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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.

Compliance Updates

Why licensing will always be about jurisdiction, not harmonisation

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This article is an opinion piece by Lee Hills, CEO of leading iGaming regulatory advisory service SolutionsHub.

For years, operators have built cross-border strategies on the assumption that European gambling regulation would gradually move closer together. It made commercial sense to think that way. A single market, a single set of rules, a single compliance framework. Less friction, lower cost, cleaner structure.

Instead, the opposite has happened.

For the past decade, regulation has moved towards greater national control. The jurisdictions that matter most to iGaming operators have each gone their own way, on their own terms and at their own pace. That assumption was not just wrong. For the operators who built strategies around it, it has become commercially dangerous.

The myth of pan-European harmonisation

The European Commission does not have a direct mandate to regulate gambling at a pan-European level. It never has. What it can do is put pressure on the areas around gambling, whether that’s state aid, freedom of services, data protection or financial crime.

But every time a member state has been challenged on its gambling framework, the outcome has been the same. Sovereignty wins.

Germany is the clearest warning sign. Malta-licensed operators once treated EU market access as a question of legal argument and commercial risk appetite. German courts have treated it far more simply. If gambling was offered in Germany without the required German permission, German law applies. The later dispute around Malta’s Bill 55 only sharpened the point. Malta sought to protect its licensed operators from certain foreign judgments. Germany and other member states continued to assert their own consumer protection and public policy rules.

By now, it should be clear enough that gambling regulation is not moving away from national control.

What matters is whether operators have built for that reality, or whether they are still pricing risk as if Europe will eventually fall into line.

What sovereignty actually means in practice

For operators, sovereignty is a commercial reality. It has direct consequences for every operator building across multiple markets.

In recent years, the focus has moved firmly to where the player is, not where the licence sits. The legal tensions surrounding Malta’s Bill 55 have made that principle hard to ignore. But the principle itself is not new. It has been quietly reshaping enforcement, banking relationships and payment processing for years.

For operators, this means one thing above all others. A licence in a well-regarded jurisdiction does not automatically protect you from regulatory exposure in the markets where your players actually are. Governance, compliance, and oversight must follow the player. In practice, that is now the central regulatory reality for any operator building across multiple markets. It cannot stop at the edge of the licensing jurisdiction.

Take an operator running on an offshore licence, taking revenue from a market that expects local authorisation. The first call usually comes from the bank, the payment provider or the platform partner, asking why revenue from that territory should be treated as acceptable. The answer cannot simply be that “we are licensed elsewhere.”

They have to make the case for that specific market. The controls have to hold up there, the local position has to be explainable, and the activity has to be justifiable where the players actually are. That is sovereignty in practice. The player’s jurisdiction is now where much of the commercial and regulatory exposure exists.

The structure that reflects this reality is the hub-and-spoke model. Operators are building this way because regulation is now fragmented market by market. The centre of the structure should be a Tier 1 jurisdiction. This is where governance, risk and strategic decisions are managed. Around that, market-specific licences are held in ring-fenced subsidiaries. Risk is contained within each spoke. Revenue recognised within appropriately licensed entities.

Commercially, it makes sense. More importantly, it reflects how regulation actually works, because every market still needs its own compliance framework.

The licence arbitrage illusion

For a long time, the gap between Tier 1 and Tier 2 licensing was manageable. A lighter-touch jurisdiction offered speed to market, lower cost and operational flexibility. Banks and payment providers asked fewer questions. Counterparties were willing to work with different licences as long as the basics were in place.

That space is shrinking.

Pressure is now coming from all directions. Banks and payment providers are no longer comfortable relying on the licence alone. They are looking at the governance behind it, the compliance culture, the ownership structure and the reputational exposure. Institutional partners are asking harder questions. The licences that were once “good enough” to unlock commercial relationships are increasingly being scrutinised in ways they were not before.

Game studios, platform providers and operators can still launch quickly through a Tier 2 structure, but the friction increases when they try to scale. Larger aggregators, regulated operators, banks and payment partners are now asking more questions about where the business is controlled, where revenue is coming from, who provides oversight, and whether the licence genuinely supports the markets being targeted.

In some cases, the issue is not whether a Tier 2 licence allows the relationship to happen at all. The issue is friction. Onboarding takes longer, the pool of available partners narrows, and extra conditions appear before revenue can move. That is where the commercial pressure is building. A licence may still get a business live, but that does not always mean it gets properly banked, distributed or supported for long-term growth.

Tier 2 licences still have a role to play. What is changing is the assumption that they offer long-term protection. In many cases, the underlying exposure is simply being deferred rather than removed.

What this means for conference season

As the European conference season accelerates through early summer, the industry will gather to discuss growth, technology and market opportunities. Yet behind much of that conversation is a more practical challenge. How do operators build for the long term when the regulatory picture continues to shift from market to market?

