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

Published

1 year ago

May 2, 2024

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.

Related Topics:latest-news Press Releases Rivalry

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REEVO Goes Live with Microgame, Expanding Its Reach in Italy

Published

18 hours ago

October 29, 2025

Niji Narayan

reevo-goes-live-with-microgame,-expanding-its-reach-in-italy

Reading Time: < 1 minute

REEVO has announced that its innovative portfolio of in-house games is now live with Microgame, one of Italy’s leading gaming service providers.

This partnership marks another significant milestone in REEVO’s expansion strategy, bringing its rapidly growing collection of original slot titles to Microgame’s extensive operator network. Known for its cutting-edge technology, immersive mechanics and distinctive themes, REEVO continues to redefine the online casino experience for players worldwide.

Italian operators and players will now gain access to some of REEVO’s most popular and engaging titles, including Bongo Safari, Her Genie Ways and Bullfighting Champion—games that blend striking visuals, fresh concepts and dynamic gameplay designed to captivate audiences.

Francesco Cuzzupoli, Gaming Product Director at Microgame, said: “With REEVO joining our portfolio, we strengthen Microgame’s ability to provide Italian operators with a diverse and high-quality offering. The vast selection of titles and the advanced architecture of REEVO’s platform represent an important competitive lever for us.”

Karl Grech, Head of Business Development at REEVO, said: “We’re delighted to officially go live with Microgame, a market leader in Italy with an impressive operator network. This collaboration is a powerful step forward in our mission to deliver exceptional content and aggregation solutions to operators globally. By combining REEVO’s innovative in-house games with Microgame’s deep local expertise, we’re confident players in Italy will enjoy a truly unique and next-level gaming experience.”

The post REEVO Goes Live with Microgame, Expanding Its Reach in Italy appeared first on European Gaming Industry News.

Ivelina Balova Product Owner at Sneaky Slots

Sneaky Slots reveals a bunch of freaks in its second release, Freak Show Revelation

Published

20 hours ago

October 29, 2025

George Miller

sneaky-slots-reveals-a-bunch-of-freaks-in-its-second-release,-freak-show-revelation

Reading Time: 3 minutes

The show is about to begin… so find your seats, sit back and enjoy The Freak Show Revelation! B.T Parnum has gathered the freakiest freaks and created a program that is meant to shock the people! This is the second release from Sneaky Slots since the launch of Nip Tuck last month, with Gopnik and Gods Go Pew Pew up next!

Reel Area

The Freak Show unfolds across a 3-3-3-3-3 reel setup with a couple of sneaky Host tricks above the reel. Each linked to a Host symbol that can land anywhere on the reels. When a Host Symbol lands, the corresponding feature above the reel activates:

Host Multiplier: Awards a random Multiplier 5x, 10x, 25x and 50x.
The Generous Host: The Host will expand to cover the entire reel and acts like a wild.
Host Cash: Instant cash prize will be awarded and the Host will add a random multiplier between 2x and 10x.

xBomb®

Well, well, well… look what decided to make an surprise appearance! It’s one of Nolimit City’s iconic xMechanic, xBomb®, making its first ever appearance in another provider’s game!

In Freak Show Revelation, xBomb® explodes removing all adjacent symbols and increases the Multiplier for the next collapse.

Pick Your Bonus!

The beauty of this show is that get to choose between Heaven and Hell. Land 3 Bonus Symbols and choose between either the Heaven Spins or Hell Respins. Landing 4 Bonus Symbols will unlock the choice for the Super Variants of each bonus.

Heaven Spins

So, you think you have a good cocnscious. When selecting the Heaven Spins, you get 10 free spins. During this feature the Host activation increase in frequency. A single Bonus Symbol will activate Super Heaven Spins and will award +3 Spins.

Super Heaven Spins

The difference between Heaven and Super Heaven Spins is that the Host is guaranteed to land at least once in each spin.

Hell Respins

Maybe you’re feeling a little mischievous. When selecting the Hell Respins Bonus, you are award 3 respins where the only symbols that can land are; Multipliers between 1x-10x, Blank, Bonus and the Host.

When a multiplier lands on the reels, it’s value will be added to the current multiplier on top of the relevant reel.

Whenever the Host lands on any reel, he will double the value of the multiplier above that reel.

Landing a Multiplier or the Host will always award +1 respin. At the end of the feature all Multipliers will be added up and added to the bet.

