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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.

FANTASY Cabinet

Regency Casino Thessaloniki Becomes the First Casino in Greece to Install Zitro’s FANTASY Cabinet

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Regency Casino Thessaloniki, one of Europe’s most prestigious gaming destinations, has become the first casino in Greece to install FANTASY, Zitro’s premium cabinet, featuring the already fan-favourite title, “Lion Falls”.

Located within the prestigious Hyatt Regency Thessaloniki and renowned for its commitment to world-class entertainment, the casino is the ideal setting for FANTASY’s Greek debut, a major milestone for Zitro as it continues to expand its footprint in the region.

Since its launch, FANTASY has become one of Zitro’s most consistent success stories, delivering outstanding results across multiple markets. With stunning high-definition graphics, immersive animations, and a portfolio of exclusive titles, the cabinet has earned a strong reputation among both players and operators worldwide, and early results in Europe and other jurisdictions are already pointing in the same direction.

The debut comes at a key moment, as the Hyatt Regency Thessaloniki prepares to host the Casino Operations Summit 2026 from April 21–23. During the event, Zitro will showcase FANTASY, following its Greek debut, offering attendees the chance to experience the cabinet firsthand.

Sebastián Salat, President – International at Zitro, said: “Greece represents an important market in FANTASY’s international journey, and having it live at Regency Casino Thessaloniki is a moment we are genuinely proud of. This installation underscores our presence and reflects our ongoing commitment to the region. With the Casino Operators Summit just around the corner, the timing feels particularly fitting. We also want to express our sincere gratitude to the Regency Casino Group for their trust and close cooperation. This debut is truly a shared achievement.”

The post Regency Casino Thessaloniki Becomes the First Casino in Greece to Install Zitro’s FANTASY Cabinet appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

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N1 Insights: iGaming Trends You Can’t Ignore This May

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May reinforces the iGaming trends that emerged in Q2: the market is clearly shifting away from aggressive scaling toward controlled efficiency. While growth was previously often driven by volume and “quick-win” setups, the key factors now are predictable performance, LTV optimization, and funnel stability over time.

In this edition of N1 Insights, you’ll learn which traffic sources and approaches remain effective in May, where new growth opportunities are emerging, and which common mistakes are holding back scaling — with fresh insights from N1 Partners experts across different направления.

1. Traffic sources and channel mix

Facebook

1.1 Underrated approaches within Facebook that can deliver results when tested
Many still rely on splitting audiences and searching for the “perfect targeting,” even though the system now works differently.

“Broad audiences perform best — but only under one condition: if events are properly set up and high-quality signals are being passed (who pays, how much they pay, etc.). Without this, broad targeting will simply dilute the budget,” says Alexey Gusarov, Affiliate Team Lead at N1 Partners.

It’s also worth highlighting short-form videos — they’re still underutilized. At the same time, CPMs there are often lower, while performance can match other formats, especially when the creative feels natural.

1.2 Balancing FB and alternative traffic sources (In-App, ASO) in May
Facebook remains a leading source in terms of traffic volume, but recently we’ve seen more frequent updates leading to mass bans, ad rejections, drops in optimization, and overall making campaign launches more difficult. Diversifying across traffic sources is one of the key ways teams can navigate these “storms” without major losses.

At the same time, alternative sources are gaining strength: In-App can deliver significant volume, while ASO provides higher-quality traffic when keywords and rankings are managed properly.

PPC (Google / UAC / Search)

1.3 PPC channels (Search, UAC, Demand Gen): underrated vs high-potential
Search is currently overheated and often overestimated as a scaling channel — competition is high, CPCs are expensive, and growth in Tier-1 is limited. At the same time, it remains one of the most stable and high-converting channels, as it captures already established user intent.

“UAC can be considered an underrated channel — but only for those who know how to work with data and LTV. It often seems weak due to the lack of control, but in practice it can deliver strong scale and efficiency,” says Daria Smirnova, Affiliate Team Lead at N1 Partners.

Demand Gen is often used incorrectly or treated as a replacement for YouTube, which makes it seem weak. In reality, it can effectively warm up audiences and deliver strong results when paired with the right creatives and integrated with Search and retargeting.

1.4 Balancing PPC and alternative sources (FB, In-App, ASO) in May
The balance has clearly shifted from PPC dominance to a multi-channel model. Previously, PPC (especially search) could account for up to 60–80% of total traffic, but its share has now dropped to around 30–50% due to rising CPCs and increased competition.

At the same time, alternative sources have grown significantly. FB is effective at attracting new audiences and generating demand, In-App networks provide scalable, lower-cost traffic, and ASO helps drive the most cost-efficient installs.

