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Rivalry Reports Second Quarter 2024 Results; Rivalry Token Drives $1.7 Million in Additional Revenue, Accelerating Crypto Expansion Efforts in the Third Quarter

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Successful Margin Growth Efforts Drive Jump in Net Revenue; Company Gains Early Traction Among Crypto and High-Value Players with Rivalry Token; Positive Early Signal from VIP Efforts, a Key Area of Strategic Focus

Betting handle of $87.8 million1.
Net revenue of $4.7 million was up 3% from Q1 2024 and up 22% YoY from Q2 2023.
Company achieves record net revenue margin of 62.5%, highlighting the continued impact of its margin enhancement efforts, driving more net revenue per dollar wagered.
Rivalry Token drives new global audience of crypto bettors and high-value players; Token customers exhibiting twice the value of average non-crypto users.
Rivalry Token delivers $1.7 million in revenue subsequent to quarter-end, validating crypto strategy and product potential. Expected to remain a revenue stream for the business throughout the remainder of the third quarter and into the fourth quarter.
Crypto payment and technology development supporting strategy shift toward growing VIP player base; anticipated to deliver growth while maintaining current operational expense levels, driving profitability.

Rivalry Corp., the leading sportsbook and iGaming operator for Gen Z, today announced financial results for the three- and six-month periods ended June 30, 2024. All dollar figures are quoted in Canadian dollars.

“At Rivalry we have narrowed our focus primarily to two areas that are showing the highest potential for growth in our history: crypto expansion led by tokenization, and VIP’s. Alongside these focused efforts, we are tightly managing working capital, rationalizing our teams, and cutting spend in areas that fall too far outside of these priorities,” said Steven Salz, Co-Founder and CEO of Rivalry. “Our efforts to improve margin are also driving results, achieving record margin levels for two consecutive quarters.”

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“Last quarter marked a broader expansion into crypto with the pre-release of Rivalry Token and we have seen very motivating early results,” Salz continued. “Rivalry Token is uniquely positioned to serve a number of our near and long-term goals to expand our geographic footprint and acquire and retain high-value players, which we are beginning to see signals of. In just a few months, Rivalry Token has attracted new customers who are twice as valuable as our average user and marked the most successful reactivation campaign in the Company’s history. Behaviorally, we see that Rivalry Token users are more active and engaged, and we are confident in the opportunities being unlocked through this technology. We have an extensive roadmap ahead for Rivalry Token, including new social-based products and games to drive more connected wallets and create engagement loops for players that will extend our momentum in the crypto gambling segment.”

“Rivalry has also been shifting resources toward VIP’s, which is closely aligned with our push deeper into the crypto segment. This emphasis on VIP’s marks a course correction of our historical strategy which delivered exceptional outcomes for the vast majority of our player base, but under-indexed on the small percentage that drives the lion’s share of revenue in an online gambling business. I have extreme conviction that the significantly above-market KPI’s we have driven for that majority of players, led by our obsessive dedication to their success, when now directed toward the smaller percentage of high-value players, that within this industry drives multiple times the value, will lead to a sizeable change in Rivalry’s business outcomes.”

