Rivalry reports revenue decline for Q2

The sports betting and media company has registered a CA$87.8m handle in the second quarter.

Canada.- The sports betting and media company Rivalry has released its financial and business results for 2024’s second quarter. The Canadian company reported a CA$87.8m handle, down 7 per cent from Q1 2024 and 22 per cent from the same period in 2023.

Gross gaming revenue (GGR) was $7.4m, decreasing by 3 per cent from Q1 2024 and by 12 per cent from Q2 2023. Rivalry reported CA$ 4.7m in net revenue, down 22 per cent year-on-year. The Casino segment generated 60 per cent of the handle and 24 per cent of GGR.

See also: Rivalry registers 11% increase in handle in Q1

Steven Salz, co-founder and CEO of Rivalry, said: “At Rivalry we have narrowed our focus primarily to two areas that are showing the highest potential for growth in our history: crypto expansion led by tokenization, and VIP’s. Alongside these focused efforts, we are tightly managing working capital, rationalizing our teams, and cutting spend in areas that fall too far outside of these priorities. Our efforts to improve margin are also driving results, achieving record margin levels for two consecutive quarters.”

“Last quarter marked a broader expansion into crypto with the pre-release of Rivalry Token and we have seen very motivating early results.”