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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.
BC Brothers
Why BC Brothers is Betting on “Affiliate-as-a-Product”
The iGaming affiliate industry has a problem, and it begins with the “Top 10” list. For years, the business has relied on a foundation of simple review pages. Walls of text that often prioritize commission rates over user experience. But as players are becoming tired of biased endorsements, the traditional review site is entering its twilight years.
“Look, the industry is at a crossroads,” says Borja Imbergamo, CEO of BC Brothers. “The old playbook, where you rank operators based on who writes the biggest check and then dress it up as expert advice, is just broken. It’s a short-term hustle in a world that’s demanding long-term transparency.”
Imbergamo isn’t just criticizing the status quo. Instead, he is pivoting away from it. He’s pushing BC Brothers toward this ‘Affiliate-as-a-Product’ model, which honestly isn’t just some clever rebranding. It’s a total shift in architecture. Rethinking the whole way an affiliate actually connects a player to an operator from the ground up.
Breaking Free from the Template
For most affiliates, WordPress is the default setting. It’s easy, it’s fast, and it’s predictable. However, late last year, BC Brothers began a quiet migration away from standard content management systems toward self-built platforms. While still in the pilot phase in several territories, the move represents a declaration of independence from the limitations of templated solutions.
“WordPress is fine, but it’s a bottleneck for innovation,” Imbergamo explains. “Moving to our own infrastructure allows us to be a lot more flexible. We can develop features that a standard plugin simply can’t handle. These are still pilots, but we have very high hopes for these platforms to become our future. It definitely requires more SEO checks, resources and dedication, but surely will pay off in long term”
This technical shift allows BC Brothers to move beyond the bridge model, where a site is just a transition point for a player, and toward a destination model.
Building an Ecosystem
The pivot isn’t just about how the sites are built, but what they offer. While conversion remains a goal, BC Brothers is investing heavily in products that prioritize utility over the immediate click. These projects are less about a direct sales funnel and more about becoming an essential part of the sports content ecosystem.
One example is BetBrothers.football, a site designed to deliver all the real-time football data and stats a fan could want. Alongside it sits BBSportNews, an editorial project covering the “beautiful game” from every angle – from breaking transfer news and defining stories to deep-dive tactical analysis.
“We are building an ecosystem, not a funnel,” says Imbergamo. “If we provide a player with real-time match stats they can’t find elsewhere, or analysis that actually informs their perspective, we’ve earned their time. By the time they do decide to play, they don’t have to head back to Google to find some random review site. They’re already inside our brand’s ecosystem. It’s about giving them that full 360-degree value so they never feel the need to look elsewhere.”
By focusing on these utility tools, BC Brothers is actually playing a much smarter game with lead quality. Think about it – a person who spends twenty minutes studying data on a platform you built is a way more valuable player for an operator than someone who just clicks a “Play Now” button because they saw a shiny banner. One is an engaged user making an informed choice. The other is just a random click that probably won’t stick around.
Playing by the Rules
This approach is particularly vital in regulated markets, where BC Brothers exclusively operates. The company maintains a strict policy of working only in regulated jurisdictions and exclusively with licensed operators. Getting their Greek affiliate license this past March was simply the next logical step in that process. For Borja, ignoring grey markets isn’t some moral crusade. It’s just the right way to make sure sports betting stays entertaining and safe for everyone.
“We really believe that working only with licensed operators is the right way to keep sports betting fun and sustainable,” Borja says. “We’re committed to staying compliant and actually helping the industry grow in every market we’re in. Sometimes that means taking the harder path. But for us, it’s a long-term investment in a safe environment that protects the players and makes the whole industry healthier.”
The Future of the “Brothers”
The transition from a content house to a product studio is a high-stakes bet. It requires more capital and a willingness to walk away from the easy wins of the grey market. At the end of the day, it requires more developers too. But as the iGaming affiliate landscape becomes more crowded with much more pressure from all sides, the “middle man” who offers nothing but a link is losing their place.
“The era of the disposable affiliate site is over,” Imbergamo concludes. “The next big leaders in this space will be the ones who treat it like a serious tech company, more like the SaaS world. Players want tools, interaction, personalization, and they want value for their time. We’re basically building the infrastructure for a future where the product does the talking, and you don’t have to ask for trust because it’s already built into the code.”