Second Quarter 2024 Highlights

Betting handle for Q2 2024 was $87.8 million, decreasing by $6.9 million or 7% as compared to $94.7 million in Q1 2024, and by $24.4 million or 22% from $112.2 million in Q2 2023. As Rivalry prioritizes margin, it can negatively impact betting handle as players turn over their balances less.
Gross gaming revenue (“GGR”)2 was $7.4 million in Q2 2024, decreasing by $0.3 million or 3% from $7.7 million in Q1 2024, and by $1.0 million or 12% from $8.5 million in Q2 2023.
Net revenue3 was $4.7 million in Q2 2024, increasing by $0.1 million, or 3% from $4.5 million in Q1 2024, and by $0.8 million or 22% from $3.8 million in Q2 2023. As a percentage of GGR, the Q2 2024 net revenue margin of 62.5% was the highest in Company history and compares to 58.5% in Q1 2024 and 45.0% in Q2 2023. As a percentage of betting handle, the net revenue margin of 5.3% was the highest of the past six quarters. The improvements reflect ongoing initiatives to increase margins through innovation and adjustments to the product offering.
The Casino segment continues to be a strong contributor, generating 60% of betting handle and 24% of GGR in the quarter. Segment results reflect the ongoing expansion of Rivalry’s casino product line, including the original game Cash & Dash released in the second half of 2023.
Net loss was $5.4 million in Q2 2024. Net loss includes $0.52 million in interest expense accrued on the convertible debenture, that is not due until the end of 2025. The Company therefore considers the $4.8 million loss from operations in Q2 2024 as compared to $6.2 million in Q2 2023 a better representation of its working capital management.
The Company had $4.6 million of cash as at June 30, 2024.4

Rivalry drove strong upticks in user activity for higher margin product offerings including Pre Made Combos, which has driven over 500,000 wagers since its release in January 2024, supporting ongoing net revenue growth.
Rivalry expects to enter a licensing agreement for its first-party casino games in the coming months, establishing a new revenue stream for its B2B vertical.
Rivalry adjusted its onboarding experience to materially reduce friction for VIP users in global markets while remaining in compliance with regulatory requirements.
The Company maintains its H2 2024 profitability guidance.

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Rivalry Token

In May 2024, the Company announced Rivalry Token, a native cryptocurrency to be integrated across Rivalry’s product suite to elevate the overall user experience, expected to launch in H2, subject to a number of market and product related considerations. Prior to the product’s full release, customers have been able to engage with Rivalry Token by connecting their digital wallets, earning rewards through on-site activity, and more recently off-site through a mini-experience called a ‘faucet,’ with more to come in the near future. Since May, Rivalry Token has gained meaningful traction among Rivalry’s user base, drawing a geographically diverse audience of high-value players and creating engagement loops which are driving upticks in site activity.

Subsequent to Q2 2024, Rivalry Token has delivered $1.7 million in revenue5, accelerating the Company’s expansion into the crypto segment. This is expected to remain a revenue stream for the business throughout the remainder of the third quarter and into the fourth quarter.
Rivalry Token is capturing higher value players, where opted-in users are twice as valuable in terms of revenue potential and deposit nearly twice as much as non-opted-in users.
More than half of customers that opted-in to receive Rivalry Token are reactivated users while another 15% are new, marking the Company’s most successful reactivation campaign.
Rivalry Token customers are more engaged users and play consistently during all days of the week with casino driving two-thirds of betting handle.

Rivalry released a Rivalry Token web-based complement product to its on-site pre-farming, called a ‘faucet,’ in mid-August to drive connected wallets and acquire new players. The Company is in the process of developing a social-based product expected to arrive in September to further expand its geographic footprint and audience capture within the crypto segment.

The Company will release more information in the coming months as Rivalry Token continues to develop.

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Canada

New Online Casinos Canada 2025: RoboCat Casino Best in Canada

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After A Review Of Canada’s Gambling Landscape, RoboCat Casino Was Awarded The “Best Online Casino In Canada 2025” Based On 8,000+ Games, Responsible Gambling and Fast Payouts

Vancouver, Sept. 24, 2025 (GLOBE NEWSWIRE) — RoboCat Casino

RoboCat Casino, an award-winning online casino with presence on Europe, Australia, New Zealand, UK, USA and LATAM, was recently awarded the title of “Best Online Casino in Canada 2025” after a comprehensive review of the online gambling industry in the country, performed by experienced iGaming specialists.

New players can take advantage of RoboCat Casino’s welcome bonus by joining their platform today:

CLAIM YOUR WELCOME BONUS AND PLAY 8,000+ GAMES AT ROBOCAT CASINO

RoboCat currently offers the biggest welcome bonus, because new players can get 100% extra on their first deposit + 200 Free Spins + a surprise bonus (more free spins, free money, cashback, amongst other possible rewards).

