The sports betting and media company’s betting handle reached $112.2m.
Canada.- The sports betting and media company Rivalry has announced its financial results for the second quarter of 2023. The company’s betting handle reached $112.2m, up 192 per cent compared to Q2 2022. Revenue was $8.5m, up 60 per cent, and gross profit was $3.8m, an increase of 86 per cent.
Steven Salz, co-founder and CEO of Rivalry, said: “In Q2 we delivered a nearly three-fold increase in handle year-over-year. Increased marketing sophistication and enhancements to our core product have led to operational improvements, increased player wallet share, and a material year-over-year reduction in cost of customer acquisition, positioning us well in the coming quarters.
“The growing strength in these underlying fundamentals continues to validate Rivalry’s global brand leadership in esports betting, and more broadly, in delivering a world-class online gambling experience for the next generation of fans.
“Our position among young Millennial and Gen Z customers represents one of our greatest competitive advantages, but has also presented unique learnings regarding betting behaviors. Generally, we experience higher margin volatility within the sportsbook among this demographic, which impacted revenue this quarter.
“That said, challenges like this come with our position at the bleeding edge of a demographic shift in online gambling, and it has also allowed Rivalry to learn more than other operators about what is needed to succeed among this coveted cohort.”
In Q1 2023, Rivalry registered record revenue of $12m, up by $7.2m or 151 per cent.