The post Why BC Brothers is Betting on “Affiliate-as-a-Product” appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
1spin4win
1spin4win & Blask report 7 out of 10 top games in Africa are slots
The study analyzes key markets across both regions, including South Africa, Nigeria, Ghana, Brazil, Mexico, and Argentina. Using real-time data on game placement and player demand, the research provides a clear view of what content operators prioritize and what resonates most with players. The report also features insights from operators such as BetPawa and MSport, adding industry perspective to the data-driven analysis.
One key finding is that slots continue to dominate across both regions. In Africa, they account for 71% of the Top 30 games featured in casino lobbies, while in Latin America, they make up 67% of the Top 30 games analyzed — outperforming both crash and live formats.
At the same time, the data shows that what operators place in lobbies does not always match what players are actually looking for. Some of the most searched-for games are not prominently featured or are missing from lobbies altogether.
For 1spin4win, this report is part of their broader expansion strategy across Africa and Latin America. The provider began actively extending its presence in these markets in 2025, strengthening partnerships with local aggregators and refining its product strategy to better align with regional player preferences. These include mobile optimization and fast loading and smooth performance even on weak internet connections. In Africa, these efforts led to a 9.2x increase in the number of bets.
Olga Hlukhovskaya, Business Development Director at 1spin4win, “At 1spin4win, we place strong emphasis on working with data. It’s at the core of how we approach product development. We focus on understanding player preferences and making informed decisions that help us deliver experiences that truly resonate with our audience.”
Ilya Batcherikov, Blask CPO, commented, “By aggregating non-branded search data at scale, we help teams understand what players are actually looking for in each market — often before those trends become visible inside the product. This allows operators to move from reactive content strategies to proactive ones, aligning supply with real-time demand and capturing value that would otherwise be missed.”
Full insights from the research are available in the report “What’s hot in LATAM and Africa” on the Blask website.
About 1spin4win
1spin4win is an established game provider founded in May 2021 by ambitious developers with over 15 years of experience in the gambling industry. Since its inception, the company has expanded its portfolio to include over 200 classic online slots, all characterized by quality mathematics, transparent mechanics, and well-balanced gameplay — key factors that drive strong player retention. The studio aims to release an average of four new games each month in 2026 and offers effective promotional tools for casino operators to help them enhance player loyalty.
The post 1spin4win & Blask report 7 out of 10 top games in Africa are slots appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
BC.GAME
BC.GAME Releases “Ganesha Golden Wheel”
BC.GAME has released its latest online slot Ganesha Golden Wheel, combining Ganesha-inspired imagery, a Golden Wheel mechanic and a dual-bonus structure in a single release. The game is now live on BC.GAME, alongside the Ganesha’s 7-Day Gift campaign, under which players can complete daily tasks during the promotion period to unlock up to 100 Free Spins in total.
Ganesha is a widely recognised elephant-headed deity in Indian culture, commonly associated with wisdom, good fortune and the removal of obstacles. Ganesha Golden Wheel builds on that cultural imagery throughout its visual design, from gold-toned temple architecture and gem detailing to coin motifs and elephant iconography. A prominent Golden Wheel sits above the reels, giving the game a clear visual centre and making the wheel mechanic a defining part of the overall presentation.
In terms of structure, Ganesha Golden Wheel runs on a 3×3 reel layout with five fixed paylines. Wins are formed from left to right across adjacent reels, with all valid payline wins added together. The game has a theoretical RTP of 96.72% and a maximum win cap of 20,000x bet.
Ganesha’s Wild Respins is one of the game’s core features. When two or more Wilds land in the same result, Respins are triggered and the Wilds remain fixed in place. If additional Wilds land during the feature, the Respin count resets and the new Wilds are also held.
The Golden Wheel is another central feature. During spins, the Roman numeral shown in the centre may activate the Inner Ring, Middle Ring or Outer Ring, with rewards increasing through Wheel Upgrade up to 10,000x. The game also includes Sacred Wheel Bonus, Maxwin Wheel Bonus and Wheel Boost Special Spins.
Ganesha Golden Wheel is now live on BC.GAME, with the Ganesha’s 7-Day Gift Free Spins campaign running as part of the launch.
The post BC.GAME Releases “Ganesha Golden Wheel” appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
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