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In addition, the Canadian online casino also offers over 8,000 real money games from the best providers in the world, putting the best online slots, blackjack, poker, baccarat, craps, crash, plinko, live dealer, lotto and bingo games at the disposal of online players and bettors in Canada.

“The mission of our team is to help players find the best sites for gambling online so they can enjoy an exciting, rewarding and safe online gaming experience” “… and we found that RoboCat is on top of all the other online casinos in Canada, because it delivers more value in all the areas that matter for online players and bettors”.

A Comprehensive Review Focused on the Player

The team that performed the review and research revealed that they focused it on the player, hence they targeted the following areas:

  • License
  • Fairness
  • Quality of Games
  • Quality of Bonuses and Promotions
  • Payment Methods and Banking Experience
  • Online Security
  • Mobile Experience
  • Quality of Sportsbook
  • KYC
  • Limits for Deposits and Withdrawals
  • Customer Support Service

The team used these key elements to develop the criteria for selecting, reviewing, and comparing the top online casinos in Canada, ultimately choosing RoboCat Casino as the best real money gambling platform for 2025.

The team explained that RoboCat was named ‘Best Online Casino in Canada 2025’ due to its outstanding performance across all evaluated criteria.

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“RoboCat offers over 8,000 games from nearly 100 top-class providers, which is the largest library of real money games in Canada nowadays” – “offering such an outstanding number of high-quality games allows RoboCat to bring its customers a significantly better online gaming experience, especially for online slots players”.

“Regarding bonuses, RoboCat Casino is the most generous platform in Canada because it offers a big welcome bonus, plenty of weekly and weekend reload bonuses which reward players with free money and free spins, extra rewards of free spins, cashback, rakeback, amongst other benefits that other Canadian online casinos fail to deliver”.

The team shared their comments for all the evaluated criteria regarding RoboCat, offering a complete overview on why they elected this brand as the best platform for real money gambling in Canada:

  • License: License issued by the Offshore Finance Authority of The State of Anjouan
  • Fairness: Audited by independent third-party auditing firms
  • Quality of Games: 8,000+ real money games from industry-leading providers such as NetEnt, Evolution, Microgaming, Habanero and Jumpman
  • Quality of Bonuses and Promotions: 100% extra on first deposit + 200 Free Spins; reload bonuses, cashback, free bets, rakeback and free spins rewards. Featuring low wagering requirements
  • Payment Methods and Banking Experience: Instant deposits, fast payouts, plenty of payment methods including credit cards, debit cards, trending digital wallet currencies, FundID and Interac
  • Online Security: Uses military-grade encryption, has a dedicated online security team, secured servers, no history of data leaks or breaches
  • Mobile Experience: Offers an HTML5-powered mobile website available on all browsers, runs on Android and iOS flawlessly
  • Quality of Sportsbook: Offers over 35 sports and esports with high odds and exclusive bonuses such as free bets, deposit bonuses, reload bonuses and cashback
  • KYC: Easy to fulfill KYC procedures, no requirement to complete KYC as a new user or to get first withdrawal approved
  • Limits for Deposits and Withdrawals: Unlimited limit for deposits and withdrawals up to $10,000 per day. The casino can increase the limits for high rollers
  • Customer Support Service: Available via live chat, email and phone. Fast answer time and professional customer support team

The team expressed their happiness in finding an online casino which can offer Canadian players and bettors the online betting and gambling experience they deserved: “RoboCat scores high in all the areas that matter, offering an outstanding, exciting, safe and fair experience”.

All players interested in joining RoboCat to play 8,000+ real money games can sign up today and claim an exclusive welcome bonus offer:

CLAIM YOUR WELCOME BONUS AND PLAY 8,000+ GAMES AT ROBOCAT CASINO

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RoboCat Casino Actively Promotes and Enforces Responsible Gambling

The team explained that they considered the commitment to responsible gambling as an important factor in their comprehensive review of the industry: “A platform can deliver everything players want, but if they fail to protect players and promote responsible gambling, we take it out of our ranking… because gambling must be fun but also safe”.

