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Rivalry Announces 2023 Annual Letter to Shareholders and Filing of 2023 Annual Financial Statements

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Rivalry Corp. (the “Company” or “Rivalry”) (TSXV: RVLY) (OTCQX: RVLCF) (FSE: 9VK), the leading sportsbook and iGaming operator for Gen Z, is pleased to announce its 2023 annual letter to shareholders and the filing of its financial results for the three (3) and 12-month period ended December 31, 2023. All dollar figures are quoted in Canadian dollars.

2023 Annual Letter to Shareholders

To our Shareholders,

This time last year I spoke about Rivalry’s evolution from a market leader in esports to a diversified Company setting the standard for Gen Z betting entertainment broadly.

Today, we have a business with revenue distribution across casino, sports, and esports betting, growing market share in new geographies, with increased velocity in core regions, and the strongest customer KPIs in Rivalry’s history.

In 2023, Rivalry recorded $423.2 million in betting handle1, up 82% from the previous year. Similarly, gross gaming revenue2 and net revenue both saw 34% and 66% respective increases, while the introduction of higher margin products released in H2 such as Same Game Combos and Quick Combos are continuing to improve overall sportsbook hold and guide Rivalry closer to profitability.

Our deepened product suite now includes fantasy, additional sports coverage, and new proprietary casino games. All of which are uniquely driving growth among a targeted customer segment and widening our opportunity set in 2024 and beyond – from a 60% increase in traditional sports betting to a burgeoning B2B game vertical. The potential for how far our brand can go is just beginning to unfold.

The year ahead is rife with new, innovative product releases arriving in Q2 and continuing throughout 2024. We are doubling down on core growth opportunities in sports that resonate with our audience, such as basketball and soccer. Further, we are building on a successful casino segment which already represents 50% of our business, enhancing variety, depth, and accessibility, as well as developing new original games which blur the lines between betting and entertainment. We are in the process of additional geographic expansion, and pursuing new licenses to broaden our total addressable market, positioning Rivalry to own the Gen Z gambling opportunity globally.

While Rivalry’s operations have expanded into new high-growth verticals, our north star has remained the same: to define the future of online gambling for a generation born on the internet.

Online gambling in 2024 is radically different than it was just six years ago when Rivalry launched. In that time we’ve seen gaming and internet culture reshape how consumers engage with technology. That shift is broadening the definition of gambling, where product design is influenced by video games, or it exists fully embedded within social apps like Telegram, where content creators are the new affiliates, and much more.

Over the same period, the rise of cryptocurrency and blockchain technology has introduced a new level of speed, access, and security to web-based consumer experiences. Industry estimates now put crypto wagers at up to one quarter of global betting handle3, with 30% year-over-year growth in 20244, and showing no signs of slowing down.

The development of this ecosystem has commercially unlocked online gambling unlike anything since its first transition from land to online many years ago. It has brought in a new global audience, and enriched the customer experience from end-to-end.

Alongside the growth of this technology has emerged new methods of gambling, taking wallet share from more traditional forms at an accelerated rate. The shift in consumer behavior and the signal from our users is clear – interactive, volatile, and crypto-infused product experiences will set the precedent for how the next generation gambles online.

Rivalry, with a brand steeped in internet culture and living at the intersection of this digital economic renaissance, is well-positioned to access this growth opportunity. There is high overlap between Gen Z, gamers, gamblers, and a fast-growing audience of over 420 million crypto users worldwide5 organically aligned with our audience and brand. And we believe that more than half of this audience globally is already wagering with crypto.

It will be Rivalry’s ability to understand, implement, and adapt to this shift more rapidly than our peers that we expect to create first-mover advantages for us. It is for that reason that our vision is now bolder than ever for what’s possible in the online gambling category.

Soon, we will reveal plans for a crypto-enabled product set to enhance alignment between Rivalry and its users, increase network effects, and generally deliver a consumer experience that lives on the internet of 2024.

