Connect with us

728x90 banner available here

Latest News

Rivalry Reports 192% Growth in Handle and 60% Growth in Revenue for Q2 2023, Projects Profitability in H1 2024

Published

on

Reading Time: 3 minutes

 

Rivalry Corp. (the “Company” or “Rivalry”) (TSXV: RVLY) (OTCQX: RVLCF) (FSE: 9VK), an internationally regulated sports betting and media company, today announced its financial results for the three- and six-month periods ended June 30, 2023. Rivalry has also provided revenue guidance that the Company anticipates reaching profitability in the first half of next year. All dollar figures are quoted in Canadian dollars.

“In Q2 we delivered a nearly three-fold increase in handle year-over-year,” said Steven Salz, Co-Founder and CEO of Rivalry. “Increased marketing sophistication and enhancements to our core product have led to operational improvements, increased player wallet share, and a material year-over-year reduction in cost of customer acquisition, positioning us well in the coming quarters. The growing strength in these underlying fundamentals continues to validate Rivalry’s global brand leadership in esports betting, and more broadly, in delivering a world class online gambling experience for the next generation of fans.”

“Our position among young Millennial and Gen Z customers represents one of our greatest competitive advantages, but has also presented unique learnings regarding betting behaviors. Generally we experience higher margin volatility within the sportsbook among this demographic, which impacted revenue this quarter,” Salz added. “That said, challenges like this come with our position at the bleeding edge of a demographic shift in online gambling, and it has also allowed Rivalry to learn more than other operators about what is needed to succeed among this coveted cohort. In the immediate term we have been tuning our operational initiatives to address normalizing margin and seeing early results. And to contextualize the upside potential of this work, at consistent industry average margins Rivalry would have been profitable in Q1 and Q2 this year against the betting handle we generated. With these ongoing adjustments being made based on our learnings, alongside the general benefits scaling handle through growth provides to margin, we expect to reduce volatility, positively impacting bottom-line results, and propelling us to profitability in the first half of next year.”

Second Quarter 2023 Highlights

  • Betting handle for the three-month period ended June 30, 2023 was $112.2 million, an increase of $73.8 million or 192% from $38.4 million in Q2 2022, while reducing marketing spend 6% year-over-year.
  • Casino has helped offset historical esports seasonality slowdown in Q2, contributing toward revenue diversity and growth, adding $57.5 million in handle during the second quarter.
  • Revenue was $8.5 million in Q2 2023, a record result for a second quarter, representing an increase of $3.2 million or 60% from $5.3 million of revenue in Q2 2022.
  • Gross profit was $3.8 million in Q2 2023, an increase of $1.8 million or 86% from $2.1 million of gross profit in Q2 2022.
  • Net loss was $6.3 million for Q2 2023, a 1% increase from the net loss of $6.2 million in Q2 2022. A select number of low probability esports and sports outcomes, alongside unique behavioral betting habits from Gen Z users, caused increased margin volatility and negatively impacted revenue, which combined with several one-time expenses expanded the Company’s net loss.
  • Adjusting for non-recurring items in the Company’s operational expenses over the last four quarters, Rivalry is pleased to note that its operational expenses have remained nearly flat, while simultaneously delivering triple digit year-over-year growth in betting handle every quarter. It is this clear operating leverage trend, combined with concerted efforts to increasingly stabilize margin at scale, that has led the Company to provide its H1/24 profitability guidance.
  • The Company has continued to broaden its product offering in recent months, including the launch of its mobile app in Ontario and more recently, an industry-first same-game parlay product for esports, structural sportsbook hold rate and customer experience improvements.
  • The Company had $14.0 million of cash and no debt as at June 30, 2023.²

Guidance

  • The Company is providing guidance as it projects to reach profitability in the first half of 2024. This projection is based on several factors, including an expectation of consistent year-over-year revenue growth, slower increases in costs due to operating leverage and disciplined management of expenses, and ongoing product innovation that strengthens the Rivalry brand and leads to increased betting activity and lower cost of customer acquisition.

