Rivalry, a leading sports betting and entertainment firm, has reported record financial results through Q1 of 2022. In a press release published today, on the 26th of May, it was revealed that Rivalry has 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. As a part of the report, Rivalry stated that throughout the year 2021, the firm enjoyed a betting handle of $78.2m. In just the first quarter of 2022, Rivalry has amassed more than half of that figure. It stands to reason that a banner year is on the cards for the betting firm.
Rivalry Reports Record Revenue
Revealing further growth, Rivalry highlighted a Q1 revenue of approximately $4.8 million, a 149% year-over-year growth rate. There’s a sequential growth trend taking place within Rivalry, which is rapidly becoming one of the most valuable betting organisations in the world. 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.
With the opening of two new, regulated markets, the second quarter of 2022 should prove to be even more profitable for Rivalry. 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.
A Banner Year Ahead
Rivalry has 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.
Talking about the momentum of the company’s growth, Steven Salz stated:
The strength we saw during the first quarter is evidence of strong momentum in the business. We expect to continue delivering considerable year-over-year growth throughout 2022. On a sequential basis as it pertains to betting handle, as we have said in the past, the second and fourth quarters have typically been slower periods in the esports calendar, with the first and third being stronger. We expect the seasonality to become less pronounced over time as we grow traditional sports and casino as a percentage of our betting handle.
There’s a deep feeling of confidence within the firm and its ability to succeed, and there’s no doubt that 2022 will be a strong year for Rivalry.