Betting handle was also up 98% yearly at CA$38.4m, while the company’s Q2 gross profit of CA$2.1m represented a 206% increase from Q2 2021. 

The operator says its growth was underpinned by increased operating leverage that prioritised profitable customer unit economics. 

Furthermore, the company claims a strong cash position of CA$27.8m with no outstanding debt has left it in a place for further development. 

Rivalry’s growth has continued into Q3 2022, with CA$23.4m in betting handle taken for July 2022, up 66% on June.  

Steven Salz, Co-Founder and CEO of Rivalry, said: “We are very encouraged by our performance in Q2, putting up significant year-over-year growth across all core metrics and sequential growth on a number as well, despite what is a seasonally quiet quarter in the esports calendar. 

“And thus far, our momentum in the third quarter is continuing this growth trajectory, including hitting another record for betting handle in a single month, delivering CA$23.4m in July.” 

The company commenced gaming operations in Ontario on 4 April 2022, the first day of regulated online gaming in the region, before announcing the launch of gaming operations in Australia on 9 May 2022. 

Salz added: “Launching in our first two regulated markets was a significant milestone in Q2 that will help drive growth in the coming quarters as we establish our brand with consumers; deploying our ‘crawl, walk, run’ strategy that prioritised operating with sustainable unit economics in new markets first, and scaling spend after that.”