Overall market

1.5 Most stable traffic sources in May

Google and Facebook continue to deliver the most stable ROI.

1.6 How will media buying dependence on major platforms (Meta, Google) evolve?

Dependence remains high — there are still no alternatives with comparable scale. There are emerging platforms like Moloco Ads, which are developing as additional traffic sources, but they lag behind in quality and are tightening their policies. Recently, there has been a trend toward greater compliance, with grey brands and arbitrage teams increasingly being pushed out.

Dynamics and scaling

1.7 Traffic sources expected to recover or grow in May
Facebook stands out clearly here. After a weaker February, the platform is showing recovery and once again demonstrating strong scaling potential.

2. Traffic quality and key metrics

Facebook

2.1 Critically important KPIs for evaluating FB traffic from the brand side
FB traffic in 2026 has become noticeably more heterogeneous: even with the same setup, quality can vary significantly from cohort to cohort. That’s why evaluation is no longer based on a single metric, but on a combination of indicators.

“Key metrics remain the total deposit volume over a given period and its cohort dynamics, which allow you to see how traffic behaves across days and how LTV is built over time. At the same time, particular focus is placed on the share of repeat deposits — as they typically determine the true profitability of the traffic,” says Alexey Gusarov, Affiliate Team Lead at N1 Partners.

It’s important to note that high rollers are not always a sign of high-quality traffic: their presence can be either consistent or purely random, especially at larger volumes.

2.2 How has the focus shifted from volume to profitability in FB after Q1?
Previously, Facebook was often treated as a channel for large-scale spending, with profitability relying on a few high-value players. After Q1 2026, this approach has changed. Brands are now willing to offer better terms, but only for setups that demonstrate consistent profitability.

The focus has shifted toward traffic quality and predictability of results. This is especially evident in strategies that rely on “cleaner” setups (e.g., slots or offline), which allow for better control over unit economics.

2.3 Common mistakes in evaluating FB traffic quality
Teams often underestimate the importance of LTV and draw conclusions based on short-term results. Traffic may perform well in the first month, but this doesn’t guarantee sustained player activity over time — in reality, it can burn out quickly.

Another common mistake is the lack of flow structure analysis. At high volumes, profitability may be driven by a few high rollers, creating an illusion of stability. The share of single-deposit users is also often overlooked, even though it directly impacts long-term sustainability.

PPC

2.4 Key KPIs for evaluating PPC traffic from the brand side today
In 2026, brands evaluate PPC traffic much more deeply than before. Beyond basic metrics, a key role is played by ROAS across different timeframes — most commonly at 1, 2, and 4 weeks — allowing them to assess not just initial performance, but how user behavior evolves over time.

LTV and overall long-term user value are also taken into account. As a result, evaluation is focused on how well traffic pays off over time, rather than just short-term performance.

2.5 How has the focus shifted from volume to profitability in PPC after Q1?
Previously (especially at the end of the year and in Q4), many brands aggressively scaled traffic and were willing to break even or even operate at a loss to drive volume. After Q1, the priority has shifted back to quality. The current approach is clear: it’s better to have less traffic with positive ROAS and predictable LTV than large volumes with questionable profitability.

2.6 Common mistakes in evaluating PPC traffic quality
In 2026, the most common mistakes in evaluating PPC traffic quality are driven by oversimplifying metrics. Many still focus solely on CPA, treating low-cost leads as a sign of efficiency, while ignoring LTV and the user’s real long-term value.

“The key issue is trying to evaluate complex traffic economics using short-term, superficial metrics instead of analyzing long-term profitability and user quality,” says Daria Smirnova, Affiliate Team Lead at N1 Partners.

Overall metrics and funnel

2.7 Top metrics for understanding the real value of a player
The evaluation approach depends on the business model. For in-house teams, the key metric remains the ratio of spend to profit, as it directly reflects overall unit economics. 

For affiliates, ROI remains the primary metric as the most universal indicator of performance.

In both cases, the focus is on actual profit.

2.8 Where does the funnel most often break when working with paid traffic?
In practice, the main issues arise not at the traffic entry point, but within the funnel itself. Most commonly, these are related to PWA apps, push funnels within them, and unstable cloaking setups, which can fail at any moment and significantly impact results — even when traffic quality is high.

  1. Working with brands and market requirements

Facebook

3.1 How willing are brands to offer flexible terms for FB given good traffic quality?
It varies from brand to brand. Some have learned how to properly measure profitability and build predictive models, while others still avoid this source due to rising costs and significantly lower average ticket sizes compared to organic channels like PPC or SEO.

“FB is a source that can meet the demand for large traffic volumes. If an advertiser knows how to work with it and identify high-quality traffic streams, they are willing to pay well above the market,” says Alexey Gusarov, Affiliate Team Lead at N1 Partners.