“We are keen to share a number of additional product releases coming in Q3, beginning with Same Game Combos, our own proprietary version of same-game parlays for esports, which we released just last week,” Salz added. “This feature, and others arriving in the third quarter, strengthens our position at the edge of technical and product innovation, and more broadly, our ability to continue delivering a market-leading betting experience catered to young Millennial and Gen Z consumers. We have barely scratched the surface of the feature set on our deep product roadmap, which we are confident will enable us to win this global generational opportunity in betting.”

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

Continue Reading
Advertisement
Prague Gaming & TECH Summit 2025 (25-26 March)
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Latest News

INCENTIVE GAMES AND GOLDBET LAUNCH NEW FREE-TO-PLAY GAME ‘WINNING5’

Published

on

Reading Time: < 1 minute

Incentive Games, a leading B2B games provider, has partnered with Goldbet, part of the Lottomatica Group Italy’s leading name in online gaming, to launch a new free to play weekly football game, Winning5.

The game gives football fans a chance to visit the Goldbet app each weekday to ‘collect’ a different Seria A team, selected at random, with play bonus slot, spots bonus, and a €2,000 shared jackpot up for grabs depending on how many of their teams win over the weekend.

The more winning teams players collect, the bigger the prize. From smaller wins for two correct results, to the ultimate reward for collecting all five teams, Winning5 offers players an engaging and free way to add fun to the weeks matches.

On game day, players can track their progress through real-time updates, powered by Incentive Games’ specialised data and analytics to deliver a seamless, engaging experience.

This is the first collaboration between Goldbet and Incentive Games as part of the company’s partnership with Lottomatica.

John Gordon, CEO and co-founder of Incentive Games, said, “Winning5 is designed to bring the thrill of weekend football to life, but in a way that’s free-to-play and accessible. We’re thrilled to partner with Goldbet, one of Italy’s most respected gaming brands, to deliver a product that keeps fans engaged and entertained from kick-off to the final whistle.”

Simone Occhiuzzi, Lottomatica Digital & i-Gaming Director, said, “Our objective is to ensure an ever-expanding for-fun offering for our customers. We are proud to have broadened our engagement bouquet with the introduction of Winning5, further enriching our customers’ for-fun experience.”

The game is now live for all eligible Goldbet customers in Italy.

The post INCENTIVE GAMES AND GOLDBET LAUNCH NEW FREE-TO-PLAY GAME ‘WINNING5’ appeared first on European Gaming Industry News.

Continue Reading

Latest News

Future-Ready iGaming: Denis Kosinsky, COO of NuxGame, Discusses AI, Innovation, and Scalable Growth

Published

on

Reading Time: 5 minutes

Denis Kosinsky, Chief Operating Officer at NuxGame, joins us for an exclusive conversation ahead of HIPTHER’s European Gaming Congress 2025.

NuxGame, a leader in delivering powerful B2B iGaming solutions from turnkey casinos and sportsbooks to crypto gaming and modular aggregation, is a General Sponsor of this year’s Congress. With expertise spanning AI personalization, blockchain integration, and real-time analytics, Denis will bring his insights to the EGC panel “Leveraging AI for Competitive Advantage.”

 

Denis, as COO of NuxGame, you coordinate strategic growth and product innovation. What do you see as the most urgent priorities for iGaming operators today?

From our daily work with operators, we see personalization as one of the most urgent priorities in iGaming today. Players expect the same tailored experience they get from platforms like Netflix or Spotify, where everything feels made just for them the moment they log in. We work closely with our operators to make that possible. Whether it’s helping a slot-focused brand surface the right providers or enabling personalized campaigns by player behavior, our goal is to shorten the path from idea to go-live. With access to more than 16,500 games from over 130 providers, integrated loyalty and tier systems, and advanced analytics, operators can test, optimize, and launch personalized experiences quickly without heavy development cycles. This speed to market is critical. When operators can react fast and deliver relevant content at the right time, players stay engaged, retention grows, and brand loyalty follows naturally. That’s exactly where we focus on helping our partners move fast, personalize smarter, and scale sustainably.

NuxGame offers a multitude of solutions: casino, sportsbook, crypto integration, game aggregator. How do you make sure that your platform stays modular and scalable, and still manage to provide a stable experience for operators and players?

