Rivalry posts record betting handle in Q1 2022
Rivalry Corp has recorded a strong set of commercial results to start the 2022 financial year, posting the highest betting handle in the company’s history.
The sports and esports operator recently announced a strong end to the 2021 financial year, in itself a record Q4 and representing an increase in handle of CA$20m (US$15.6m), or 389%, year-on-year.
The operator has set a new record in Q1 2022, improving betting handle by CA$29m, or 273%, year-on-year.
Revenue also increased in Q1, with the operator posting CA$4.8m, representing a CA$2.9m, or 149%, improvement year-on-year.
Furthermore, Rivalry remains debt-free, compared to CA$35.5m in Q4 2021. Cash reserves stand at CA$30.1m.
Rivalry Co-Founder & CEO Steven Salz commented: “The strength we saw during the first quarter is evidence of strong momentum in the business. We expect to continue delivering considerable year-on-year growth throughout 2022.
“On a sequential basis as it pertains to betting handle, as we have said in the past, the second and fourth quarters have typically been slower periods in the esports calendar, with the first and third being stronger. We expect the seasonality to become less pronounced over time as we grow traditional sports and casino as a percentage of our betting handle.
“I’m very encouraged by the trends we’re seeing in the business and the performance of our team as we continue to execute on this generational opportunity. I’ve never been more confident.”
Among Rivalry’s non-financial highlights include the awarding of its sports betting licence by the Northern Territory Racing Commission in Australia and the addition of esports to its mobile app.
Further financial improvement could be around the corner for Rivalry, which started Q2 by launching in Ontario and Australia.
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