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Rivalry Reports Third Quarter 2024 Results; Rivalry Token Momentum Leading Company’s Crypto-Native Future; Reveals Organizational Realignment, Major Product Revamp

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Rivalry Token Captures $3.0 Million in Deferred Revenue; Company Executes Significant Organizational Realignment Throughout the Third Quarter to Reposition Product, Brand, and Team for Crypto Gambling Market; Delivers Substantial Reduction in Operational Expenses; Closes Second Tranche of Non-Brokered Private Placement for $1.0 Million

  • As of today, the Company has completed the largest product, brand, and marketing overhaul in its history to support a global, crypto-first strategy and maximize wallet share of high value players (“HVP’s”).
  • Average net revenue per user has hit all-time records, increasing by 51% as compared to the average of the trailing 2024 period, and by 70% as compared to the trailing three-year average since launching the initial set of new product features in October.
  • Rivalry’s current run rate operating expenses are approximately 50% lower as compared to those in this Q3 2024 report. This is a result of its third quarter organizational realignment, and the associated cost savings now being nearly fully realized.
  • Crypto-native strategy, led by Rivalry Token, is delivering strong results, with crypto wallet-connected customers generating 200% more revenue than baseline users and retention rates 30% above the average.
  • Rivalry closes the second tranche of its previously announced financing for aggregate proceeds to date of $3.0 million, fortifying its balance sheet. The Company was pleased to see support from insiders, family and friends, and long-term shareholders, validating its meaningful organizational transformation executed throughout the third quarter.
  • Third quarter betting handle of $79.9 million1.
  • Adjusted Revenue of $6.0 million2.

Rivalry Corp. (the “Company” or “Rivalry”) (TSXV: RVLY) (OTCQX: RVLCF) (FSE: 9VK), the leading sportsbook and iGaming operator for digital-first players, today announced financial results for the three- and nine-month periods ended September 30, 2024. All dollar figures are quoted in Canadian dollars.

“From the start of the third quarter through to the release of these results, we have undergone the most substantive evolution of our business since founding,” said Steven Salz, Co-Founder and CEO of Rivalry. “This work was done to better attune ourselves to an evolving online gambling market where cryptocurrency has become the global payment method of choice, and to align our offering with the experiential expectations of the players driving this industry-wide shift. These initiatives were set in motion during the second quarter alongside the announcement of Rivalry Token, and I’m proud to say we are emerging out the other side of this undertaking as a fundamentally leaner company, and better positioned for growth.”

“Over this period we have completely rebuilt every core element of our product, intentionally designed to service crypto-native users and high value players. We’ve also undergone a comprehensive rebrand, and significantly drawn down marketing spend associated with our prior strategy. Our native crypto token has developed materially, becoming more integrated with our VIP strategy and overall growth plan, allowing us to better scale in this category. On an organizational level, we reduced our headcount by 50% through two workforce rationalizations and adjusted our performance culture, resulting in a more robust and higher output organization, with measurable output climbing over 200%.”

“The immediate financial results of this high-conviction business evolution is that short-term net revenue is down, however we are beginning to go back on the offensive with a completely evolved product, brand, and marketing approach, as well as an operating footprint that presents a much smaller gap to profitability to close. Despite this transitional net revenue impact, we are already observing high signal from our work; in just the two short months since we began to deploy the initial set of crypto and HVP-targeted product releases, our average net revenue per user has hit all-time record levels, increasing by 51% as compared to the 2024 year-to-date average, and by 70% as compared to the trailing three-year average.”

Operational Update

“Earlier this week we finalized the most substantial product overhaul in Rivalry’s history, including a revamped registration flow, login, sportsbook, new crypto-first cashier, completely redesigned casino offering, and a comprehensive VIP rewards program,” Salz added. “We’re confident this entirely rebuilt product set, debuted alongside a more mature, digital-first rebrand, will accelerate Rivalry’s position as a global, crypto-native operator and enable us to capture a high-value player audience.”

“The breakneck pace in which this massive body of work was completed is a testament to the Rivalry team’s motivation to show our multi-year track record of growth and innovation is not just capable of delivering profitability, but also demonstrating market leadership. This will to win is backed by the confidence and conviction that these initiatives will enable us to execute our growth strategy with more torque, underpinned by an overall significantly reduced company cost basis.”

