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.
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.”
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