3.2 How have advertiser requirements for FB traffic changed?
The main shift is that almost everyone now evaluates traffic more deeply than before. It’s no longer enough to simply bring in users. What matters now is player TLV, the RD-to-FD ratio, and whether the traffic is profitable over a given timeframe.

There is also a growing demand for transparency. Advertisers want at least a basic understanding of what’s happening with the traffic — which creatives are being used, what setups are being tested — rather than just seeing numbers in a report.

PPC

3.3 Changes in requirements for PPC traffic (especially in Tier-1 GEOs)

“In Tier-1, PPC has definitively stopped being a volume-driven channel. It’s no longer enough for brands to receive a flow of FTDs — what matters now is that the traffic is profitable and sustainable in the long run,” says Daria Smirnova, Affiliate Team Lead at N1 Partners.

In practice, PPC has become a tool for controlled efficiency, where each campaign is evaluated through the lens of unit economics.

3.4 How quickly are decisions made to stop or scale PPC campaigns?
Decisions are made faster now, but remain strictly data-driven. During testing, campaigns can be shut down within the first week once the baseline economics and average player value become clear.

If the traffic shows strong quality, scaling happens relatively quickly — teams aim to fully leverage available volume and replicate successful setups across other brands.

4. Approaches, hypotheses, and creatives

Facebook

4.1 FB hypotheses to test in May
The main focus has shifted toward creatives and data.

On the creative side, simple formats that don’t look like ads perform best. It also makes sense to test a wider variety of creatives, as a single winning concept rarely lasts long now.

On the data side, anything related to passing user value (not just the conversion event itself) gives the algorithm a better understanding of who to target.

Another effective approach is not trying to cover everything with a single campaign. Different audience segments (new, warm, already engaged) often require different messaging.

4.2 The importance of audience segmentation (interests, behavior, payments) in the current landscape
Segmentation hasn’t disappeared, but its role has changed. Previously, it was the main lever for managing ads — through interests and detailed targeting.

Now it’s more of a supporting tool. What matters гораздо больше is the data you pass and the audiences you build based on that data.

In other words, the focus has shifted from “who to target” to “how to train the algorithm.” You need to provide Facebook with the right creative and signals — and it will find the right audience itself.

4.3 Mistakes in FB testing that lead to budget loss
The most common issue is making decisions too quickly. Campaigns don’t have enough time to learn before being turned off or reworked.

The second problem is overly complex structures. When there are too many ad sets and audiences, the system struggles to optimize properly.

The third is weak or poorly configured data. If the algorithm receives low-quality signals, it will target the wrong users.

Another common mistake is relying on a single winning creative and pushing it for too long. This no longer works well, as creatives burn out much faster now.

Finally, many ignore new placements. While not critical on its own, it often results in higher traffic costs without a clear reason.

PPC

4.4 PPC hypotheses to test in May
In May, PPC testing should focus on hypotheses that drive growth not through “more traffic,” but through higher quality and conversion efficiency — this has become the standard in 2026.

4.5 Working with user intent in search traffic
In 2026, working with user intent in search traffic is critical — it is effectively the key factor behind Search performance.

“Search PPC today is not just about ‘responding to a query,’ but about engaging with the user’s level of intent. The more precisely the query matches the user’s intent, the higher the conversion rate and the lower the cost of acquiring a quality player,” says Daria Smirnova, Affiliate Team Lead at N1 Partners.

4.6 Is there a trend toward simplifying or complicating PPC funnels?
In 2026, PPC funnels are becoming structurally simpler but more complex in logic. The number of campaigns and funnel layers is decreasing due to automation from Google and FB, while the focus on data, creatives, and signals is increasing.

The result: fewer complex setups and less manual control, but more analysis, testing, and focus on traffic quality.

Funnels and approaches

4.7 Relevance of hybrid funnels (FB + Telegram + SEO) from a media buying perspective
In Tier-1, such funnels still do not deliver stable results — audience perception of Telegram hasn’t changed significantly.

In Tier-3, they can work, but only with deep optimization and properly structured content.

4.8 Best approaches in paid traffic right now
At the moment, the market remains relatively stable: no fundamentally new approaches have emerged. Classic setups continue to work and deliver predictable results.

Creatives

4.9 Approach to creatives in Tier-1 GEOs in May: what to consider
The key requirement is alignment between the creative and the entire funnel. Stable conversions in these markets are only achievable when all stages are consistent.

4.10 Types of creatives that burn out the fastest right now
Aggressive and “loud” formats, as well as crash-style approaches, lose effectiveness the fastest — they can deliver quick results but burn out just as quickly.

