Rivalry hits record revenue in Q1
The sports betting and media company has reported record revenue for the first quarter of 2023.
Canada.- The sports betting and media company Rivalry has announced its financial results for the three-months ended March 31. The company registered record revenue driven by growth across both its sportsbook and gaming divisions.
Revenue was $12m, up by $7.2m or 151 per cent from $4.8m in Q1 2022 and by $2.5m or 27 per cent from Q4 2022 revenue of $9.4m. The betting handle for Q1 was a record of $120.2m, up by $80m or 199 per cent from $40.2m in Q1 2022 and by $36.2m or 43 per cent from the previous quarterly record of $83.9m in Q4 2022.
Gross profit was $5.4m, a record high representing an increase of $4.8m from $0.7m in Q1 2022, and up $0.4m or 9 per cent from $5m in Q4 2022 gross profit. The Q1 net loss was $3.3m, a 50 per cent reduction from $6.6m in Q1 2022 and the fifth consecutive sequential decrease in net loss.
Steven Salz, co-founder and CEO of Rivalry, said: “Our position at the intersection of esports and entertainment continues to create operating leverage in the business and drive organic growth as seen in our most impressive quarterly results to date.
“Rivalry’s content and brand strategy is setting the industry precedent for betting entertainment, allowing us to acquire customers profitably and engage them through authentic touchpoints without having to consistently deploy additional marketing and promotional spend for growth. And it is this approach that is generating breakthrough industry economics, user engagement, and charting a path to profitability for the Company that we are very bullish on.
“Building innovative products, which add to an overall unique and interactive betting experience on Rivalry, will remain a strategic focus in 2023. The competitive advantage of engaging and fun products is increased user activity and satisfaction, and when combined with a profitable acquisition strategy, creates a flywheel effect in the business generating consistent organic momentum and enhancing our operational efficiency.”
In March, Rivalry announced the launch of its casino product in Ontario. The company debuted its online casino platform Casino.exe in Ontario with a total of 8 casino games.