Rivalry posts revenue increase of 60% for Q2
The sports betting and media company has reported CA$5.3m (US$4.1m) in revenue.
Canada.- The sports betting and media company Rivalry has reported CA$5.3m (US$4.1m) in revenue for Q2 2022, an increase of 60 per cent year-on-year. Its handle was up 98 per cent at CA$38.4m and gross profit was CA$2.1m, a 206 per cent increase.
The company claims a cash position of CA$27.8m with no outstanding debt. Rivalry’s growth has continued into Q3, with a CA$23.4m handle for July, up 66 per cent from the previous month.
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.
“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.”
The company started gaming operations in Ontario on April 4, the first day of regulated online gaming in the province. The firm became one of the first fully registered operators of igaming and sports betting in the province. In March, Rivalry announced that it had added mobile esports to its sportsbook.
