Rivalry Enjoys Record First Quarter Revenues of $12M
Rivalry Corp, the sports betting and casino operator, has announced good Q1 results for 2023 with revenues of CAN $12 million, which is a record for any quarter in the company’s history. This revenue represented an increase of 151%, up from CAN $4.8 million in Q1 2022, in a year-on-year comparison.
This correlated with other indicators in the Q1 results, with the Betting handle coming in at CAN $120.2 million compared to a figure of CAN $40.2 million in the first quarter of 2022, a rise of 199%. Rivalry also stated that continued operational efficiency has led to a Q1 Net Loss of $3.3 million, which has decreased for 5 quarters in a row and is down 50% from the first quarter of 2022.
Rivalry Corp has a proprietary gaming platform that covers sports betting but focuses mainly on esports gaming. The statement has highlighted that Rivalry has reached 1.5 million registered users, which has doubled in yearly comparison. Also, Millennial and Gen Z consumers make up a staggering 97% of the total users registered with Rivalry Corp.
The operator believes these spectacular new registration figures have been achieved as the Rivalry brand gains recognition. The evidence for this is because the marketing spend by the company has decreased by 5% year on year.
Our position at the intersection of esports and entertainment continues to create operating leverage in the business and drive organic growth as seen in our most impressive quarterly results to date, Rivalry’s content and brand strategy is setting the industry precedent for betting entertainment. […] And it is this approach that is generating breakthrough industry economics, user engagement, and charting a path to profitability for the Company that we are very bullish on.