Latest News
Rivalry Announces 2023 Annual Letter to Shareholders and Filing of 2023 Annual Financial Statements
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.
betting solutions
GoldenRace’s Spin2Win returns stronger
Reading Time: 2 minutes
GoldenRace, the leading provider of award-winning Virtual Sports and betting solutions, has unveiled the latest version of its emblematic number game, Spin2Win&Spin2Win Royale. Recognised for its simplicity, fast gameplay and high rewards, the title has become a cornerstone of the company’s portfolio and a proven engagement tool for operators worldwide.
Number games continue to be one of the most reliable verticals in the global betting market. Figures from H2 Gambling Capital confirm that casino-style products represented 21.5 and 8.5 billion in GGR for online and land-based markets, respectively, in 2024. Their clear rules, short cycles and frequent payouts make them a favourite among players and a steady source of revenue for operators.
At GoldenRace, we constantly push to improve our products, making them more engaging and accessible with every release. And this philosophy runs across our entire portfolio. Big5, a groundbreaking take on Virtual Football and RaceDay, which unites all race types in a single product, are just two recent examples. This version of Spin2Win continues this path.
Among the improvements are a fully optimised user interface and a renewed, visually striking wheel that boosts the excitement of every spin and clearer statistics. The game also incorporates an Autoplay option in instant mode and a Multiplier feature in scheduled mode – tools designed to enhance decision-making, increase engagement and extend player sessions online.
Spin2Win also maintains its variety with four distinct versions: Classic, Royale, American and American Royale. Royale formats introduce an additional sectors wheel that expands betting options, while the American variants highlight the double green with fully transparent odds. Operators benefit from flexible configuration, multiple odds formats and automated validations that ensure seamless and fair gameplay.
With this relaunch, GoldenRace confirms its leadership in the number games vertical and invites operators and players to discover a new era of spinning.
The post GoldenRace’s Spin2Win returns stronger appeared first on European Gaming Industry News.
B2B gaming software
Expanse Studios Secures Romanian Class 2 B2B Gaming License
Reading Time: 2 minutes
Expanse Studios, a B2B iGaming content provider and subsidiary of Golden Matrix Group Inc. (NASDAQ: GMGI), has been granted a Class 2 license by Romania’s National Gambling Office (ONJN), authorizing the company to distribute specialized gaming software across one of Europe’s fastest-growing regulated markets.
The license, granted under Decision No. 273, enables Expanse Studios to provide its portfolio of proprietary slot games, crash games, and casino content to licensed Romanian operators. This approval positions the company to serve a market that generated approximately €600 million in gross gaming revenue in 2024 and maintains one of Europe’s highest channelization rates at over 90%.
Strategic Entry into High-Growth Regulated Market
Romania represents one of Eastern Europe’s most dynamic iGaming jurisdictions, with internet penetration reaching 88% of its 19 million population and a regulatory framework that has attracted over 50 licensed operators. The market has demonstrated consistent growth, with total industry turnover exceeding €2 billion in 2023, reflecting a 15% year-over-year increase.
The Class 2 B2B license allows Expanse Studios to distribute content to Romania’s licensed B2C operators without establishing a Romanian entity or paying Romanian corporate taxes, while providing access to a market where mobile gaming dominates and player engagement continues to accelerate.
Romania’s stringent licensing requirements under Government Emergency Ordinance 77/2009 make ONJN approval a significant credential for B2B providers. The regulatory framework emphasizes technical compliance, player protection, and operational transparency—requirements that align with Expanse Studios’ existing European operations across 1,300+ casino brands.
“Securing ONJN approval validates our technical capabilities and regulatory compliance standards in one of Europe’s most demanding jurisdictions,” said Damjan Stamenkovic, CEO of Expanse Studios. “Romania offers substantial distribution opportunities through licensed operators serving a tech-savvy player base with strong engagement metrics. This license strengthens our European B2B footprint and demonstrates our ability to meet the compliance requirements of mature regulated markets.”
Expanding B2B Distribution Infrastructure
The Romanian license complements Expanse Studios’ recent European partnerships, reflecting accelerating demand for the company’s content across regulated jurisdictions. With 56 proprietary titles including Super Heli, Titan Roulette, and Wild Icy Fruits, Expanse continues scaling its high-margin B2B operations across Europe, Latin America, and North America.
Romania’s market characteristics—including preference for mobile platforms, strong affinity for slot content, and established payment infrastructure—align well with Expanse Studios’ content portfolio and distribution model. The company’s games will be available to Romanian operators seeking certified, compliant content for their licensed platforms.
This license approval reinforces Golden Matrix Group’s broader strategy of expanding regulated B2B operations in jurisdictions with transparent licensing frameworks and sustainable growth trajectories.