  • Sportsbook Overhaul: Rivalry has completed a major overhaul of its sportsbook product, adding over 40 new sports, embedded live streams, match statistics and information, a simplified interface, and more to enhance the user experience.
  • Casino Enhancements: Redesigned the casino experience to improve functionality, added a significant amount of new content, and released Casino Races, an interactive way for players to compete against one another and earn rewards based on their wagering activity, all of which builds on Rivalry’s fast-growing iGaming vertical.
  • Crypto Payment Integrations: Introduced a crypto-first cashier for faster and more flexible deposit and withdrawal options, enhancing the global user payment experience and positioning Rivalry to gain greater crypto market share. In addition to crypto depositing, players can now also wager with digital currencies, an important offering that deepens the experience for users.
  • VIP & Rewards Program Launch: Launched a new VIP program featuring cashback, free spins, monthly, weekly, and daily rewards to strengthen player retention and drive user activity, particularly among high-value players. This asymmetrically rewards larger play so Rivalry’s most loyal players have more reasons to play every day, driving HVP wallet share.
  • CRM & Reactivation: Materially enhanced and rebuilt all customer relationship management flows based on deeper business intelligence to improve conversion and reactivate churned players.
  • Optimized Registration Journey: Refined the registration journey to reduce friction and expedite user onboarding while remaining compliant.
  • Strategic Rebrand: Rivalry has begun rolling out a strategic rebrand across its product and marketing channels to better target crypto gamblers and digital-first players, reinforcing product-market fit among this audience.
  • Executive Salary Reduction: Rivalry’s Chief Technology Office Ryan White and Chief Operating Office Kevin Wimer have taken a voluntary 100% reduction in their salaries as of August and September, respectively, while Chief Executive Officer Steven Salz voluntarily reduced his salary by 100% as of October, and now by 50% as of November.

“As part of our broader cost-saving measures and motivation to reach profitability, Rivalry’s founders and executive leaders have all agreed to take a voluntary reduction in compensation,” Salz added. “It’s important that the leadership team share in the sacrifices we’ve asked of our team and shareholders in the near-term as we complete this top-to-bottom realignment and strategy shift which we can now build off of.”

NUTZ (Rivalry Token)

“Our native token continues to create a strong level of alignment with players and act as a cornerstone of our crypto-first and HVP strategy,” Salz added. “In six months, the pre-release of NUTZ, previously known as Rivalry Token, has demonstrated its ability to grow our crypto market share, attract higher-value players, enhance retention, and create long-term engagement loops across our offerings. NUTZ are now deeply connected with our newly released VIP program, together they offer a highly customer-centric experience that will continue establishing lasting player loyalty, increased wallet share, consistent betting activity, and generate higher average player revenue profiles.”

“NUTZ has delivered an additional $3.0 million in deferred revenue within the third quarter, which we see as a great signal of the token finding market-fit among the target audience and within our offering. We expect to generate additional token sales in the fourth quarter, and first quarter next year, with an anticipated launch in early 2025. We have an extensive roadmap ahead of launch, and shortly after, designed to maximize the value proposition of this product for existing users, acquire new customers, and generate revenue for Rivalry.”

  • In Q3 2024, NUTZ drove an additional $3.0 million in deferred revenue3. Additional deferred revenue is expected to be accrued for the business throughout the remainder of the fourth quarter and into Q1 2025.
  • On average, crypto wallet-connected players generated 200% more revenue than the average non-crypto player on Rivalry.
  • Nearly one third of all HVP’s on Rivalry have connected their digital wallet and engaged in our pre-release NUTZ farming program, showcasing high crossover between VIP players and crypto offerings.
  • Retention rates for customers opted in to earn NUTZ is 30% higher than non-opted in users.
  • Rivalry will soon be releasing a Telegram-native product to generate more user acquisition and engagement for its NUTZ token.

