Rivalry has posted CA$3.7m (US$2.9m) in revenue for the third quarter of 2021, a 679% increase from the same time last year.

The Canadian sports betting and media company has continued to deliver record-breaking revenue growth, driven by a 141% rise in betting handle to CA$23.2m, up from CA$9.6m. Coupled with all-time high engagement across its content and social media properties, the third quarter of 2021 marked the continuation of an upward trend for the company.

“In the third quarter we delivered an all-time record performance, driven by our relentless pursuit to become the leading next generation sports betting brand in the world,” said Steven Salz, Rivalry’s Co-founder and CEO.

During Q3, Rivalry made several key appointments, with shareholders electing independent directors Kirstine Stewart, a former World Economic Forum and Twitter exec, and Stephen Rigby, the most recent President and CEO of the Ontario Lottery and Gaming Corporation. Rivalry was also able to eliminate its debt and emerged from Q3 with CA$41.3m in cash.

Off the back of the third quarter, the company began trading on the TSX Venture Exchange on 5 October, and on the Frankfurt Stock Exchange two weeks later. Rivalry also inaugurated a new games category, Massively Multiplayer Online Gambling Games (MMOGG), with the launch of Rushlane.

Salz continued: “Having completed our direct listing on the TSX Venture Exchange shortly after this record quarter, adding additional capital to the balance sheet, and with zero debt, followed by an all-time record performance in October, we believe we are setting up for a strong 2022 as we head into the off-season for esports.

“We are very excited about the opportunities ahead of us in esports, traditional sports betting and casino through our originally developed game IP, Rushlane. While results will fluctuate from quarter to quarter due to the timing of major esports events, we anticipate strong growth for the foreseeable future.”