In its report, Rivalry highlighted its gross profit hit CA$2.1m during the third quarter, up 263% from CA$600,000 for the same period last year. Furthermore, it noted that it had CA$23m in cash reserves and zero debt as of the end of 30 September 2022.
Its betting handle for Q3 has so far reached CA$70.3m – a 203% increase on last year and an 83% increase on Q3 2021.
Meanwhile, Rivalry posted a preliminary report that showed the profit it made during October 2022, marking the first monthly profit it has made. The operator reported CA$4.5m in revenue for the month, representing a 501% growth on October 2021 – which totalled CA$700,000.
The third quarter results were driven by strong esports and casino performances.
This was highlighted by Steven Salz, Co-Founder and CEO of Rivalry, who said of the results: “Our brand position among Millennial and Gen Z consumers was a catalyst in generating meaningful revenue from esports betting during a period of several tentpole international events, and ultimately driving record results in the third quarter.
“We’ve created brand equity, loyalty, and consumer engagement that continue to guide our successful player acquisition and retention strategy, enhance customer unit economics, and highlight the operating leverage within the business that increases as we scale.”