As such, national participation trends and provincial activity data are not directly equivalent but are analysed comparatively to assess structural change.

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Betsson to Acquire Rhino Entertainment Group’s B2C Business in Canada

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Betsson has announced that it has entered into an agreement to acquire Rhino Entertainment Group’s B2C business in Canada. The acquisition scope includes several Rhino Group entities that collectively hold assets, licenses, personnel, and operational capabilities related to Rhino’s B2C activities in Ontario and the rest of Canada. The target business currently serves Canadian customers and is well-positioned to expand into additional Canadian provinces as local regulatory frameworks continue to evolve.

In addition to the B2C assets, Betsson will acquire Rhino’s proprietary front-end and middleware technology. This technology will strengthen Betsson’s B2B offering and is expected to drive incremental licensing revenue within Betsson’s B2B business.

The transaction is consistent with Betsson’s strategy to generate shareholder value by investing in existing and new B2C markets and growing its B2B business. The acquisition is expected to add economies of scale, strengthen profitability and expand Betsson’s growth opportunities in its B2C and B2B businesses. In 2025, the acquired assets generated a combined estimated EUR 13.7 million of earnings before interest, taxes, depreciation and amortisation (EBITDA) on a proforma basis.

The total purchase price amounts to approximately EUR 64.5 million with an upfront payment of EUR 51.25 million at closing and a deferred payment of the remaining amount six months after closing. Betsson will finance the acquisition with existing cash resources.

Completion of the deal is expected to take place after applicable regulatory clearances in the second or third quarter of 2026. Gernandt & Danielsson Advokatbyrå acts as lead legal advisor to Betsson in connection with the transaction.

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Canada’s Ontario iGaming Market in 2026: Advertising Rules, Self-Exclusion and the Next Phase of Regulation

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Ontario’s regulated iGaming market has moved beyond its launch phase. In 2026, the bigger story is no longer market entry. The focus has shifted to advertising oversight, player protection, and long-term regulatory credibility.

Ontario launched its competitive iGaming framework in April 2022. Since then, it has become one of North America’s most important regulated online gambling markets. Today, the province stands out not only for its size, but also for the way it is refining rules around compliance and responsible gambling.

Ontario’s iGaming market is entering a more mature phase

The market has already reached a significant scale. According to iGaming Ontario’s 2024–25 annual report, Ontario recorded C$82.7 billion in wagers and C$2.9 billion in gaming revenue during the fiscal year. The market also counted 50 operators and more than 2.6 million active player accounts by year-end.

These figures show that Ontario is no longer an early-stage regulatory experiment. It is now a large and established online gambling market. That matters because mature markets face different questions. At this stage, success depends not only on growth but also on visibility, public trust, and consumer safeguards.

Advertising rules are becoming more important in 2026

Advertising has become one of Ontario’s most important regulatory themes. Operators must still follow AGCO’s Registrar’s Standards for Internet Gaming, which set rules on marketing, inducements, and protections for vulnerable groups.

A new layer of scrutiny now adds to that framework. From January 1, 2026, Ad Standards began accepting complaints under the Canadian Code for Advertising of Gambling. This change gives the market a more visible complaint and review structure for gambling ads.

This development matters for several reasons. It strengthens accountability. It also shows that gambling regulation in Ontario is expanding beyond licensing and market launch. Regulators and industry bodies are now paying closer attention to how operators communicate with players and the wider public.

Ontario is entering a new stage of public scrutiny

As regulated gambling grows, public attention tends to shift. Early debate usually focuses on whether the market should exist. Later, it focuses on how the market behaves. Ontario now appears to be in that second phase.

Ad Standards’ review of gambling advertising complaints from April 2022 to April 2025 reflects that shift. In the early period, many complaints challenged the overall presence of gambling ads. Later, more complaints focused on the content of specific ads. Ontario also generated the largest share of gambling advertising complaints in the most recent period covered by the report.

That change suggests a more mature public conversation. People are no longer reacting only to the existence of the market. They are paying closer attention to how the market presents itself.

Centralized self-exclusion marks a major regulatory step

Ontario is also moving forward on player protection. In December 2025, the AGCO announced standards for a centralized self-exclusion program for iGaming. iGaming Ontario has also identified this initiative as a major strategic priority.

This step matters because it moves the system beyond operator-by-operator self-exclusion. A centralized model can create a more consistent approach across the regulated market. It also shows that Ontario is trying to strengthen responsible gambling tools in practical ways, not only through policy language.

For the industry, this signals a broader shift. Ontario is no longer focused only on market growth. It is also building the infrastructure needed for long-term oversight and safer play.

Strong channelization does not end the policy debate

Ontario has performed well on channelization. According to an AGCO-commissioned Ipsos study, 86.4% of Ontario online gamblers used regulated sites in early 2024. iGaming Ontario later reported an 83.7% channelization rate for 2024–25, noting that the change remained within the survey’s margin of error.

These numbers matter because they show that the legal market is attracting users away from unregulated alternatives. That is one of the main goals of a regulated online gambling model.

Still, strong channelization does not settle every issue. Once a regulated market captures most of the activity, expectations rise. Policymakers, media, and the public begin asking harder questions about advertising pressure, player safety, and the overall tone of the market. Ontario is now entering that stage.

Why Ontario matters for the wider Gaming Americas market

Ontario remains one of the clearest case studies in North America. It shows what happens after a successful market launch. Many jurisdictions still focus on legalization, licensing, and tax structure. Ontario shows that the next challenge is maintaining legitimacy once a market becomes large, visible, and commercially successful.

That is why Ontario deserves attention in 2026. The province is no longer trying to prove that regulated iGaming can work. It is showing how a mature market handles advertising oversight, public scrutiny, and stronger player protection measures.

The next phase is about credibility

Ontario’s next chapter will likely depend on balance. The market must remain competitive and attractive to operators. At the same time, it must show that regulation can support player protection and public confidence.

That makes Ontario one of the most important gambling regulation stories in North America this year. The biggest question is no longer whether the model works. The real question is whether the model can keep its credibility as the market grows and public scrutiny increases.

The post Canada’s Ontario iGaming Market in 2026: Advertising Rules, Self-Exclusion and the Next Phase of Regulation appeared first on Americas iGaming & Sports Betting News.

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