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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.
Apple
IBJR hails App Store approval as a milestone in the fight against illegal betting in Brazil
The Brazilian Institute for Responsible Gaming (IBJR) considers Apple’s decision to allow the distribution of regulated sports betting and online gaming applications on its Brazilian App Store a key milestone for the consolidation of a transparent and integrity-driven sector.
This measure strengthens regulation by making it easier for users to clearly identify operators that are duly authorized to operate in compliance with national rules.
Following Google’s decision, made less than a year ago, to authorize the distribution of sports betting apps on the Play Store in Brazil, this initiative acts as a powerful cybersecurity filter and helps protect consumers from the risks of the illegal market.
Since only operators licensed by the SPA are allowed to offer services to iOS users, the process of channeling traffic into the regulated environment is further strengthened.
However, for the measure to be fully effective, continuous enforcement is required, as several illegal apps can still be found on major platforms.

Data from Instituto Locomotiva, in partnership with LCA Consultoria, indicate that the illegal environment—much of it controlled by organized crime—moves around R$40 billion per year in Brazil and generates an estimated annual loss of R$10.8 billion in tax revenue.
In this context, actions that help distinguish legal operators from unauthorized ones are essential.
The presence of applications on both the Play Store and Apple Store reinforces the commitment to Responsible Gaming, as they integrate functionalities required by legislation and audited by the platforms.
These include strict age verification to prevent access by minors under 18, clear risk warnings related to gambling, and self-exclusion tools.
The post IBJR hails App Store approval as a milestone in the fight against illegal betting in Brazil appeared first on Americas iGaming & Sports Betting News.
Black Label
Pragmatic Play signs Latam Agreement with Black Label
Pragmatic Play, a leading content provider to the iGaming industry, has strengthened its reach in the regulated Latin American market through a multi-product deal with platform provider Black Label.
The partnership will see Pragmatic Play’s premium portfolio, including Slots, Live Casino, and Virtual Sports, integrated into the Black Label platform, enabling regulated operators across LatAm to seamlessly access the supplier’s content.
Pragmatic Play titles, including multi-award-winning slots such as Gates of Olympus and Sugar Rush, as well as popular crash games like High Flyer and Spaceman, are now available to Black Label’s partners in the region.
Black Label, a 360‑degree online gaming experience, serves as an end‑to‑end integration platform for launching or scaling online casinos.
Built with a deep understanding of Latin American players and offered in Spanish, it provides locally aligned solutions for one of the fastest‑growing regulated markets in the industry.
Victor Arias, VP of Latin America at ARRISE, a global iGaming software and services leader and a key partner to Pragmatic Play, said:
“Latin America remains one of the most dynamic and fast-growing regions in the industry, and partnering with Black Label allows Pragmatic Play to further boost its reach across the market.
“Combining Pragmatic Play’s award‑winning content with Black Label’s locally aligned platform to support operators and players across the region is another positive step, and one that further cements Pragmatic Play’s status in Latin America.”
Roberto González, general manager at Black Label, added: “Pragmatic Play is a globally respected supplier, and integrating its multi–product portfolio is a major milestone for Black Label.
“Our platform is built specifically for the needs of Latin American operators, and adding Pragmatic Play’s high‑performing content further strengthens the value we deliver to our partners.
The post Pragmatic Play signs Latam Agreement with Black Label appeared first on Americas iGaming & Sports Betting News.
Advanced Compliance Technology
Advanced Compliance Technology partners with the Soccer Federation of Rio Grande do Norte
ACT has been selected to collaborate in building integrity programs of Brazil’s football leagues through its independent, real-time Sports Integrity monitoring technology and specialized education programs to strengthen Brazilian Sports Integrity.
Advanced Compliance Technology (ACT), a leader in compliance, sports integrity and risk solutions for the global regulated betting and gaming industry, has entered a partnership with the Soccer Federation of North Rio Grande, a regional member of the national Brazilian Soccer Confederation (CBF).
The agreement signifies an important step forward in Brazilian football’s vision for the future as it adapts to the needs of the country’s new sports betting regulations, with an equal focus on safeguarding the integrity of competitions and protecting the athletes.
Under the agreement, ACT will conduct a comprehensive analysis of the current status of the leagues’ needs operating within Brazil’s emerging regulated market.
ACT will also deliver educational programs tailored to the Brazilian sports markets, drawing on its expert sports leadership team, who share decades of experience and who have identified some of the largest match-fixing incidents in the United States.
The ACT team will combine their knowledge of sports betting, insider trading, and specialized analytics to address the growing need for sports integrity monitoring across Brazilian leagues. This will include the application of advanced technology through ACT’s proprietary online monitoring platform, the only real-time technology of its kind that is independent from betting operators and trading services.
Susan Bala, Co-Founder and Director at Advanced Compliance Technology, and former Delegate for the U.S. Commerce Department in Central and South America said:
“We are entering a new chapter in global sports with the introduction of legalised sports betting in Brazil. The country has an incredible and proud history in soccer, producing many of the game’s greatest athletes.
ACT is very pleased to collaborate with the leadership of the Soccer Federation of Rio Grande do Norte league in their mission to build a strong future through education and application of the most advanced technology solutions to safeguard the sport.”

Felipe Silva, Acting President of the Soccer Federation of Rio Grande do Norte, and José Silva, Vice President of the Brazilian Soccer Confederation, said:
“We are extremely pleased to be working with ACT on this initiative. We recognise the importance of educating our athletes and protecting the sport we love. It is our mission through this work to contribute to the future success of Brazilian football.
About Advanced Compliance Technology (ACT)
Advanced Compliance Technology is a leading provider of regulatory technology solutions for compliance and integrity monitoring in the global betting and gaming sector.
ACT’s all-in-one platform delivers the most advanced technology tools to help leagues, operators and regulators meet their complex compliance requirements with an independent expert service and real-time performance.
The company’s technology combines advanced geolocation intelligence, identity verification, advanced anti-fraud mechanisms, sports integrity and behavioural analytics to prevent circumvention, strengthen market integrity and support player protection.
The post Advanced Compliance Technology partners with the Soccer Federation of Rio Grande do Norte appeared first on Americas iGaming & Sports Betting News.
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