4.11 How critical is constant creative rotation for maintaining volume?
Rotation has become essential. Relying on a single creative no longer delivers stable volume, so continuous testing of new variations is a must.

4.12 Common mistakes when scaling creatives
The main mistake is trying to scale by duplicating creatives without changes. This no longer works — especially on Facebook, where creative variation is required, otherwise performance drops quickly.

5. GEO, risks, and future (regulations + AI)

GEO

5.1 Where is it currently hardest to maintain stable ROI when buying traffic?
Australia remains a challenging market: in recent months, it has been highly volatile, making it difficult to maintain stable ROI.

5.2 Tier-1 GEOs where competition is lower than it seems
With a strong funnel, Germany and Austria can be promising — competition there may be lower than in other GEOs.

5.3 Top demanding GEOs requiring maximum creative and funnel adaptation
Recently, Australia and Canada have required the highest level of adaptation in both creatives and funnels.

5.4 Regions for testing new setups with minimal risk right now
Eastern European countries are most commonly chosen for testing new setups with lower risk.

Regulations and risks

5.5 Sources with stricter moderation in May
Facebook and Google remain the most challenging platforms in terms of moderation. 

Both are tightening control, while requirements are becoming less transparent and more sensitive to details. This leads to more rejections and makes stable operations harder even for experienced teams.

5.6 Triggers that lead to account and creative bans
The list of ban triggers remains unstable: even minor changes, such as adjustments in promo codes or creative copy, can result in blocks.

Sensitivity to behavioral and technical account signals has also increased, making risks less predictable. Selfie verification remains a separate issue — its mechanics are not fully understood and can be triggered without obvious reasons.

5.7 How teams are adapting to the decline of “grey” approaches
Teams are adapting by working more deeply on setups and cutting unnecessary costs.

5.8 Risks in scaling that are often underestimated
When scaling, teams often underestimate the risk of account overspend, which can occur even on older accounts when budgets are increased.

AI and automation

5.9 The impact of AI on media buying. Which processes can already be automated without losing quality?
At this stage, AI is not a “magic solution” for arbitrage, especially in grey verticals. It does not replace the buyer’s expertise and does not deliver stable results when it comes to analyzing or optimizing such setups.

As a result, it’s clear that while automation is already widely used in white marketing, its potential in arbitrage remains limited. Expertise and the ability to adapt to market changes still play a key role.

 

May further reinforces the rapid shift of the iGaming market toward quality and predictable profitability. Against the backdrop of increasing competition and stricter moderation from Meta and Google, the focus is moving from volume to LTV, repeat deposits, and stable unit economics.

The key advantage now is the ability to manage traffic quality and risks over time.

10 days left until the end of the N1 SEO Traffic Cup — there’s still time to join!

Reasons to start working with N1 Partners today:

  • 14+ casino and betting brands with high Reg2Dep and LTV
  • 10+ Tier-1 GEOs
  • CPA up to €700 and RevShare up to 55% + NNCO for top partners, as well as hybrid and spend models

Be number one with N1!

The post N1 Insights: iGaming Trends You Can’t Ignore This May appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

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Conor Jenner Senior Sales Manager at Playson

Playson supplies slots to Hommerson Casino in the Netherlands

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Integration runs via Relax Gaming’s aggregation engine as Hommerson continues its online buildout launched in 2024.

Playson has partnered with Hommerson Casino to supply its slot content to the Dutch operator’s online platform, as the supplier continues to expand its footprint in the Netherlands.

Under the agreement, Playson titles including Royal Joker: Hold and Win, Thunder Coins XXL: Hold and Win and Energy Coins: Hold and Win will be integrated with Hommerson Casino via Relax Gaming’s aggregation engine.

Hommerson Casino operates 10 land-based locations in the Randstad region and entered online gaming in 2024, with the company citing a focus on responsible play.

Conor Jenner, Senior Sales Manager at Playson, said: “Hommerson has a long-standing heritage in the Dutch market, with a well-established online presence to attract large volumes of players.

“We have proudly achieved significant growth in the Netherlands over recent years and look forward to expanding access to our popular portfolio through this new partnership.”

Jesse Pas, Head of Marketing & Product at Hommerson Casino, said: “Playson’s games continue to surprise and excite players all over the world and we are proud to add them to our rich offering.

“We only select the most responsible, high-quality suppliers to feature in our lobby, and without doubt, Playson has proven its games can evolve to meet changing player habits. From the most compelling themes and audiovisuals to data-backed progressive jackpots and bonus options, we look forward to bringing these standout titles to our players’ screens.”

The post Playson supplies slots to Hommerson Casino in the Netherlands appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

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