Third Quarter 2024 Highlights

  • Betting handle for Q3 2024 was $79.9 million, down modestly sequentially.
  • Adjusted Revenue in Q3 2024, inclusive of $3.0 million in deferred revenue for NUTZ, was $6.0 million. Net Revenue was $3.0 million in Q3 2024. The nine months ended Net Revenue was $12.1 million, down 8% from the comparable period in 2023. This is primarily a result of a reduction in marketing spend, and an increasing mix of casino betting handle, which although more stable is lower margin than sportsbook. Additionally, a portion of the recorded marketing spend in the quarter were agreement exit costs, and did not drive player acquisition.
  • Average net revenue per user has hit all-time records, increasing by 51% as compared to the average of the trailing 2024 period, and by 70% as compared to the trailing three-year average since launching the initial set of new product features in October.
  • Rivalry’s current run rate operating expenses are approximately 50% lower as compared to those in this Q3 2024 report as a result of its third quarter organizational overhaul and the associated cost savings near fully realized. This cost structure is expected to support reaching a profitability inflection point.
  • Casino accounted for 62% of betting handle and 40% of Net Revenue in the third quarter, up 14% and 2% year-over-year, respectively. Rising casino share is attributed to new content, exclusive games, and continued product development.
  • Marketing spend was $2.0 million, down 30% year-over-year. Rivalry had scaled back marketing efforts in the second and third quarters amid its crypto strategy shift and is expected to restart in early December alongside its recently revamped product set and strategic rebrand.
  • The Company had $2.1 million of cash as at September 30, 2024.4 Rivalry’s recently closed non-brokered private placement for aggregate gross proceeds of $3.0 million further supports balance sheet and shows endorsement from insiders and investors in strategic business realignment.
  • The Company is updating its H2 2024 profitability guidance. “Our efforts in the third quarter have set the foundation for renewed growth, and while we expect near-term profitability, we are temporarily stepping back from providing specific guidance during this transitional period,” Salz added.

Second Non-Brokered Private Placement Closing

The Company also announces the second closing (the “Second Closing“) of its non-brokered private placement of units of the Company (“Units“), previously announced on November 26, 2024 (the “Offering“). Under the Second Closing, the Company issued 6,984,891 Units at a price of CDN$0.15 per Unit, for gross proceeds of approximately $1.05 million. The Company may complete one or more additional closings, for aggregate gross proceeds (together with the proceeds raised under the initial closing and Second Closing) of up to approximately USD $3.0 million. The Company intends to use the proceeds from the Offering for corporate development and general working capital purposes. The subordinate voting shares and warrants, and any securities issuable upon exercise thereof, are subject to a four-month statutory hold period, in accordance with applicable securities legislation. The Company has paid an aggregate of $4,174.98 in finder’s fees in connection with Second Closing.

Staff Stock Option Reprice

The Company also announces that it intends to amend the exercise price of certain previously granted options (the “Subject Options”) to purchase an aggregate of 1,600,828 subordinate voting shares of the Company (“Subordinate Voting Shares”) pursuant to the Company’s 2021 Equity Incentive Plan, as amended from time to time. The Subject Options have exercise prices ranging from $0.81 to $1.10 per Subordinate Voting Share. The Company intends to amend the exercise price of the Subject Options to $0.18 per Subordinate Voting Share. All other terms of the Subject Options will remain unamended. The amendments to the Subject Options are subject to the approval of the TSX Venture Exchange.

“Rivalry’s talent is the most critical determinant of our success. With the changes we have undergone through the third quarter, retaining talent is more critical than ever, and directly linked to ensuring Rivalry’s continued success,” said Salz. “We believe that these contemplated amendments maximize alignment, incentive, and motivation for the team.”

Board of Directors Change

The Company also announces that Kirstine Stewart has resigned as a director of the Company, to be effective December 20, 2024. The Company has identified several new independent director candidates to fill the vacancy to be created by Ms. Stewart’s resignation and expects to provide additional information once available.

“It has been a great pleasure serving on this board and being a part of the incredibly talented and dynamic team at Rivalry for the last three years,” said Kirstine Stewart. “I have utmost confidence that they will continue to redefine the online gambling category and remain a committed and enthusiastic shareholder in that future success.”

“I want to thank Kirstine for her tenure with us as a Director,” Salz said. “Her expertise over the years as we grew from our public listing until today was essential. As we make a strategic shift toward a global crypto-first approach, we will take this opportunity to add to our board and support this exciting new direction for the Company.”

Investor Conference Call

Management will host a conference call at 10:00 a.m. EDT on Friday, November 29, 2024 to discuss the Company’s third quarter 2024 financial results.

Dial-in: 1-800-717-1738 (toll free) or (+1) 289-514-5100 (local or international calls)
Webcast: A live webcast can be accessed from the Events section of the Company’s website at rivalrycorp.com
A replay of the webcast will be archived on the Company’s website for one year.

Rivalry’s financial statements and management discussion and analysis for the period ended September 30, 2024 (the “Q3 2024 MD&A”) are available on SEDAR+ at sedarplus.ca, and on the Company’s website at rivalrycorp.com.

