Rivalry Announces Record Q3 2023 Financial Results

Published: Nov 29, 2023

Despite spending a significantly reduced amount on marketing, betting and entertainment company Rivalry has announced a record set of Q3 financial results.

Investors will be delighted to see that despite a 13% reduction in marketing spend, the company has recorded an increase in revenue, betting handle and gross profit considerably.

So far, in the current financial year, Rivalry has seen its strongest performing year to date with its customer key performance indicators all reaching an all-time high.

rivalry revenue

Key Pointers from Rivalry’s Q3 Results

Let’s take a look at some of the highlights of what will be a positive report for investors and shareholders of Rivalry.

A Virtual Investor Day has been announced for Jan. 17, 2024.

“Go Back on the Offensive”

The positive set of results is certainly a boost for CEO and Co-Founder of Rivalry Steven Salz, who stated:

“We are proud to have delivered a record third quarter while exercising discipline on costs amidst a challenging capital markets environment for growth companies.”

“Now, with our recently announced capital infusion, we will be able to go back on the offensive while still maintaining our path to profitability.”

“Years of consistent performance, flattened opex multiple quarters in a row, demonstrated triple-digit growth year-over-year across core metrics year-to-date with all-time high average handle per customer, average revenue per user and record low cost of customer acquisition over that same time period gives me high conviction in Rivalry’s future.”

“It is this proven operative leverage, supported by an improving sportsbook margin profile resulting in more revenue per dollar wagered, now fuelled by growth capital, that is creating a significant opportunity set for Rivalry. It is that combination which gives us the confidence to reaffirm our first half 2024 profitability guidance.”

The company reported revenue of $29.2m across the first nine months of 2023, a 70% increase from the previous year. It also reported cash reserves of $7.4m and no debt as of September 30th 2023.

Read more about Rivalry: 

Ian John

Since: August 10, 2015

Ian is a regular contributor to EsportsBets. Ian is well-versed in the world of esports betting and casino gaming and has written extensively on the online gambling industry. Ian brings fresh insight into all facets of gaming.

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