This week, Rivalry Group issued its financial records for the first quarter of 2023. For Q1 of this year, the company that owns and runs the sports wagering platform Rivalry Limited, disclosed an all-time high betting handle of CA$120.2 million. It also reported a stunning 151% year-over-year revenue increase from the same quarter of last year.
Rivalry Limited, a prominent sports wagering and media brand, is at the forefront of providing regulated online wagering on esports, traditional sports, and casinos. With a global presence, the company operates in over 20 jurisdictions worldwide. It holds licenses from reputable authorities such as the Isle of Man, Australia, and recently in its home province of Ontario.
On Wednesday, the company issued its quarterly report which confirmed a total betting handle of CA$120.2 million which was an all-time high for the sportsbook. It is also a 199% increase from the first quarter of 2022. The company also clocked in CA$12 million in profits and gross gaming revenue of CA$5.4 million which was 698% higher than the previous year’s quarter.
Also, the company attributes the financial growth to the doubling of registered users on its online sports betting platform from Q1 2022. It should be mentioned that the firm is focused on Millennial and Gen Z audiences as they make up 97% of its user base. In comparison to Q4 of 2022, the company hauled a revenue rise of 27% meanwhile net loss was reduced from CA$6.6 million to CA$3.3 million.
In March, the company also reached another significant milestone, as it debuted its original casino product for the Province of Ontario. The gaming platform is allowed to operate in the province’s regulated iGaming market and holds a license from the Alcohol and Gaming Commission of Ontario. It launched a total of 8 iCasino titles via its Casino.exe platform.
Co-founder and CEO Steven Salz said the company’s position in the esports and entertainment sector continues to create operating leverage in the business while also driving organic growth, which was demonstrated by its latest quarterly numbers. He added the sportsbook’s content and brand have set a precedent for betting entertainment, allowing it to easily attract bettors without deploying additional marketing and promotional spending.
Furthermore, Mr. Salz stated the building of innovative products, adds to an overall unique and interactive wagering experience on its platform, which continues to be an objective for 2023. He explained the competitive advantage of engaging and fun products is increased user activity and satisfaction and with a profitable acquisition strategy, it provided a flywheel effect generating organic drive and improvement of operational efficiency.
Strategic Financing Injection
On a more recent note, at the end of April 2023, the Ontario-based company also announced that it had received CA$10 million in private placement financing by Pinnacle along with technology and payments stakeholders. It reported that the newly-acquired money will allow the operator to accelerate its operational goals while also pursuing strategic growth opportunities.
Source: Serkiw, Brad “Sports Betting Upstart Rivalry Group Announces Whopping 151% Revenue Spike” Covers, May 24, 2023