About Rivalry

Rivalry Corp. wholly owns and operates Rivalry Limited, a leading sport betting and media company offering fully regulated online wagering on esports, traditional sports, and casino for the digital generation. Based in Toronto, Rivalry operates a global team in more than 20 countries and growing. Rivalry Limited has held an Isle of Man license since 2018, considered one of the premier online gambling jurisdictions, as well as an internet gaming registration in Ontario, and is currently in the process of obtaining additional country licenses. With world class creative execution and brand positioning in online culture, a native crypto token, and demonstrated market leadership among digital-first users Rivalry is shaping the future of online gambling for a generation born on the internet.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Company Contact:
Steven Salz, Co-founder & CEO
[email protected]

Investor Contact:
[email protected]

Media Contact:
Cody Luongo, Head of Communications
[email protected]
203-947-1936

Non-IFRS Measures

Adjusted Revenue, as reported in this news release, is a non-IFRS financial measure that the Company uses to assess its operating performance. Adjusted Revenue is defined revenue, plus deferred revenue from the Company’s native crypto token NUTZ and which is expected to be realized by the Company as revenue upon the launch of NUTZ. This data is furnished to provide additional information and is a non-IFRS measure and does not have any standardized meaning prescribed by IFRS. The Company uses this non-IFRS measure to provide shareholders and others with supplemental measures of its operating performance. As other companies may calculate this non-IFRS measure differently than the Company, this metric may not be comparable to similarly titled measures reported by other companies.

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains certain forward-looking information within the meaning of applicable Canadian securities laws (“forward-looking statements”). All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “project” and similar words, including negatives thereof, suggesting future outcomes or that certain events or conditions “may” or “will” occur. These statements are only predictions. Forward-looking statements in this news release include, but are not limited to, statements in respect of the future profitability of the Company, the increase in net revenue per user subsequent to September 30, 2024, the launch of NUTZ and Rivalry’s crypto-first and HVP strategy and the potential impact thereof on the Company’s business prospects.

Forward-looking statements are based on the opinions and estimates of management of the Company at the date the statements are made based on information then available to the Company. Various factors and assumptions are applied in drawing conclusions or making the forecasts or projections set out in forward-looking statements. Forward-looking statements are subject to and involve a number of known and unknown, variables, risks and uncertainties, many of which are beyond the control of the Company, which may cause the Company’s actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Such factors, among other things, include regulatory or political change such as changes in applicable laws and regulations; the ability to obtain and maintain required licenses; the esports and sports betting industry being a heavily regulated industry; the complex and evolving regulatory environment for the online gaming and online gambling industry; the success of esports and other betting products are not guaranteed; changes in public perception of the esports and online gambling industry; failure to retain or add customers; the Company having a limited operating history; negative cash flow from operations; operational risks; cybersecurity risks; reliance on management; reliance on third parties and third-party networks; exchange rate risks; risks related to cryptocurrency transactions; risk of intellectual property infringement or invalid claims; the effect of capital market conditions and other factors on capital availability; competition, including from more established or better financed competitors; and general economic, market and business conditions. For additional risks, please see Q3 2024 MD&A under the heading “Risk Factors”, and other disclosure documents available on the Company’s SEDAR+ profile at sedarplus.ca.

No assurance can be given that the expectations reflected in forward-looking statements will prove to be correct. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.

Financial Outlook

This news release contains a financial outlook within the meaning of applicable Canadian securities laws. The financial outlook has been prepared by management of the Company to provide an outlook for revenue derived from Rivalry’s native token NUTZ and expected to be realized upon the launch of NUTZ, and may not be appropriate for any other purpose. The financial outlook has been prepared based on a number of assumptions including the assumptions discussed under the heading “Cautionary Note Regarding Forward-Looking Information and Statements”. The actual results of the Company’s operations for any period will likely vary from the amounts set forth in these projections and such variations may be material. The Company and its management believe that the financial outlook has been prepared on a reasonable basis. However, because this information is highly subjective and subject to numerous risks, including the risks discussed under the heading “Cautionary Note Regarding Forward-Looking Information and Statements”, it should not be relied on as necessarily indicative of future results.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any applicable state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration requirements is available.

Source: Rivalry Corp.

 

The post Rivalry Reports Third Quarter 2024 Results; Rivalry Token Momentum Leading Company’s Crypto-Native Future; Reveals Organizational Realignment, Major Product Revamp appeared first on European Gaming Industry News.

