Rivalry expects record revenue after 93% surge for Q3 2022

Rivalry has revealed that it expects to achieve record revenue of C$7.1m (GBP) for the third quarter of 2022 as the esports-first operator continues to grow. Reporting its preliminary results, Rivalry posted a 93% year-on-year (YoY) rise in revenue from C$3.7m in Q3 2021 and a 35% increase from Q2 2022. Rivalry also noted betting handle is expected to leap 203% YoY to C$70.3m from C$23.2m in Q3 2021. Breaking down the firm’s customer base, Rivalry noted 82% of active users across the platform are under the age of 30. Additionally, 90% of the sports betting handle was driven by its esports segment. The results come one year after Rivalry listed on the Toronto Stock Exchange in October 2021, with the operator continuing to grow in each subsequent quarter since going live. Rivalry recently launched its online casino division as part of its diversification roadmap, while CEO Steven Salz previously reaffirmed his commitment to continued spend and product development to fuel a period of profitability. Touching on the results, Salz said: “The significant year-over-year and sequential growth we delivered is a testament to our market leadership in next generation sports betting and casino. “Our customer base demonstrates our ability to engage a highly sought-after audience of Gen Z and Millennials in global markets and further validates our overarching player acquisition and brand strategy.” Looking to the future, Salz said a series of factors should combine to put Rivalry in good stead. “We are very well positioned for a strong finish to 2022 and continued momentum into next year. We expect to benefit from a number of near-term catalysts, including several major esports events, a growing presence in traditional sports betting, the launch of a mobile app, and the ongoing introduction of new casino games, media content and influencer partnerships.” Rivalry said the complete Q3 2022 results are expected to be released by the end of November.