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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.
King Billy Casino, launched in 2017, has had some impressive players wins during the “reign of King Billy”. A few of them include Live Game winnings of €135,223, daily winnings from 2 or more slots of $164,000, and €250,000 won on a single spin. However, the latest win by a King Billy Casino player dwarfs every big win that has come before this. Actually, it’s bigger than all previous big wins combined for the operator!
Because, we are talking about C$3,658,306.
This amazing six-digit number was the result of a player going on a safari in her (and millions of other players) beloved Mega Moolah progressive slot from Games Global. In an autumn, the player stepped into eternal summer by wagering a small C$6,25 bet and winning 562.816 times her bet! This is the power of Mega Moolah, as evidenced at King Billy.
King Billy people had only warm words for the occasion. A representative of the casino has stated: “We are elated, for this huge big win. We can never forget that our first big win, many years back, was more than 200,000 Canadian dollars, so we have special ties with the region. And it’s now amazing to see our VIP-player making such a cashback and echoing that big win! Congratulations to our player”.
A few words about Mega Moolah. It was an Internet sensation when it was launched with its beautiful graphics and sounds, and immersive gameplay and it is a sensation today, still going strong after almost 20 years. The slot, which has spawned more than 20 variations, and has given millions in cash to players all over the world (including 5 millionaires in 2024 alone) features 4 types of jackpots that make it stand out from the competition.
About Games Global
Games Global is a supplier of the online gaming industry delivering force and direction to gaming with more than 1,300 top class games. The company has made a commitment to deliver the industry’s more disruptive ideas and compelling data-driven gaming experiences. Games Global features a total of 40+ partnered and in-house studios, services 600+ branded websites and boasts record-breaking jackpots with its worldwide network.
About King Billy Casino
Established on St Patrick’s Day in 2017, King Billy is a renowned new generation casino with more than 26 awards and accolades. The casino is available in English, German, French and Finnish, and created a unique user experience, building on the theme of King Billy and his Kingdom. King Billy ensures that all its players, “Citizens” in the casino language, receive the care and attention they deserve.
The post Huge Jackpot at King Billy Casino: C$3,658,306! appeared first on European Gaming Industry News.
Play’n GO, the world’s leading casino entertainment provider, has today announced its latest US operator partnership, with Resorts Digital Gaming, in the state of New Jersey.
Resorts Digital Gaming was acquired by Boyd Interactive in September 2024, and this announcement sees the group’s players on the www.resortscasino.com and www.mohegansuncasino.com brands in New Jersey gain access to a multitude of classic Play’n GO game titles, such as the legendary Book of Dead, Rise of Merlin, and Rise of Olympus.
Play’n GO entered New Jersey in September 2022, shortly after first launching in the US via the state of West Virginia in July of that year. It has since seen its games live in Michigan, Pennsylvania, and most recently, Connecticut.
Magnus Olsson, Chief Commercial Officer at Play’n GO, commented “New Jersey has been of crucial importance to our US operations for over two years now, so it is with great pleasure that we make this announcement in conjunction with Resorts Digital Gaming.
“The company joins together two instantly recognizable operator brands, and the addition of Play’n GO’s games will be of enormous mutual benefit. We confidently describe ourselves as the world’s leading casino entertainment provider, and partnerships like this one are of great importance to us in establishing that idea. We’re excited to see this partnership flourish.”
Jim Ryan, Chief Executive Officer at Boyd Interactive, added “The whole Resorts Digital Gaming team is excited to bring Play’n GO games to our players. Play’n GO is one of the world’s leading iGaming brands, and we’re confident that our players are as excited as we are to see those Play’n GO titles on both www.resortscasino.com and www.mohegansuncasino.com.”
Match Hype has just won two industry competitions. Talk us through your product.
Match Hype brings engagement from social media platforms like TikTok and Instagram into the sportsbook. Our technology automatically turns raw sports data into short videos full of sports and betting insights. We have the capacity to create up to a million videos daily in more than 30 languages. We also provide hosting and streaming of the videos, and we track everything in the video thanks to our own player. The high level of video experience and the scale make us unique in the market, and we believe that this innovation is extremely needed in the industry—and the judges in the competitions probably agree with us.
What technologies are you leveraging to deliver such a cutting-edge tool/product?
We have more than six years’ experience in developing dynamic video solutions for clients like Microsoft, HBO, and SAP, and a decade in high-end video production for similarly well-known clients. Match Hype is the essence of this. We have developed our own robust cloud infrastructure that enables us to work on a huge scale. We can also leverage the integration of third-party solutions that help us make the video content rich and engaging. The AI boom came at the right time to help us make the experience for the viewer even better.
Who is Match Hype aimed at?
We focus mostly on sportsbook operators, where we think we can bring the biggest value. But we also have clients on the affiliate and media side. Our “competition” at the moment are creative professionals who are able to create one video at a time. To cover hundreds or thousands of events daily, you need huge manpower. With Match Hype, you don’t need that—it’s all automated. Anybody who appreciates this level of efficiency will benefit.
The end users are any sports fans who enjoy engaging videos. So basically everybody.
Has this industry been slow to embrace video content and unlock the potential it offers? If so, why?
It’s hard for us to talk about the whole industry, as we haven’t been part of it for that long. But iGaming feels like a conservative industry where only truly meaningful innovations make it. Fingers crossed for Match Hype being one of them. We are confident because of our track record in other industries, and mostly thanks to the results of our dynamic videos that are already used by significant igaming industry players.
What makes video content so effective at customer acquisition? How can Match Hype be used in this regard?
People just love video content. In the last review, TikTok said that the average user spends around 90 minutes a day on their platform. Platforms like Spotify used to be music and podcasts only; now they are full of videos. You just can’t ignore that. Video killed the radio star, and a static sportsbook is next to die.
And what about retention? How can it be used to keep players engaged and coming back for more?
Imagine that a 30-second video gives you the exact insights to help you make a betting decision without spending dozens of minutes on different resources to gather all the information. People don’t want to read anymore. This is probably an even bigger strength of Match Hype than user acquisition.
What can we expect from Match Hype in the coming months?
We will establish Match Hype as an industry standard for dynamic video content. We’ll bring many more sports like tennis, basketball horse racing and. We are preparing real-time video use cases—for example, half-time updates in football—and new distribution channels like integration directly into streams. The potential is huge. Stay tuned.
Any final thoughts?
For the last year, we have talked with literally hundreds of iGaming experts, investors, and executives. Almost every one of them sees fan engagement as a huge topic in the upcoming months and years. And video will definitely play a key part in it.
Video says more than a thousand words. Give it a go—watch one of our 30-second videos and see for yourself.
The post Exclusive Q&A w/ Radek Pšurný, CEO at Match Hype appeared first on European Gaming Industry News.
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