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.

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Summoners War X AppGallery Meetup 2024: Exclusive Insights with SWC Europe Cup Champions NEF, ISMOO and STARTIIK

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Summoners War, a popular mobile role-playing game, has captivated millions with its turn-based monster battles. Boasting over 220 million total downloads across platforms, Summoners War has cultivated a loyal and passionate fanbase.

To celebrate this dedicated community, the Summoners War X AppGallery Meetup 2024 in Hamburg on 30th November invites fans to engage in exciting activities and connect with the community, with top players NEF and ISMOO headlining this sold-out event. We caught up with NEF, ISMOO and STARTIIK, the top three winners of the SWC 2024 Europe Cup, to dive into their strategies, the influence of AppGallery, and the upcoming meetup.

 

What key strategies helped you win the Europe Cup and advance to the World Finals’ Semi-Finals match?

NEF: A lot of preparation involved strategizing with my friends and anticipating my opponents’ moves. Additionally, having favourable RNG in critical moments played a crucial role in my success.

 

What was your turning point in Summoners War that influenced you to start competing professionally?

NEF: Throughout my Summoners War journey, I have met so many incredible people who have really helped shape my experience and push me to grow. Watching ISMOO’s energetic performance on the big stage, gave me the motivation to chase my own dreams and got me to where I am today!

 

How does it feel to be part of the Summoners War X AppGallery Meetup 2024 and what are your thoughts on AppGallery’s Summoners War campaigns and offline events?

NEF: I am thrilled to be a part of meetup! Being involved in this vibrant community has been such a rewarding experience. I appreciate the variety of Summoners War campaigns that AppGallery offers, catering to all kinds of gamers, regardless of budget. Attending Gamescom last year was a phenomenal experience. The energy was electrifying, and it was amazing connecting with fellow gamers who share the same passion!

 

What key lessons from your past World Finals experiences have contributed to your success in reaching the World Finals’ Semi-Finals again?

ISMOO: Competing in past World Finals has been a crucial step towards my success in the Semi-Finals. It has taught me to stay composed and avoid costly misplays, even when the stakes are high. I have also learned to better analyse and adapt to opponents’ strategies, enabling me to make smarter decisions and perform more consistently under stress.

 

Reflecting on your 8-year journey, what key moments shaped your path in Summoners War?

ISMOO: One of the highlights was meeting all my in-game friends from Summoners War, including NEF, that I had only interacted with online. It was incredible to finally meet them in person and getting to know each other better!

Another unforgettable moment was competing in SWC World Finals 2022 in Korea. It was my first time traveling to Asia, and playing live on stage was such an exhilarating and surreal experience.

 

How does it feel to be part of the Summoners War X AppGallery Meetup 2024 and what are your thoughts on AppGallery’s Summoners War campaigns and offline events?

ISMOO: It feels amazing to be part of this meetup. Reconnecting with the community and meeting so many new people has been a blast! Incredibly grateful for the multiple events that AppGallery has hosted and invited me – It is truly an honour and excited for future events!

 

What key lessons helped you win second-place at the Europe Cup and advance to the World Finals’ Quarter-Finals match?

STARTIIK: I spent a year focusing on mastering drafts and learning which monsters counter certain meta picks. My Europe Cup preparation involved studying my opponents and analysing their playstyles. However, the World Finals demanded a completely different approach. Preparing for LADRILLO-OS was manageable while LEST’s unpredictability made it more challenging.

 

As a first-time Europe Cup player, what elements of your gameplay surprise opponents, and does their underestimation give you an edge?

STARTIIK: As a first-timer competitor on stage, many opponents underestimated me despite having experienced my strengths in previous matches. The real challenge lies in proving yourself as a worthy competitor who can handle pressure and deliver consistent results. My fast-paced cleaving strategy has always been my focus but the addition of Lora to my roster this year has strengthened my second-turn gameplay, allowing me to explore new strategies.

 

How has your AppGallery experience been, and how do its Summoners War campaigns and cashback benefits enhance your gameplay?

STARTIIK: My experience with AppGallery has been great! Installing it on my Android device was a breeze, and navigating the app is intuitive and straightforward. The enticing campaigns and cashback deals have been a great bonus, enabling me to grab some excellent discounts on in-game packs.

