Rivalry registers 11% increase in handle in Q1
The company has also announced Rivalry Token.
Canada.- The sports betting and media company Rivalry has announced financial results for Q1 2024. Ir reported a handle of CA$94.7m, up 11 per cent from Q4 2023, and gross gaming revenue of CA$7.7m, up 20 per cent from the previous quarter. Net revenue was CA$4.5m, up 51 per cent or CA$1.5m.
Steven Salz, co-founder and CEO of Rivalry, said: “Our first quarter results saw a return to growth with sequential increases in betting handle, gross gaming revenue, and net revenue. We are also very encouraged by the improvement to net revenue margin experienced in the quarter, hitting an all-time record, proving our strategy is delivering results, and representing a meaningful improvement as compared to the average levels experienced throughout 2023. Additionally, interest in our original casino content continues to build, unlocking B2B revenue opportunities that we are keen to detail more fully in the near future”.
Meanwhile, Rivalry announced the launch of Rivalry Token, a native cryptocurrency token. It expects to launch the token in H2 2024.
Salz said: “Today we also announced a decisive move to more deeply tap into the significant global crypto gambling market through Rivalry Token. This represents a meaningful strategic step for Rivalry, complementing our existing approach which focuses on a generation that grew up immersed in gaming and internet culture, and now extending that reach to the crypto community. The Venn diagram of Gen Z, gamblers, gamers, and crypto enthusiasts or crypto curious has an extremely high degree of overlap that we are uniquely positioned to access.”
