Betting handle of $94.7 million1, up 11% from Q4 2023.  Gross gaming revenue2 of $7.7 million increased by 20% from the previous quarter. Net revenue of $4.5 million, up 51% or $1.5 million from Q4 2023. Company achieves record net revenue margin, reflecting the success of Rivalry's ongoing margin enhancement efforts. Company reveals strategic expansion into Web3 gambling segment with Rivalry Token and extended cryptocurrency payment experience. TORONTO, May 30, 2024 (GLOBE NEWSWIRE) -- Rivalry Corp. (the "Company" or "Rivalry") (TSXV:RVLY) (OTCQX:RVLCF) (FSE: 9VK), the leading sportsbook and iGaming operator for Gen Z, today announced financial results for the three-month period ended March 31, 2024. The Company also announced Rivalry Token, a native cryptocurrency token that will act as a nexus between Rivalry, Web3, and gamblers. All dollar figures are quoted in Canadian dollars. "Our first quarter results saw a return to growth with sequential increases in betting handle, gross gaming revenue, and net revenue," said Steven Salz, Co-Founder and CEO of Rivalry. "We are also very encouraged by the improvement to net revenue margin experienced in the quarter, hitting an all-time record, proving our strategy is delivering results, and representing a meaningful improvement as compared to the average levels experienced throughout 2023. Additionally, interest in our original casino content continues to build, unlocking B2B revenue opportunities that we are keen to detail more fully in the near future." "Today we also announced a decisive move to more deeply tap into the significant global crypto gambling market through Rivalry Token. This represents a meaningful strategic step for Rivalry, complementing our existing approach which focuses on a generation that grew up immersed in gaming and internet culture, and now extending that reach to the crypto community. The Venn diagram of Gen Z, gamblers, gamers, and crypto enthusiasts or crypto curious has an extremely high degree of overlap that we are uniquely positioned to access." "Alongside this announcement, we have also released an overhaul of our homepage, a more fulsome crypto wallet experience, and adjusted the onboarding experience for new users to materially reduce friction while maintaining compliance. Together, this represents a meaningful effort to access a higher value crypto gambling cohort, adding more depth and reach to Rivalry's global network. This comes at an opportune time, as momentum in crypto gambling has been building amongst our target audience and they've been gravitating towards it. By expanding our product offering into this segment, it positions us to compete and win as we innovate product and gain access to this higher value customer cohort." First Quarter 2024 Highlights Betting handle for Q1 2024 was $94.7 million, increasing by $9.6 million, or 11% as compared to Q4 2023. Gross gaming revenue ("GGR")2 was $7.7 million in Q1 2024, up $1.3 million, or 20% from $6.4 million in Q4 2023. Net revenue3 was $4.5 million in Q1 2024, increasing by $1.5 million, or 51% from $3.0 million in Q4 2023. As a percentage of GGR, the Q1 2024 net revenue margin of 58.5% was the highest in Company history, and compares to 45.4% in FY 2023. As a percentage of betting handle, the net revenue margin of 4.7% was the highest of the past five 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 59% of betting handle and 19% 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 $5.2 million in Q1 2024, the Company's narrowest net loss of the last four quarters. The Company had $9.4 million of cash as at March 31, 2024.4   Rivalry released a basketball same-game-parlay product coinciding with the 2024 NBA playoffs, building on the Company's growing traditional sports vertical. This has supported both acquisition efforts and net revenue margin enhancement. The Company also released pre-made-parlays, driving meaningful customer interest and improving sportsbook hold. Rivalry released shareable bet slips during the quarter, introducing a social feature to increase user acquisition and community engagement. Rivalry continues to explore interest in licensing its first-party casino games, accelerating the advancement of its B2B vertical. The Company is updating its profitability guidance from the first half of 2024 to by the end of 2024. Rivalry Token Rivalry has today revealed Rivalry Token, a native crypto token on the blockchain to add increased functionality, economics, and user experiences across the Company's ...