Landing a single Bonus Symbol will upgrade Hell Respins to Super Hell Respins and award +2 respins. Super Hell Respins will also keep the collected Multipliers above the reels.

Super Hell Spins

The difference between Hell and Super Hell Respins is that in Super Hell Spins you start with 4 free respins . During Super Hell Spins whenever the Host lands it will triple the value of the Multipliers above that reel. Landing at least 1 Multiplier Symbol or Host will award +1 respin.

Sneaky Buy

Do you want the best seat in the house? The Sneaky Buy feature lets you jump straight into the action:

The Host – Guaranteed to land at least 1 Host symbol
Bonus – Guaranteed to land 3 Bonus Symbols and pick either Heaven Spins or Hell Respins
Super Bonus – Guaranteed to land 4 Bonus Symbols and pick either Super Heaven Spins or Super Hell Respins

Sneaky Boost

Sneaky Boost makes for an unforgettable performance in Freak Show Revelation.

Sneaky Boost is activated for 2 times the base bet, where there is an increased chance of triggering the Bonus rounds. Landing 1 or 2 active Sneaky Symbols in a spin trigger a normal bonus feature.

Super Sneaky Boost can be activated for 5 times the base bet for an increased chance of triggering the Super Bonus feature. Landing 1 Super Sneaky symbol will trigger a normal Bonus and landing 2 Super Sneaky symbols will trigger a Super Bonus.

The Stats

Max Win: 13,000x

Volatility: Extremely Volatile

Ivelina Balova, Product Owner at Sneaky Slots, said: “We’ve gotten great reception after our first release and now we’re looking to capitalise off that momentum. Freak Show Revelation has been in the works for a while, we have even changed the name a few times, but the Host? He has always been the star of the show. Sit back, enjoy the spectacle and keep an eye out for those easter eggs!”

‘Freak Show Revelation’ will be available to all Sneaky Slots partners on October 29th, 2025.

The post Sneaky Slots reveals a bunch of freaks in its second release, Freak Show Revelation appeared first on European Gaming Industry News.

BGaming

Land Colourful Cluster Wins in BGaming’s Merge Up™ 2

Published

20 hours ago

October 29, 2025

George Miller

land-colourful-cluster-wins-in-bgaming’s-merge-up-2

Reading Time: 2 minutes

Rapidly expanding content provider delivers data-driven sequel to improve on popular hit

Popular iGaming content provider BGaming is proud to announce the release of Merge Up 2, the long-awaited sequel to the hugely popular cluster-pay title, Merge Up. The new release elevates the original’s gameplay mechanics and design, using data-driven insights and research to give players exactly what they want.

The company has collaborated with Strmlytics, which provided factual streaming data and direct feedback from the streaming community playing Merge Up. These insights have enabled BGaming to enhance gameplay without losing the charm and appeal of the original title.

This data-first approach has resulted in a visually modernised and polished slot experience. Merge Up 2 features an eye-pleasing pastel theme, with simplified visuals and mechanics that are now even easier for players to read.

Gameplay has seen the most significant enhancements. Cell Multipliers are now a central part of the base game, while consecutive clusters can trigger the all-new Bomb symbols, an idea inspired by a more rewarding experience compared to the original title.

Bonus features have also been made more accessible. The Free Spins bonus is triggered with three Scatters, as opposed to four, while three Bonus Buy options now offer different entry levels for players with a brand new bonus with maximum potential.

Merge Up 2 also boasts an explosive math model, offering a 10,000x maximum win and an impressive 98% RTP, enhancing the overall entertainment experience.

Yana Drabianok, Game Designer at BGaming, said, “We aimed to keep the merging mechanic as dynamic as before and make it even more engaging, but in the end, we knew the game must also have a heart. Merge Up 2 is more than a set of soulless features – it’s a game made with love for detail. We want the feeling of it to be precisely that of a game with a soul: with a smooth flow, understandable rhythm, instant readability, and pleasant “micro-rewards” at every step.

Sebastian Khalighy, CEO at Strmlytics, said, “We are delighted to work alongside BGaming again, and we are excited to see how players react to Merge Up 2. Our data, expertise and research identified key areas improvements of the original gaming experience focusing on improving the overall player experience, and we believe the final product addresses all of them, both for the fans of the original and also new players.

Data-driven insights and player research are going to play a key role in gaming development in the coming years, and titles like Merge Up 2 are an excellent example of what they are capable of helping to produce.”

The post Land Colourful Cluster Wins in BGaming’s Merge Up™ 2 appeared first on European Gaming Industry News.