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

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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.”

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Stats Widgets Introducing H2H Widget for Land-Based Terminals

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FeedConstruct’s Stats Widgets is excited to introduce its new type of H2H widget for Land-Based terminals, designed to enhance user interaction and interface. This widget simplifies the presentation of head-to-head (H2H) data, providing deep insights into team performances with its non-clickable and screen-optimized design.

The H2H widget showcases detailed analysis across various metrics, including team performances, H2H comparison data, and recent match results. Here is the data you can find in this widget:

· H2H Comparison Data: Detailed comparisons between two teams, including historical matchups and relevant statistics.

· Team Performances: Highlighting the recent form and efficiency of both teams.

· Last 5 Matches: Reviewing the outcomes of the last five matches of the teams.

· Current Standings: Quick reference to the teams’ positions in the current league.

The widget is a ready-to-go solution, with easy iFrame integration into the sportsbook, and individual branding to reflect a personalized touch. The introduction of the new type of H2H widget makes a big step forward in simplifying the sports data presentation for the Land-Based terminals, thus enhancing the user experience and supporting our partners.

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Slotsjudge Expands Its Presence on Discord and Kick

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It has been announced that Slotsjudge has expanded its presence by launching on new digital platforms, including Kick and Discord. The expansion will allow the team behind the brand to reach a wider audience for valuable reviews and insights. By introducing Kick video live streaming and a social Discord server, Slotsjudge aims to foster its vibrant community and provide even more interactive ways for users to discuss and engage with their insights, reviews and recommendations.

Details of the Expansion

Slotsjudge on Kick
The video live-streaming service from Kick offers a myriad of streaming topics and interactive features. It allows users to engage with Slotsjudge streamers in real-time through chat discussions and polls. By bolstering its digital platform expansion with Kick, Slotsjudge can create a dynamic and immersive streaming experience with community engagement and interaction at the forefront.

Slotsjudge’s Discord Server
Discord is a versatile communication platform that provides users with seamless cross-device syncing. By joining the Slotsjudge Discord community, users can benefit from in-built game streaming capabilities, and a wide range of chat and voice features for collaboration and community engagement within the iGaming industry. Additionally, the Discord community from Slotsjudge provides a streamlined platform for content sharing and community support, while maintaining a focus on creating a welcoming environment without promoting iGaming activities.

Impact and Expectations

For the iGaming Entertainment Community
With its new digital platform expansion, Slotsjudge brings a host of mutual benefits to the community. These include enhanced access to information and increased opportunities for engagement. Ultimately, it broadens the platform and reaches for shared experiences, strengthening the bond between players and creating a thriving iGaming community.

Future Directions
Leveraging the community foundations already established, Slotsjudge’s Kick and Discord channels are poised to build upon previous successes and bring even more engagement and enjoyment to users. They will foster a thriving community that continuously evolves and adapts to meet the needs and interests of its members.

Closing Remarks
With the expansion onto Kick and Discord, Slotsjudge aims to bring more fun and interaction to the experience. It is consistently creating spaces where like-minded users can easily connect, engage, and interact with one another, fostering a vibrant and dynamic community.

Pauls Spakovskis, live streamer and game expert at Slotsjudge commented:

“This is amazing news as Discord is the number one community hub to have and where I and Krista can interact with everyone interested in and about Slotsjudge. And streaming on Kick was just a question of time – fast growing streamer-friendly platform where we can build an even bigger community!”

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Play with the Ugliest, Quirkiest Pets Around in Stakelogic’s Fugly Pets

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Get your eyes ready because it’s time to take a trip to the pet centre to meet the ugliest, quirkiest, wildest-looking pets you’ve ever seen in the brand new slot, Fugly Pets, from Stakelogic.

Fugly Pets takes players to a banged-up old pet store to explore its collection of weird and charming, downright ugly pets. Meet a scruffy parrot, a catnip crazed kitty, and an unfortunate-looking little dog.

The slot uses a 5×5 grid with 3,125 ways to win on each spin and is packed with a plethora of unique and exciting bonus features.

Landing Bonus symbols trigger up to 15 Free Spins! Keep your eyes peeled for symbol multipliers of up to 64x landing on any spin. What’s more, these become persistent during the Free Spins, only adding to the game’s huge winning potential.

Roadkill might spell bad news for these fugly-looking creatures, but it is a great thing for players! The Roadkill symbol lands on reel five and will remain inactive until no cascades are possible. The Roadkill symbol then moves across the reels, destroying everything its path or turning it into Wilds.

Fugly Pets is a Stakelogic slot, so there is always something a little extra. If you thought those animals were ugly in regular size, wait until they land in super-size! Super Symbols can land in 2×2, 3×3, or 4×4, allowing players to win big!

Speaking of big wins, players can grab wins of up to 5,000x their stake in this slot, with RTP models up to 96% available.

Daniela Fricchione, Head of Account Management at Stakelogic, said: One thing we love to do at Stakelogic is to play with player expectations. When you think of a pet-themed slot, you imagine something cute and cuddly. Well, we’ve taken that rulebook and fed it to the dogs, putting a fresh spin on the genre with Fugly Pets.

It’s not just the theme that is unconventional, either. The game is jam-packed with special features, with the Roadkill bonus and Super Symbols really helping the slot stand out from the pack.

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