Our platform is built on a modular architecture that allows each business unit such as sportsbook, casino, payments, and back office to operate independently while remaining fully connected within a unified ecosystem. This structure ensures a stable and consistent experience for both players and operators, even when new features are introduced or updates are deployed. Each module can be developed, scaled, or maintained separately, which improves reliability and reduces the risk of system-wide issues. Through standardized APIs and controlled data flows, the business units collaborate efficiently while maintaining autonomy, ensuring high performance and a seamless experience across all platform components.

You’ll be joining the panel on AI in iGaming. How do you see artificial intelligence transforming the industry in the next few years – particularly in areas like player personalization, fraud detection, and operational efficiency?

AI is already reshaping iGaming in powerful ways. In fraud detection, it can uncover complex behavior patterns that traditional monitoring often misses, such as linked accounts or unusual bonus activity. These systems continuously learn from platform data, helping operators reduce losses and improve security. Predictive models are also becoming key in decision-making. They forecast player lifetime value, churn risk, and engagement potential, allowing operators to act early with targeted campaigns or retention offers. The same technology supports smarter CRM and marketing, helping teams focus on the players who matter most. Operationally, AI is improving efficiency through automated KYC verification, odds monitoring, and compliance checks. New AI agents now assist with platform configuration and content generation, enabling faster creation of campaigns, layouts, and recommendations. For players, AI brings true personalization. Instead of hundreds of random games, they see the few most relevant titles, offers, and providers. Operators who apply these capabilities effectively will build deeper engagement, trust, and long-term loyalty.

Gamification and blockchain are big parts of the NuxGame strategy. Could you share how these technologies are boosting engagement and retention for your clients?

Gamification and blockchain are redefining how operators drive engagement and retention, and at NuxGame we focus on turning every interaction into a reason for players to stay active. Our Achievements system rewards players for meaningful actions such as first deposits, login streaks, or consistent gameplay, while event-based notifications deliver these rewards at the right moment to sustain excitement. We extend engagement even further with loyalty programs, leaderboards, and platform chat that connects players directly within the gaming environment. Players can celebrate live wins, share achievements, and compete in real time, creating a social layer that strengthens the overall experience. Another popular feature is Spin Wheel, where operators can offer customized rewards ranging from free spins to bonus credits or unique prizes. It adds instant gratification and keeps players returning for another chance to win. Blockchain technology completes this ecosystem by powering fast, secure Web3 wallet onboarding and transparent crypto transactions, building player confidence from the very first interaction. Together, these features create a seamless, rewarding, and community-driven experience that keeps players engaged and operators growing.

With over 16,500+ games from 130+ providers on your platform, content aggregation is obviously your strength. How do you build partnerships that keep your portfolio diverse, compliant, and competitive?

Our goal at NuxGame is to provide operators with the same experience they would have if they integrated directly with each individual game provider, while delivering a much higher level of efficiency, automation, and control. What makes us different is not only the scale of our portfolio, with more than 16,500 games from over 130 providers, but the quality and depth of data we deliver for every game. We go beyond simple content aggregation by sending complete and enriched game metadata through our API. This includes detailed information such as bonus exposure, available provider promotions, tournament participation, and automated big-win checks. Most providers do not share this level of data, which makes it a key advantage for our partners. By providing it through the API, we eliminate a large amount of manual work for operators, simplify campaign management, and allow instant personalization and reporting. It is not just about having a large and diverse game portfolio. It is about giving operators the tools and real-time data they need to create dynamic, localized player experiences and make smarter business decisions. This is the foundation of our approach at NuxGame and what defines us as a true technology partner rather than just an aggregator.

NuxGame has been a pioneer in cryptocurrency integration. How do you balance the opportunities of Web3 with the obstacles of regulation, security, and user adoption in gaming?

Crypto and Web3 offer huge opportunities for iGaming, but success depends on security, compliance, and user experience. At NuxGame, we built our crypto solution to feel familiar to users of leading exchange platforms, with seamless wallet connections, real-time balances, and instant transactions. The system supports BTC, ETH, USDT, and other major assets, with Web3 wallet integration and direct crypto purchases for fast onboarding. For operators, it delivers built-in fraud prevention, risk monitoring, and compliance-ready reporting. This combination of trust, speed, and intuitive UX makes crypto adoption easy for players and expansion safe for operators.