RoboCat Casino is equipped with technology and a dedicated team which can detect problematic gambling patterns, providing affected players with prompt solutions and assistance.

The online casino also offers tools and features to limit the spending on their platform, granting players the possibility to control their online gambling activities.

The specialists also confirmed that RoboCat Casino provides a self-exclusion feature, with 24/7 customer support available to assist players in closing their accounts if needed.

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“The era of unregulated online gambling is over. Today, safety comes first—one of the key reasons we chose RoboCat as Canada’s top online casino for 2025. They prioritise player protection and take responsible gambling seriously.”

“RoboCat Is The Best Brand in 2025, But Let’s See If They Retain Their Place in 2026”

“After making this in-depth review, analysis and research, we found out RoboCat is the best online casino brand for Canadian players in 2025” – “… but you know, the online gambling industry is extremely fast-paced. You have new brands every single month, and they’re competing fiercely against each other. Therefore, we are going to revisit our research and perform a new analysis in 2026, to see if RoboCat remains the best online casino in Canada or if another brand is going to take its place”concluded Angel K.

To celebrate this award, RoboCat has released a new welcome bonus of 100% extra on the first deposit + 200 Free Spins + 1 surprise bonus, which new players can redeem below:

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Bragg Gaming Group Enteres into New Financing Agreement with Bank of Montreal

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Bragg Gaming Group, a leading global B2B iGaming content and technology provider, announced it has entered into a new financing agreement with the Bank of Montreal (BMO), a leading North American financial institution, pursuant to which BMO has made available to the Company certain credit facilities in a maximum aggregate amount of up to US$6.0 million to support its ongoing working capital and general corporate requirements (the BMO Facilities).

In connection with the closing of the BMO Facilities, Bragg has successfully repaid in full the outstanding promissory note with entities controlled by Doug Fallon (the Prior Note Indebtedness). The new BMO Facilities replace the Prior Note Indebtedness, signalling a significant step in the Company’s financial strategy to partner with a major commercial bank to support its growth.

“We are very pleased to establish this new relationship with the Bank of Montreal, a recognized leader in financial services. This new credit facility strengthens our balance sheet and provides us with a flexible capital structure to execute our strategic plan. The ability to secure financing from a major North American bank underscores the confidence in our business and our long-term growth prospects. We look forward to a long and successful partnership with BMO,” said Robbie Bressler, CFO of Bragg Gaming Group.

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The BMO Facilities are secured by, amongst other things, a first-ranking security interest over all of the assets of the Company and certain of its key operating subsidiaries, and are uncommitted and are repayable upon the earlier of (i) demand by BMO, (ii) the occurrence of certain insolvency events, and (iii) on the one-year anniversary of the closing date, unless a one-year extension is granted at BMO’s discretion.

The agreement includes customary legal and financial covenants, including a requirement for the Company to maintain a Total Funded Debt to EBITDA ratio not exceeding 2.50:1.00, and a Fixed Charge Coverage Ratio of not less than 1.25:1.00. These financial covenants are to be tested on a consolidated basis at the end of each fiscal quarter.

The Company currently expects to draw on the BMO Facilities in Canadian dollars, which would result in estimated borrowing costs of 6.9%–7.9% for Prime-based loans or 5.9%–6.9% for CORRA-based loans, depending on the period of the draw and the Company’s leverage ratio. Standby fees on the unused portion of the revolving facility will range from 0.75% to 1.75% per annum, depending on leverage.

Management believes that based on the terms of the BMO Facilities, the Company’s borrowing costs on an annualized basis will be less than half of its Prior Note Debt.