The answer lies less in the licence itself and more in the structure behind it.

Stop treating licensing as a badge-shopping exercise. The question is which markets you need durable access to, and what structure will still hold up when banks, payment providers, regulators and institutional partners start asking harder questions. This means building a hub-and-spoke strategy from the outset. A credible hub for governance and oversight, with local spokes added where player location, revenue, regulation or commercial counterparties justify them.

The businesses getting ahead here are not treating licensing as a shortcut exercise. They have recognised that gambling sovereignty lies with individual markets and regulators, and have built accordingly rather than assuming a cross-border structure will solve everything indefinitely.

Price matters, but it should not be driving the decision. What matters more is which structure gives you durable access to the markets you actually want to be in.

The operators who understand sovereignty will be the ones best placed to scale in the markets that matter.

The post Why licensing will always be about jurisdiction, not harmonisation appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

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AskGamblers Awards

The 9th AskGamblers Awards Crown the Industry’s Best

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Held at Belgrade Waterfront, this year’s AskGamblers Awards combined a Charity Night, a padel tournament and a gala ceremony celebrating the standout brands and professionals of 2025.

The 9th AskGamblers Awards officially concluded on 11 June in Belgrade, Serbia, bringing together leading operators, providers, affiliates and industry professionals from across the iGaming world for two memorable days of celebration, competition and giving back.

From reconnecting with partners at the annual Charity Night to battling it out on the padel court and finally gathering for the prestigious Awards Gala, this year’s event once again highlighted the people, partnerships, and achievements that continue to shape the industry.

The celebrations began on 11 June with the traditional AskGamblers Charity Night, where industry leaders came together in support of a meaningful cause. Thanks to the generosity of AskGamblers’ partners and guests, a total of €137,000 was raised for charity, setting a record and continuing a tradition that has become one of the most important parts of the annual event.

The following day, guests swapped business meetings for friendly competition during the padel tournament. Whether skilled players or complete beginners, participants embraced the challenge with enthusiasm, creating an atmosphere filled with laughter, sportsmanship and plenty of memorable moments.

The festivities culminated on the evening of 11 June at the luxurious St. Regis Hotel in Belgrade, where the winners of the 9th AskGamblers Awards were officially revealed.

Driven by player nominations and votes, the AskGamblers Awards recognise excellence across some of the industry’s most important categories. Nominations and voting that ran on AskGamblers’ website allowed players to support their favourite brands, games and industry professionals.

The winners of the 9th AskGamblers Awards are:

Best Casino – 24Casino

Best New Casino – SafeCasino

Players’ Choice – SafeCasino

Best Manager – Dmitry Pasechnik from iWild

Best Partner – C24

Best Crypto Casino – CasCada Casino

Best New Slot – Backstreet Mayhem

Best Software Provider – Amusenet

AskGamblers Superstar Award – Pragmatic Play

The evening featured live entertainment, exceptional dining and light-hearted acceptance speeches as winners took the stage to celebrate their achievements alongside peers and partners.

Dijana Radunović, General Manager at AskGamblers, said: “The AskGamblers Awards continue to be one of the highlights of our year because they bring together everything we value most – our players, our partners, and our community. Seeing the industry unite not only to celebrate success but also to support charitable causes makes this event truly special.”

“We would like to thank everyone who participated in the nomination and voting process, as well as all our partners and guests who helped make this year’s Charity Night and Awards Gala such a success. Congratulations to all the winners, and we look forward to all the future events.”

The post The 9th AskGamblers Awards Crown the Industry’s Best appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

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AB Trav och Galopp

AB Trav och Galopp Appoints Anna Romboli as New CEO

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The board of directors of AB Trav och Galopp (ATG) has appointed Anna Romboli as their new CEO. Anna Romboli will take up the position in December 2026.

Anna Romboli most recently came from the role of business area manager for Svenska Spel Tur. She has previously held senior positions at, among others, game developer NetEnt and design and innovation agency Veryday.

“I am very happy and proud to be entrusted with leading ATG. It is a company with a strong history, many committed employees and a special significance for the Swedish horse industry. I look forward to continuing to develop the offering to our 1.4 million customers together with the employees and building on what makes ATG unique,” said Anna Romboli.

ATG is owned by Svensk Travsport and Svensk Galopp and is today the largest gaming company in the Swedish license market. Through its operations, ATG contributes significant funds to Swedish trotting and galloping sports every year, which also strengthens the Swedish horse industry in general.

“Anna has extensive experience in the gaming industry and has shown over many years that she can develop both businesses and people. She is a leader who combines business acumen with great commitment and customer focus. The board is very pleased that she has accepted the assignment as CEO of ATG,” said Peter Norman, Chairman of the Board of ATG.

Jörgen Forsberg will continue as acting CEO of ATG until Anna Romboli takes office in December.

The post AB Trav och Galopp Appoints Anna Romboli as New CEO appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

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