So what’s next for NuxGame? Are there particular markets or partnerships you’re most excited about as you continue to expand?

We are putting a strong focus on the US market, particularly on enabling operators to launch faster within the sweepstakes model. This segment is growing rapidly but comes with complex regulatory and technical requirements. NuxGame is fully prepared for it with dual-currency logic, built-in compliance automation, and a complete payment orchestration layer that eliminates the typical setup delays operators face. Our platform provides a ready-made, legally tested foundation, so clients can go live without spending months on integrations or legal reviews. Combined with affiliate management, engagement tools, and modular scalability, operators can focus on growth rather than setup. The sweepstakes model is a major opportunity in the US, and our goal is to make NuxGame the go-to solution for fast, compliant, and profitable entry into that market.

Thank you, Denis, for sharing your vision and perspective on how technology is shaping the future of iGaming. We’re excited to hear more from you live on stage at the European Gaming Congress 2025!

Join us at the European Gaming Congress 2025 | 30–31 October | Warsaw

Secure your spot, connect with NuxGame, and discover how leading innovators are redefining the industry.

The post Future-Ready iGaming: Denis Kosinsky, COO of NuxGame, Discusses AI, Innovation, and Scalable Growth appeared first on European Gaming Industry News.

Continue Reading

Latest News

KingMidas Games and SpinOro Announce Strategic Partnership to Expand Global Reach

Published

on

Reading Time: < 1 minute

KingMidas Games, a leading iGaming provider, has announced a strategic partnership with SpinOro, a trusted and innovative content aggregator and game provider. The collaboration will see SpinOro take up KingMidas Games’ portfolio of high-quality and cutting-edge titles, and distribute them to operators across Europe, Latin America, and other key markets worldwide.

Through this partnership, operators connected to SpinOro’s aggregation platform will gain access to KingMidas Games’ diverse catalogue of immersive experiences, ranging from next-gen titles and exclusive IP-driven content to classic and feature-rich slot offerings. The integration is expected to go live in late 2025.

“This partnership with SpinOro reflects our shared ambition to connect global operators with premium and differentiated gaming experiences,” commented Sean Auret, Global Head at KingMidas Games. “SpinOro’s reputation for trust, reliability, and innovation makes them an ideal partner as we continue expanding our presence across key markets. Together, we’re creating opportunities for operators to deliver content that speaks to local audiences while maintaining global appeal.”

Jeff Letlat, COO, SpinOro, added: “KingMidas Games’ reputation for bold ideas and next-generation creativity complements our own commitment to bringing operators a portfolio that feels both innovative and commercially impactful. By adding their unique style and forward-thinking titles, we’re not only enriching the variety available to our partners but also ensuring players gain access to experiences designed for the digital-native generation. It’s exactly the kind of collaboration that keeps our platform fresh, diverse, and future-ready.”

The collaboration highlights both companies’ dedication to quality, innovation, and growth in an increasingly competitive iGaming landscape. By combining KingMidas Games’ creative game development with SpinOro’s extensive distribution network and technical expertise, the partnership aims to bring players around the world closer to the next generation of entertainment experiences.

The post KingMidas Games and SpinOro Announce Strategic Partnership to Expand Global Reach appeared first on European Gaming Industry News.

Continue Reading

Trending

EEGaming.org is part of HIPTHER, parent brand of various prominent news outlets and international conferences. These platforms and events span a wide range of industries, including Entertainment, Technology, Gaming and Gambling, Blockchain, Artificial Intelligence, Fintech, Quantum Technology, Legal Cannabis, Health and Lifestyle, VR/AR, eSports, and several others. This indicates that EEGaming.org is part of a larger network that focuses on a diverse array of sectors, particularly those related to cutting-edge technology and modern lifestyle trends.

Contact us: [email protected]

Editorial / PR Submissions: [email protected]

Copyright © 2015 - 2025 HIPTHER. All Rights Reserved. Registered in Romania under Proshirt SRL, Company number: 2134306, EU VAT ID: RO21343605. Office address: Blvd. 1 Decembrie 1918 nr.5, Targu Mures, Romania

We are constantly showing banners about important news regarding events and product launches. Please turn AdBlock off in order to see these areas.