On April 27th, international betting firm Rivalry was proud to report record growth as part of a transparent financial update. In 2021, Rivalry experienced its strongest year to date, reporting revenue growth of more than 617% by the end of the year. This news comes following a string of expansions for the organisation, including the entry into mobile esports betting.
Now, Rivalry seeks to expand further, pushing into more meaningful areas and growing out across the betting industry. There are several goals within sight for the firm, and 2022 is already shaping up to be another exemplary year for the company.
Rivalry Out On Top
Despite being a relatively young esports betting platform, Rivalry has enjoyed massive growth in a considerably short period of time. It was reported that in 2021, Rivalry enjoyed a betting handle of approximately $78.2m, which was a 202% year-over-year increase against 2020. It was also explained that, in Q4 of 2021, around 90% of the betting handle was being placed on esports events.
In a statement, CEO of Rivalry, Steven Salz, said:
We had a tremendous year by nearly all measures in 2021. Our team delivered triple-digit growth, secured the financial resources to accelerate our momentum, continued to strengthen our originally developed product, added significant talent depth to our bench, and further solidified Rivalry as the most engaged brand in esports betting globally.
There is already evidence emerging that suggests that 2022 will be another banner year for Rivalry. At the end of Q1, it was revealed that Rivalry’s betting handle was already delivering a sequential growth over Q4 of around 62%. It’s certainly a platform riddled with potential, and at the end of 2021, Rivalry boasted $35.5m in cash reserves and no debts owed.
Overall, Rivalry reported revenue of approximately $11.1m for the full year of 2021, a 617% increase from the $1.5m accrued in 2020.
Looking to the Future
As we move into the year ahead, Rivalry has plans for further expansion across the board. In March of 2022, the firm opened up mobile esports betting markets, and in April of 2022, Rivalry began operating within Ontario, being the first company of its kind to do so. Following a high-performing year that included a customer registration count of 610,000, Rivalry has several goals to implement within the next few months:
- Development of original games to complement Rushlane and add depth to Rivalry’s massively multiplayer online gambling games (MMOGGs) selection.
- Launching a mobile app to serve the ‘next generation’ of customers.
- Building and launching a casino offering that is ‘authentic’ to Rivalry’s key demographic.
- Push Rivalry offerings into new geographical markets, pulling in new licensure to spread further around the globe.
These goals were backed up by Steven Salz in another statement:
Our focus in 2022 is growth across product, new geographies, and an expansion of Rivalry’s creative universe to capitalize on what we believe is a generational opportunity to become the leader in betting and entertainment for the next generation. Through financially disciplined management, and executing on our targeted operational goals, we believe our positive unit economics will improve, and a path to profitability will become clear.
If you’re eager to learn more about the platform, you can check out our comprehensive Rivalry review. It’ll tell you everything you need to know before you invest in the platform.