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Rivalry announces preliminary Q3 report, revenue & handle up

Rivalry has announced its provisional betting handle and revenue results ahead of its Q3 report.

Rivalry

Its handle is expected to come in at CA$70.3m (US$51m), representing a 203% annual increase for the company – which stands at CA$38.4m, beating the CA$23.2m for Q3 2021.

Revenue also reached an all-time high for Rivalry, as it brought in CA$7.1m, resulting in a 93% increase over last year – which finished at CA$3.7m.

Steven Salz, Co-Founder and CEO of Rivalry, said of the news: “The significant year-over-year and sequential growth we delivered is a testament to our market leadership in next-generation sports betting and casino. Our customer base demonstrates our ability to engage a highly sought-after audience of Gen Z and Millennials in global markets and further validates our overarching player acquisition and brand strategy."

He added: "We are very well positioned for a strong finish to 2022 and continued momentum into next year. We expect to benefit from a number of near-term catalysts, including several major esports events, a growing presence in traditional sports betting, the launch of a mobile app, and the ongoing introduction of new casino games, media content, and influencer partnerships.”

Despite the positive news, it failed to impact the stock price, which grew by a minimal CA$0.03 to CA$0.93 – before falling by CA$0.01 to CA$0.92.

Rivalry will discuss its financial report in further detail during its virtual investor day – during which the leadership will highlight its achievements for the year and plans for the coming 12 months and beyond.

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