Rivalry has published its quarterly report for Q1 2023, reporting an all-time-high betting handle. Other metrics also increased, attesting to the favorable position of the company.
Rivalry posted a betting handle of a whopping CAD 120.2 million (USD 88.48). Not only is this a record-breaking number but also one that represents a stellar $199% year-on-year increase.
In addition, Rivalry posted CAD 12 million (USD 8.83 million) in revenue, translating into a YOY increase of 151%. Gross profits, meanwhile, skyrocketed by 698% YOY to CAD 5.4 million (USD 3.97 million).
Net loss declined from CAD 6.6 million in Q1 2022 to CAD 3.3 million (USD 2.43 million) in 2023. Material Key Performance Indicators growth was achieved in spite of a 5% YOY reduction in marketing expenses.
The spectacular financial performance followed a record-breaking number of newly-registered users. In Q1, registration reached 1.5 million users, more than double what the company recorded in Q1 2022. Rivalry noted that Millennials and Gen Z customers represented 97% of its active users.
In the meantime, Rivalry continues to drive product and tech innovation efforts, hoping to further bolster customer engagement and cement itself as the go-to platform for next-gen bettors. The company’s media channels are followed by 85 million people in total.
Rivalry prides itself on being well-capitalized and with no outstanding debt. Its position was additionally reinforced by a recent equity financing led by sports betting, tech and payment investors. For reference, the company currently has CAD 13.1 million in cash (USD 9.64 million).
Finally, Rivalry, which continues to expand in Ontario, announced its plans to apply to uplist on the Toronto Stock Exchange.
CEO Salz Applauded the Results
Rivalry’s co-founder and CEO, Steven Salz, praised the impressive quarterly results. He said that the company’s position “at the intersection of esports and entertainment” continues to prove its worth.
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.
Steven Salz, co-founder & CEO, Rivalry
This approach, Salz argued, is what helps Rivalry “chart a path to profitability.”
Salz continued that innovation will continue to be a priority for Rivalry in 2023. He said that engaging and fun products are paramount to increased customer satisfaction. This, paired with the company’s acquisition strategy, creates a “flywheel effect” in the business, helping Rivalry generate natural momentum.
Rivalry also continues to engage customers through activations with various esports celebrities. A few weeks ago, the company formed a partnership with high-profile Brazilian CS:GO content creators.