Esports betting operator Rivalry has revealed its Q2 2024 financial results, highlighting a 22% year-on-year revenue increase to CA$4.7m (US$3.49m) for the period.
Net revenue also rose by 3% when compared to figures from this year’s initial quarter. Net revenue margin hit a record figure for the company, settling at 62.5%, while Rivalry’s betting handle also reached CA$87.8m.
The company’s announcement of its native cryptocurrency, Rivalry Token, in May generated CA$1.7m in revenue subsequent to the quarter's end – with the product set to be integrated across Rivalry’s portfolio during H2, in an attempt to enhance user experience. Further, an increased shift in focus toward crypto payment and technology development is expected for the operator during the year’s second half.
Rivalry’s gross gaming revenue (GGR) settled at CA$7.4m, down 3% when compared to the company’s Q1 2024 results. However, the operator has maintained its profitability predictions for 2024’s second half and subsequent full-year financial results.
Rivalry Co-Founder and CEO, Steven Salz, commented: “At Rivalry we have narrowed our focus primarily to two areas that are showing the highest potential for growth in our history: crypto expansion led by tokenization, and VIP’s. Alongside these focused efforts, we are tightly managing working capital, rationalizing our teams, and cutting spend in areas that fall too far outside of these priorities."
“Last quarter marked a broader expansion into crypto with the pre-release of Rivalry Token and we have seen very motivating early results. Rivalry Token is uniquely positioned to serve a number of our near and long-term goals to expand our geographic footprint and acquire and retain high-value players, which we are beginning to see signals of. “