To that effect, the success of our first-party games and their ability to acquire and engage a captive audience of Gen Z bettors online has validated our original game development strategy amongst industry peers. This has unlocked a new commercial opportunity for Rivalry to license its IP, opening up another line of revenue for the business that has great potential for global scale.

The year ahead is poised to be one of our most ground-breaking, with a myriad of innovative product releases across all of Rivalry’s verticals, adding more dimension to our business, operations, and addressable audience, and building on our competitive moat as the market leader in Gen Z betting entertainment.

We look forward to sharing more details about these upcoming initiatives, the opportunities they will unlock for our Company, and delivering on our promise to create long-term shareholder value and reach profitability. Thank you all for your continued support.

Bet It Drives

Bet It Drives Season 3 Premiere: Eman Pulis on Legacy, Risk, and Why Rome Changes Everything

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Rome wasn’t built in a day. Neither was SiGMA World.

But when Eman Pulis rolls through the Eternal City in Season 3 of Bet It Drives, he’s not just another iGaming founder with a war story. He’s the gladiator who fought COVID, broken rules, outplayed industry skeptics—and came out building schools in Ethiopia while running eight conferences across three continents.

“Now I’m free,” Eman says, quoting Hans Zimmer’s Gladiator soundtrack—his victory song for after SiGMA Central Europe wrapped and the chaos settled. Free from the rules that almost sank him. Free to build tribes, not just teams. Free to prove that legacy beats profit, every single time.

Season 3 of Bet It Drives, powered by GR8 Tech and hosted by Yevhen Krazhan, CSO, launches where champions are made: on the road, in motion, with no script and nowhere to hide. Rome sets the stage. Eman brings the empire.

In the episode, Eman reveals:

  • The COVID gamble that saved SiGMA: How 14,000 people walked through doors that were supposed to stay shut—and why he’d do it again
  • Why Rome, why now: The strategy behind planting the flag in Europe’s second-biggest gaming market (and why Malta stays in the picture)
  • From beach in Phuket to existential crisis: The moment everything felt too perfect—two weeks before COVID hit
  • 350 people, 8 offices, one tribe: How a multicultural team became SiGMA’s secret weapon across Manila, São Paulo, Cyprus, and beyond
  • Business is done between people, not brands: The mantra that turned boozy Malta meetups into a global events empire
  • Politics or impact? Why helping millions through the foundation beats governing 400,000 people in Malta
  • The “zoom out” rule: Crisis survival advice from someone who almost became redundant overnight

We covered a lot of ground—literally and figuratively,” said Yevhen Krazhan, CSO at GR8 Tech and host of Bet It Drives. “And Rome was the perfect place to kick off Season 3. The city represents where the industry is right now—ancient foundations, modern chaos, and endless opportunity.

Season 3 keeps the momentum rolling with upcoming episodes featuring Valentina Diaco and Karolina Pelc—two more amazing leaders with stories worth hearing.

Watch or listen to Season 3, Episode 1 with Eman Pulis on:

The arena is open. The conversations have started. Season 3 of Bet It Drives is here—and it’s just the beginning.

The post Bet It Drives Season 3 Premiere: Eman Pulis on Legacy, Risk, and Why Rome Changes Everything appeared first on European Gaming Industry News.

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Belatra invites players down to the Frozen Barrel Tavern to celebrate the festive season

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Belatra Games, the specialist online slots developer, has rolled out the red carpet to the Frozen Barrel Tavern to celebrate the festive season. Players are warmly welcomed into a cosy winter tavern that radiates holiday cheer and buzzes with Christmas chatter.

In the standard game and free games feature, winning symbols explode and the empty positions are replaced with new symbols until no further wins occur. Big symbols that land are either 2×2 or 3×3 and act the same as 4 or 9 identical standard symbols. The large x2 and x3 barrels substitute for 4 or 9 identical standard symbols and also multiply the Global Multiplier above the reels.