Matevž Mazij, CEO of Bragg Gaming Group, said: “Securing this BMO facility represents a critical milestone in our strategic plan to strengthen Bragg’s financial foundation and accelerate value creation for our shareholders. With our cybersecurity incident contained and our borrowing costs cut by more than half, we are laser-focused on executing our strategic shift toward higher-quality earnings. The Company is prioritizing margin and cash generation over lower-margin revenue, and synergies realized post-quarter end to become a leaner operation. We’ve already realized EUR 2 million in annualized synergies and are on track to achieve our 20% Adjusted EBITDA margin target for the second half of 2025.

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“Our recent leadership additions in AI and innovation, combined with our expanding partnerships with operators like Fanatics and Hard Rock Digital, position us to pursue highly accretive growth opportunities methodically. The Company remains focused on growing the business in a sustainable and margin-accretive manner, with strong momentum in the proprietary content and technology pipeline positioning Bragg for long-term profitable growth.

“We understand the importance of delivering results for our shareholders, and our board and management team are fully aligned and committed to executing the strategic initiatives that will drive value. With improved financial flexibility, a strengthened operational foundation, and clear milestones ahead, we believe we have the right strategy and team in place to unlock Bragg’s full potential. We remain committed to maximizing shareholder value as we build sustainable, profitable growth and ensure our strong operational performance translates into appropriate market valuation.”

Cyber Breach Update

The Company has also provided an update on its previously announced cybersecurity incident initially detected on August 16, 2025.

Immediately following detection, Bragg took appropriate steps to mitigate any potential impact of the breach. With the assistance of independent cybersecurity experts, the Company has followed industry best practices and considers that the incident is now resolved.

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There continues to be no indication that any personal information was affected and the breach has had no impact on the ability of the Company to continue its operations. Bragg has also provided assurances to its customers regarding the security of its game titles. The Company has experienced no negative impact on its revenue or profitability and does not expect that the cost of responding to the incident will have a material financial impact on the Company.

The Company has already applied knowledge gathered from the investigation of the event to enhance its cyber security defenses.

The post Bragg Gaming Group Enteres into New Financing Agreement with Bank of Montreal appeared first on European Gaming Industry News.

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Thunderkick commits to growth in Ontario with Betty partnership

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Independent slots studio Thunderkick has agreed a deal with Ontario-based operator Betty to supply the rapidly growing online casino with a diverse collection of globally popular titles.

Betty, an official partner of sporting franchises Toronto Maple Leafs and Toronto Raptors, has risen to prominence since its 2022 establishment, when it was built following the consultation of 300 casino players to create the optimal iGaming environment.

Distinguishing itself from North American competitors by catering specifically to slot enthusiasts rather than sports bettors, the operator has curated a portfolio of 2,800 games, hand-picked to deliver customers maximum entertainment value.

Thunderkick’s content is the latest to be integrated into Betty’s online casino, and the agreement will see a selection of its most popular titles, including The Wildos 2, Midas Golden Touch 3, and Esqueleto Explosivo 3, made available to a greater number of Ontarian players.

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Thunderkick marked its debut in the Canadian province in Q2 of 2024, and has since partnered with a network of leading operators to improve its market position. The collaboration with Betty will further amplify its visibility in a key jurisdiction as the provider looks to reinforce its reputation as a global slot developer.

Svante Sahlström, CCO at Thunderkick, said: “It’s our mission at Thunderkick to go deeper, not wider, in 2025. That means forging meaningful, lasting relationships in target markets as opposed to securing as many commercial deals as possible.

“Since entering Ontario over 12 months ago, we have worked tirelessly to enhance our presence in the province, and working with leading brands such as Betty allows us to bring our unique games to a deeper pool of Canadian players.”

Paraskeva Smirnova, Casino Operations Manager at Betty, added: “Betty’s USP has always been our drive to build a slot portfolio with the very best titles from the industry’s most creative suppliers.

“Thunderkick’s passion for slot development is there for all to see, and the introduction of its games to our casino further elevates the consumer experience.”

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The post Thunderkick commits to growth in Ontario with Betty partnership appeared first on Gaming and Gambling Industry in the Americas.

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