Rivalry celebrates its 2023 highlights in new year business update
Published: Feb 6, 2024
Rivalry, one of the leading sportsbook and iGaming operators in the esports and gaming space has published a new 2024 business update which focuses on consolidating its 2023 successes. As part of a release unveiled on Feb. 5, Rivalry outlined the year’s successes and the company’s focuses heading into 2023.
In the release, Rivalry hyped its growth, reporting its year-to-date betting handle increasing 127% to $338.1 million, revenue increasing 70% to $29.2 million, and gross profit up 175% to $13.2 million through Q3 2023 compared to the first nine months of 2022. Beyond this, they highlighted increased customer KPIs and the launch of a new mobile app as the biggest wins for the company in 2023.
Rivalry’s report also focused on the position as the leading sportsbook and iGaming operator for both Millennials and Gen Z. With a strong connection to esports, gaming, and internet culture, the company has certainly made itself one of the most pervasive sportsbooks in that segment. The company highlighted a study which showed they had a customer base that averaged almost a decade younger than their peers in the space.
Looking towards 2024, Rivalry explained its plans for the upcoming year. While obviously, the company projected increasing market share and profitability, the company also shone a light on its plans for new original games, expanded B2B casino operations, and product innovation.
The company also wants to expand its reach geographically and grow its traditional sports segment. This is something that has already seen growth in 2023, with the creation of their standalone NBA fantasy app, Rivalry Ultimate Fan.
Overall, the update showcased some of Rivalry’s most unique selling points, especially its seemingly unmatched capability to tap into the younger Gen Z and Millennial markets – something more storied traditional sports bookmakers have often struggled to do.
Rivalry is a sports and betting media company that offers fully regulated online wagering on esports, traditional sports, and casino games. The company creates esports parlay products, and iGaming offerings, all catered towards its Millennial and Gen Z userbase.
