Rivalry, a popular betting platform, has published a report that caps off the firm’s Q2, and by extension, H1 performance. Throughout a positive, high-performing second quarter, Rivalry has continued to grow exponentially, gathering momentum and expanding as 2022 unravels. At the top of this financial update was the confirmation that the organisation’s betting handle had increased 98% year-over-year, totalling $38.4 million by the end of Q2 2022.
With a sense of pride, Rivalry’s leadership team confirmed that the company is in a ‘strong cash position’ and currently has no debt. As the summer period pushes on, Rivalry has already confirmed an all-time single-month record, stating that a betting handle of $23.4m was secured through July. As per the financial update, the firm is ‘well positioned for a strong second half of the year’, and further growth is well and truly on the horizon.
Read on to learn more about Rivalry’s financial performance from earlier this year.
Rivalry Reports Record Revenue in Q1
In a press release published on the 26th of May, it was revealed that Rivalry had experienced intense growth throughout the first three months of 2022. At the forefront of the release was a bold statement that revealed a betting handle of $40.2 million (CAD) in Q1, which was a record high, up 273% year-over-year. In April of 2022, Rivalry revealed in another transparent report that 2021 had been its strongest year to date.
Revealing further growth, Rivalry highlighted a Q1 revenue of approximately $4.8 million, a 149% year-over-year growth rate. Since 2020, the firm has been on a path of exponential growth, and as of March 2022, the company boasted $30.1 million in cash and no debt on record.
Expanding on the press release, CEO of Rivalry, Steven Salz, said:
We are pleased to report the highest betting handle and quarterly revenue in company history. These results are a testament to the consistency Rivalry has delivered for over two years now, demonstrating triple-digit year-over-year growth in every quarter. We note that first quarter figures represent organic growth in our existing markets and do not include any results from our two new regulated markets, Ontario and Australia, both of which launched in the second quarter.
On April 4th, operations began in Ontario, and on May 9th, Rivalry began operating in Australia, a hugely profitable and lucrative market for betting. In fact, Australia is one of the leading markets for esports betting, which in 2021, made up more than 90% of Rivalry’s betting handle. Rivalry has also recently opened up mobile esports markets to its sportsbook, along with expansions in other areas. There’s a bright future in store for the platform, which already boasts a large audience spread out across several regions.