Published
FinancialSports BettingIndustryeSports

Rivalry profit soars for first quarter of 2023 

Rivalry’s Q1 2023 results show a 671% increase in gross profit and a 199% increase in betting handle year-on-year.

rivalry corp revenue
Listen To Article

International regulated sports betting and media company Rivalry has crushed its 2022 statistics, coming forth with a 671% increase in gross profit from CA$0.7m (US$500,000) to CA$5.4m. 

Toronto-based sport betting and media company saw its total revenue rise by 151% year-on-year to CA$12m and its net loss has decreased by 47% from CA$6.6m to CA$3.5m.

Customer registrations also increased to approximately 1.5 million by the end of Q1 2023, with Millennial and Gen Z consumers accounting for 97% of active users in 2022. The influx of registrations resulted in the betting handle increasing by 199% since Q1 2022.

Rivalry obtained licences in its first two fully regulated markets, commencing gaming operations in Ontario on April 4, 2022 and in Australia on May 9, 2022.

The company added mobile esports to its sportsbook in March 2022, enabling customers to bet on a variety of esports; Rivalry also expanded its casino offering in January 2023 with eight new titles including live dealer and table games, and debuted Casino.exe in its home market of Ontario in March 2023, which could explain the soar in gross profit.

Steven Salz, Co-Founder and CEO of Rivalry, said: “We have reached an inflection point in the business where the economic return of our strategy and unique position at the intersection of esports and betting has outlined a clear path to profitability.” 

Premium+ Connections
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium Connections
Agency
Executive Profiles
Wynn Resorts
Table Trac/CasinoTrac
Grosvenor Casinos, The Rank Group
Fertitta Entertainment
Scientific Games

Facing Facts: Looking back on how Asian operators fared in Q4 2022

Gambling Insider takes a closer look at various facts and fi...

GBGC Data: How betting has changed in the US and Europe over the years

Global Betting & Gaming Consultants (GBGC), the global gamin...

Taking Stock: How did Asian operators share prices fare over the last six months?

MGM China, Melco Resorts & Entertainment, Sands China and Wy...

AI in the gambling industry: Evolving or deskilling?

With expert industry insight from suppliers OPTX and Sportra...

Read Magazine