In an early 2023 update, esports betting company Rivalry shared with its shareholders a strong 2022 performance as well as its initiatives for further growth this year.
Tipped as one of the most engaged esports betting brands, Rivalry Esports has described 2022 as a breakout year that saw “exceedingly strong” performance. In its press release on January 18, Rivalry says it demonstrated “sustainable and profitable” growth in October and “record results” every quarter.
Rivalry reduced its bonus and promotional spend in 2022, leading to its first-ever profitable month in October. This performance was also due to “triple-digit,” year-over-year growth and betting handle, the amount of money wagered on the platform. A whopping 90% of that money wagered came from esports betting. Rivalry’s official Q4 2022 figures have not yet been released.
In 2022, Rivalry added mobile game titles and launched Casino.exe. It also expanded into esports betting in Australia and Ontario, Canada. As well as continuing strong financial performance, Rivalry hopes to leverage its connection with, and understanding of, Millennials and Gen Z. The firm says its organic and word-of-mouth market approach, in contrast to the excess bonusing and subsidies of more traditional betting sites, will enhance its profitability.
“There is tremendous value gained by participating in these communities and cultures, building lasting brand affinity among gaming fans who are quickly emerging as the consumer economy of the future, and similarly by attaching ourselves to the pervasiveness and virality of the internet.”
Rivalry’s latest shareholder update reveals a solid performance and exciting future plans for 2023. The company is listed on the Toronto Venture Exchange and saw its share price fluctuate across 2022. Thus far in 2023, its investors have seen overall gains.
Co-Founder and CEO Steven Salz says Rivalry will continue “strategic” investments for future growth while keeping the current momentum toward profitability. Salz touts the company’s “differentiated approach” and “distinct product.” He also hints at esports betting’s alignment with the gaming industry:
“Betting activity translates into the enhanced viewership, engagement, and economics that are directly aligned with the KPIs of esports and gaming stakeholders, and those represent significant long-term tailwinds for our business.”
Rivalry’s 2023 Initiatives Focus on Esports, Gaming, and the Launch of a Mobile App
The Canada-based, fully regulated platform promises to add new titles to its esports offering, which currently boasts League of Legends, CSGO, Dota 2, Valorant, and Mobile Legends: Bang Bang as its top titles of 2022 by volume. Rivalry hopes these additions will strengthen its core product, esports betting, and attract new customers. And it aims to solidify its “leadership position “by expanding its content and creator partner program.”
Rivalry will further develop Casino.exe by releasing both in-house and third-party games, once again focused on Millennials and Gen Z. In its regulated markets. There will be an anticipated mobile app, and Rivalry hints at further geographic expansion.
In May 2022, Rivalry officially began operating in Australia after its license was granted, promising a different approach to the country’s existing sports and esports betting sites. In April 2022, it launched esports betting in Ontario, Canada and was believed to have numerous other license applications in play at the time.