The post Expanse Studios Secures Romanian Class 2 B2B Gaming License appeared first on European Gaming Industry News.
eSports
League of Legends Fans Flock to Munich for a Thrilling Edition of Red Bull League of Its Own 2025
Reading Time: 3 minutes
- Red Bull League of its Own 2025 saw Europe’s finest and global icons collide in a showcase of skill, creativity, and pure entertainment, marking another standout chapter for the one-of-a-kind tournament series
- Featuring some of the wildest matches ever played, highlights include G2 securing a huge 45-16 kills against T1 and Los Ratones facing off and beating T1 for the second year in a row
- MSI returned with its MSI Gaming Arena, joined by Sony INZONE as official headset partner and Herman Miller Gaming as official gaming chair partner
A new chapter in European esports history was written this weekend as Red Bull League of Its Own 2025 lit up Munich’s iconic SAP Garden, welcoming over 11,500 live attendees and countless online viewers for a full day of spectacle, strategy, and pure passion. The lineup read like a who’s who of League of Legends greatness – with reigning world champions T1 facing off against Europe’s most celebrated squads, including G2 Esports, Karmine Corp, NNO Old, and Los Ratones. Each team brought their signature flair, creative strategies, and unforgettable personalities, setting the tone for a day filled with unforgettable clashes.
Returning for its third edition, the one-of-a-kind event brought together these global legends and European fan favourites for a show built on daring play. For the first time, the stage was set in Munich’s state-of-the-art SAP Garden, transforming the city’s Olympic Park into a high-energy esports arena that buzzed with anticipation from the opening match to the closing moments. Fans were treated to a thrilling slate of best-of-one showdowns throughout the day, that kept the pace sharp and the competition unpredictable.
G2 Esports and NNO Old opened the event, with G2 coming out on top as attendees witnessed the team setting the tone for the day-long tournament with a huge KDA spike right off the bat. Match 2 saw Karmine Corp emerging victorious after a rigorous battle with Los Ratones, establishing themselves as one of Europe’s strongest. However, G2 pulled no stops showcasing why they are the leading European team in match 3, dominating the match against Karmine Corp and earning them the European title match.
Next came the clash of the titans which saw T1 facing off back-to-back against Europe’s best. G2 Esports vs T1 saw Steven “Hans Sama” Liv dropping 18 kills, resulting in G2 Esports slamming T1 with 45-16 kills in an unprecedented and shocking twist. T1 managed to scrape back after their previous loss, with Faker landing his signature outplays and bringing the team to victory against NNO Old. Then finally the showdown everyone was waiting for: the rematch between Los Ratones and T1. The battle was relentless and the most dominating, lightning-paced showmatches of the day, with 81 kills seen in 28 minutes. T1 countered with their signature flair but Los Ratones proved their might once more, driving T1’s base and closing the show in an absolute tailspin. Each match pushed competitors to their limits, celebrating the creativity and spontaneity that make Red Bull League of Its Own, unlike any other tournament in the scene.
Dynamic host Sjokz led the charge, guiding fans through every twist and turn of the event with trademark charisma and energy. The atmosphere inside SAP Garden was electric – a seamless blend of top-tier esports production, immersive visuals, and a fan community united in their love for the game. Whether watching from the front row or on stream, viewers experienced the full force of Red Bull’s commitment to pushing competitive gaming beyond the ordinary.
By the end of the day, Red Bull League of Its Own 2025 had once again proven why it stands as one of the most unique and beloved events in the League of Legends calendar. With moments that had fans holding their breath, the event captured the true spirit of modern esports – bold, unpredictable, and endlessly entertaining. From cheering for their favorite pros to discovering new matchups and witnessing once-in-a-lifetime plays, fans left Munich with memories to last long after the lights went down, with anticipation already building for what the next edition of Red Bull League of Its Own will bring.
The post League of Legends Fans Flock to Munich for a Thrilling Edition of Red Bull League of Its Own 2025 appeared first on European Gaming Industry News.
-
Central Europe7 days agoOddin.gg Wins the Deloitte Technology Fast 50 Central Europe for the Second Year in a Row
-
Eastern Europe7 days agoWorldMatch Partners with MrBit
-
Australia6 days agoCrown Melbourne Fined for Exclusion Breach
-
Balkans7 days agoCT Interactive Shortlisted in Three Categories at the BEGE Awards 2025
-
Balkans6 days agoEGT Digital Wins “Online Platform of the Year” for the Second Consecutive Year at the Golden Spade’s Awards 2025
-
Latest News7 days agoPeter & Sons Strengthens Its Nordic Footprint Through Partnership with Nordplay Group
-
ELA Games5 days agoGlory & Honour Await the Strongest Gladiators in ELA Games’ Newest Game, Roman Fortune
-
Compliance Updates7 days agoStake joins ESIC as official anti-corruption partner