 

The post Summoners War X AppGallery Meetup 2024: Exclusive Insights with SWC Europe Cup Champions NEF, ISMOO and STARTIIK appeared first on European Gaming Industry News.

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DSWV further expands its network: performanceLiebe and Kerberos Compliance become new partners

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The German Sports Betting Association (DSWV) is pleased to announce the addition of two new partners as of December 2024: performanceLiebe and Kerberos Compliance. With this step, the association is underlining its commitment to an innovative and future-oriented sports betting industry.

“We are very pleased that performanceLiebe and Kerberos Compliance have joined.”says DSWV President Mathias Dahms.

“Both companies ideally complement our partner network and offer our members valuable services. With their expertise, we can further strengthen the competitiveness of the German sports betting industry.”

Rainer Naranjo, Managing Director of performanceLiebe emphasizes: “We see the collaboration with the DSWV as a great opportunity to use our expertise in link building for the sports betting industry. Through targeted search engine optimization measures and the creation of relevant backlinks, we can help to increase the visibility of DSWV members.”

Christian Tsambikakis, Managing Director of Kerberos Compliance, adds: “Compliance with the complex money laundering regulations is of central importance for companies in the sports betting industry. We look forward to contributing our expertise to the cooperation with the DSWV and helping its members to meet their compliance requirements even more efficiently and reliably.”

performanceLiebe is the leading link building agency since 2009 with more than 200,000 link sources in over 50 countries, specializing in the sports betting industry. With innovative link building strategies, performanceLiebe ensures more traffic and higher rankings in the search engines.

Kerberos Compliance is a leading provider of compliance solutions that helps companies meet the complex requirements of the Anti-Money Laundering Act and the GDPR. With customized solutions and in-depth industry knowledge, Kerberos Compliance ensures maximum security and transparency.

The post DSWV further expands its network: performanceLiebe and Kerberos Compliance become new partners appeared first on European Gaming Industry News.

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Nazara & Lysto sign LOI to launch “The Growth Protocol”

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Nazara and Lysto have signed a Letter of Intent to launch The Growth Protocol, an L1 infrastructure layer, purpose-built for digital marketing and growth applications on the blockchain. 

The Growth Protocol is a purpose-built L1 blockchain and a collaboration between Nazara Technologies FZ LLE, a 100% owned subsidiary of Nazara Techologies Limited that is India’s only publicly listed gaming company, and Lysto, the gaming world’s one-stop shop funded by leading VCs like Hashed, SquarePeg, Tiger Global, Distributed Global, Beenext, and prominent angels like Balaji Srinivasan, Sandeep Nailwal, Jaynti Kanani, Bobby Ong, and T.M. Lee.

Designed to revolutionize the digital marketing landscape, The Growth Protocol aims to bring greater transparency, equity, and monetary benefits to all participants in the Web3 marketing ecosystem. By leveraging blockchain technology, the protocol empowers users through decentralization to take control of their digital identities and participate in decentralized, trustless interactions. 

The Growth Protocol makes its public debut at India Blockchain Week, a significant event for the Web3 community globally. Alongside a private testnet launch, the team released a proof-of-concept loyalty dApp for game marketing, showcasing the practical application of Web3 technology in the gaming industry.

Speaking at IBW, Nitish Mittersain, CEO and Jt. MD of Nazara, shared his vision for innovations in the gaming sector and expressed his enthusiasm for bringing Nazara’s game marketing to the Web3 space. Speaking at India Blockchain Week, Nitish said, “We are very happy to innovate on new and upcoming technologies such as web3, VR & AI and look forward to integrating our games with releveant web3 technologies that can add value to our players.”

Sadiq Ahamed Shaik, CEO of Lysto, and Founder, The Growth Protocol, said, “The Growth Protocol is a platform for developers and all marketing roles. Our team is working with developers to launch a series of growth applications on the L1 blockchain, empowering users through decentralization for marketing and growth initiatives.”

The Growth Protocol team, composed of experienced professionals previously at Microsoft and Google, is actively engaging with Web3 developers, key opinion leaders, and marketing professionals at India Blockchain Week, fostering collaboration and innovation.

The Web3 community at IBW is invited to meet the team in person, join the test net launch, and participate in rewarding quests. For those who won’t be at IBW are welcome to connect with The Growth Protocol through their website and social channels on X or LinkedIn and more.”

The post Nazara & Lysto sign LOI to launch “The Growth Protocol” appeared first on European Gaming Industry News.

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