During the Base Game and Bonus Games, multiplier symbols ranging from 2x to 250x can land. After each cycle, all multiplier symbols are added together, and if the Cumulative Multiplier is greater than 1, it is included. The winning total, visible at the top of the reels, is multiplied by this amount. Flying barrels have the potential to enter the fun and will replace the non-winning symbol with the multiplier symbol.

The Cumulative Multiplier begins at 1 at the start of both the base game and the Free Games round. During Free Games, any Multipliers that appear on the reels are added to the Cumulative Multiplier at the end of each spin, and the updated value carries over to the next Free Game. When the round ends, the total winnings are multiplied by the combined value of the reel Multipliers and the Cumulative Multiplier, if it is greater than 1.

Players finding four or more Scatters on the reels will be awarded with 10 Free Games. Three or more Scatters in Free Games trigger five more Free Games – the limit is capped at 100.

Tis’ the season, so the Frozen Barrel Tavern has a Happy Hour. Six Scatters appearing triggers the special Bonus game. Here the initial Cumulative Multiplier takes a value between 2 to 10, big wins appear more often, and the maximum win is 12000x.

Misha Voinich, Head of Business Development at Belatra, commented: “Frozen Barrel Tavern is the perfect place to celebrate the holidays – and hopefully land some big wins. Warm lights, fun features, and a touch of seasonal magic make this festive treat a fantastic addition to our portfolio.”

The post Belatra invites players down to the Frozen Barrel Tavern to celebrate the festive season appeared first on European Gaming Industry News.

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Spinomenal celebrates the holiday season with The North Star Express – Hold & Hit 3×3

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Leading iGaming content provider Spinomenal is celebrating  the holiday season by inviting players for a festive journey with The North Star Express – Hold & Hit 3×3.

Unfolding against a wintry backdrop, North Star Express arrives to present a fun, festive adventure as players race through snowy forests. Adding to the festivities is a feel-good soundtrack – a cheerful blend of seasonal notes and upbeat rhythms that keeps the mood uplifting.

An ornate golden pocket watch represents the Wild symbol and substitutes for all symbols except the Bonus and Bonus Collect. The North Star Express – Hold & Hit 3×3 features two Special Bonus symbols, the Bonus only lands on reels one and three, while the Bonus Collect lands only on reel two.

Players who unwrap the Bonus Collect along with one or more Bonus symbols, will launch the Bonus game. Symbols that triggered the feature remain in place during the move to the Bonus Game, which begins with three spins. During the feature, only Bonus symbols and Bonus Collect symbols can land on the reels. Each spin has the chance to award multipliers ranging from x1, x2, x5, x7, x10, and x15, as well as any of the in-game jackpots.

Every time a Bonus symbol hits, it is collected by all Bonus Collect symbols, disappearing from the reels while its value tops up the Bonus Collect symbol’s total. Each Bonus Symbol or Bonus Collect symbol returns the spin counter to three. The round finishes once three winless spins land or when the total collected winnings hit the maximum x5000 multiplier.

Grand, Major, Minor and Mini in-game Jackpot symbols have the chance to appear during the game and will launch the corresponding in-game Jackpot.

The Bonus Blast Feature can randomly activate, adding extra Bonus and Bonus Collect symbols to the reels to help trigger the Bonus Game.

A Bonus Collect symbol with one or more Bonus symbols, including in-game Jackpot symbols, that do not initiate the Bonus Game will collect the values and add to the total win.

Spinomenal CO-CEO, Omer Henya commented: “The North Star Express – Hold & Hit 3×3 arrives at the perfect time to deliver a fun, festive game for the holiday season. This new title brings joy and festive spirit in equal measure, giving players a ticket to ride the reels in search of jackpots and more.”

The post Spinomenal celebrates the holiday season with The North Star Express – Hold & Hit 3×3 appeared first on European Gaming Industry News.

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