Rivalry Corporation has now released its fiscal report for FY 2022, which turned out to be a record-breaking year for the company. The online sports betting operator for sports and eSport wagering clocked a record revenue of CA$26.6 million. This was an amazing 140% increase year-over-year and it was reached thanks to a total handle of CA$232.8 million.
Owned by Rivalry Limited, Rivalry Corporation is a prominent sports betting and media operator offering regulated and online bets on esports, traditional sports, and casino products via its platform. It is based in Toronto, Ontario and it currently holds licenses to operate in over 20 countries worldwide, including a license in the Isle of Man since 2018.
Full 2022 in Fiscal Numbers
In its report, the operator disclosed a total betting handle for 2022 of CA$232.8 million or 198% more than the CA$78.2 million in 2021. Meanwhile, revenue hit a record-setting CA$26.6 million which was an 140% improvement from 2021 with CA$11 million. Gross profit was CA$9.8 million in 2022, or 349% more than the CA$2.2 million from the previous year.
In addition to that, the Ontario company reported a net loss for the year of CA$31.1 million in comparison to CA$24.3 million in 2021. Its net loss for 2022 includes CA$8.2 million of share-based compensation expense, a non-cash item, compared to CA$10.5 million of share-based compensation expense in 2021. It also disclosed CA$16.4 million cash and no debt as of the end of 2022.
The company also provided its fourth-quarter financial highlights for 2022. It disclosed a Q4 wagering handle of CA$83.9 million which was a year-over-year increase of 237% compared to CA$24.9 million from the same quarter but in 2021. The Q4 of 2022 handle was also 19% more subsequentially from the previous record quarterly handle of CA$70 million in Q3 2022.
Revenue for Q4 amounted to CA$9.4 million, or 338% improvement of the CA$2.2 million in Q4 of 2021. Sportsbook proceeds hit CA$7.1 or CA$1 million more from Q3 of 2022, which was boosted by strong October. Meanwhile, iGaming revenue was around CA$2.3 million up by CA$1.2 million or 199% from Q3 of 2022, as the company launched its first iGaming offerings.
Some Operational Highlights
As mentioned in 2022, the company debuted its first iCasino offerings to its players. In September 2022, it launched its first iGaming title, Aviator, which is a leading title in the popular “crash” category. The title impresses with a user-friendly interface and it is available on both mobile and desktop devices.
In addition to that, the iGaming operator announced that it has gained entry to the regulated Ontarian market, after its announcement of applying in the province. The local market is operated by the Alcohol and Gaming Commission of Ontario and it is the first of its kind in the country, as the province is the first one to open up its sector for third-party operators and suppliers.
Source: “Rivalry Announces Record Fourth Quarter, Year-End 2022, and All-Time High Quarterly Revenue in Preliminary Q1 2023 Results” Rivalry, April 26, 2023