Rivalry, a popular betting platform, has today published its 2022 financial report announcing its healthiest set of financial results in its history.
The report also includes preliminary reports for Q1 2023.
In what proved to be a “transformative’ year for the company, according to the press release from Rivalry, the company achieved huge growth across its key metrics.
- Rivalry saw triple-digit growth across its full betting handle (up 198%), revenue (up 140%) and gross profit (up 349%) in 2022, compared to 2021.
- The company set a new quarterly record during Q4 of 2022, which saw its betting handle increase to $83.9 million (up 237% from 2021), revenue of $9.4m (up 338% on 2021) and gross profit of $5m (up 1,152% from 2021).
- In Q1 of 2023, early reports indicate that the company will exceed those records in Q1 of 2023, despite having a 10% reduction in their spending on marketing compared to 2021. (Betting handle – $120.2 million, revenue of $12m and gross profit of $5.4m)
- Esports betting continues to drive the company with esports betting comprising 90% of the total sports betting handle in 2022.
- The total number of users increased to 1.5 million, with the Millennial and Gen Z groups representing around 97% of the active users of the site.
- The company remains “well capitalized with no debt’ and its current strategy has it trending “towards profitability”.
“Unique Consumption Habits”
In the press release, Steven Salz, the CEO and Co-Founder of Rivalry, expanded further on the results and what it means for the company.
“Our market strategy and operational excellence continues to build upon consecutive record-setting quarters, driving a strong finish to the year and a robust Q1, while simultaneously demonstrating sequential narrowing losses on our path to profitability,” he stated.
“Underpinning our growth is significant brand loyalty among the Millennial and Gen Z audience and true product innovation in online betting, enabling every marketing dollar to go further, enhancing retention and creating a distinctly unique platform.
“Rivalry continues to be economically rewarded for taking an inventive approach to the betting experience and tailoring it for a demographic with unique consumption habits.”
Looking Ahead to 2023
The positive set of results has Mr Salz enthusiastic about what his company can achieve over the rest of 2023.
He expects the company to maintain its drive towards profitability by:
- Expanding its esports offering to attract new customers.
- To further establish the company as a recognised global name in the industry.
- Continued development of products and enhancements to cater towards the core demographic of customers.
- Launch of a dedicated mobile app in regulated markets.
- Expanding the company so that it moves into additional countries and regions around the world.
- To continue to use premium content, partnerships with content creators and other community activations to “enhance customer engagement and retention, solidifying Rivalry Esports’s leadership position among next-generation consumers.”
With net losses cut from $6.6m in Q1 of 2022 to $3.5m in Q1 of 2023, the progress the company has made towards profitability is clear and certainly, the future looks bright for this innovative and inclusive betting site.