It has already been a positive year for the esports betting giants Rivalry and this week they have pre-announced its financial results for Q3 of the current financial year, revealing very positive news.
Alongside a positive Q1 performance which we reported on earlier this year, Rivalry has continued to increase its revenue to a new record of CAD$7.1m (£4.65m) for the Q3 period which ended on 30th September 2022.
This represents a 35% increase since the results were published for Q2 2022, plus a year-on-year increase of 93% from the same accounting period in 2021.
It is a very positive picture for the company, who we scored highly when we conducted our Rivalry review a short while back.
Betting Handle Drives Upturn
A significant increase in the amount of money Rivalry have dealt with through its esports betting services played a key role in driving the upturn for the company.
In Q3 this year, the company saw its betting handle total CAD$70.3m, significantly more than the $38.4m reported by the company to the end of Q2 2022 and a 203% increase from the same period in 2021.
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It is not yet known whether Rivalry turned a profit in Q3 this year with the complete set of financial results for the quarter expected to be released some time around the end of November 2022.
82% Of Users Under Age 30
In the pre-announcement, Rivalry revealed that alongside the new financial figures, that around 82% of its customers are aged 30 or younger, who are generally the generation that are most likely to bet on esports as opposed to traditional sports betting.
Those figures were confirmed by Rivalry too, with the company stating that 90% of the funds received from its sportsbook handle were generated by the company’s extensive esports betting markets throughout Q3 2022.
With this appeal to the next generation of bettors assured, Rivalry has been able to press forward with plans to expand over the past 12 months.
Since listing themselves publicly on the TSX Venture Exchange back in October 2021, the company has bolstered its internal operations and also expanded into the potentially lucrative region of Australia.
Additionally, the company has also focused on offering additional esports markets in the mobile esports betting industry, which has captured the imagination of that under 30 years of age demographic.
“Validates Our Overarching Player Acquisition And Brand Strategy”
Speaking about the positive results for his company, the Co-Founder and CEO of Rivalry, Steven Salz, explained:
“The significant year-over-year and sequential growth we delivered is 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.”
Mr Salz concluded “We are very well positioned for a strong finish to 2022 and continued momentum into next year.”
After such positive initial reports, the full financial report disclosure in November will provide interesting reading for Rivalry fans and investors.