Rivalry, the esports-slash-sports betting company, has issued a letter to its investors today, outlining its progress achieved over the past year as well as setting strategic goals for the year ahead. In the months to come, Rivalry will embark on a mission to improve on its 2021 results, which marked the company’s strongest growth to date.
Rivalry Reports on a Great 2021
Rivalry put forth some of its achievements over the months, including creating one of the most engaged esports betting brands globally, with revenue increasing 600% year-over-year. The company was referring to its Q3 2021 update, which is its most recent performance indicator with $8.9 million collected.
The total betting handle also grew year-over-year to $66.1 million through October 2021. By October 2021, the company had 600,000 registered users, compared to 350,000 at the end of 2020, a notable uptick in its overall performance. There have been numerous technological developments, with the company granting sports betting licenses in Australia from the Northern Territory Racing Commission.
In 2021, Rivalry pivoted heavily towards sports betting as its latest product, although maintaining a healthy innovative outlook on esports. One such was the creation of the Massive Multiplayer Online Gambling Game (MMOGG) Rushlane, developed by the company.
With all of this in mind, Rivalry is confident that it has a lot to offer. The company is setting its aim high for 2022 as well. Rivalry will be pursuing two more regulated market entries in Australia and Ontario, Canada.
Bringing Next-Gen Sports Betting Online
The company is confident that it can introduce more games in the MMOGG category, it seems, citing Rushlane as a great first showcase of Rivalry’s abilities. Innovative product releases are coming, the letter tells shareholders. The Isle of Man license will help Rivalry to launch in new regions that will boost its footprint across the globe.
Presently, Rivalry also holds a strong balance sheet with $41.3 million of cash and no debt. Content, creators, and games will all contribute to Rivalry’s IP in 2022 and the company is confident that it can become the next-gen sports betting platform globally. Company co-founder and CEO Steven Salz said:
“Rivalry was born through the mutual passion we share with our target audience: gaming and internet culture. At approximately 40% of the global population4, Gen Z and young Millennials, my generation and much of the team, represent the largest generational cohort in history.”Rivalry co-founder and CEO Steven Salz
The robust growth the company has seen is the result of hundreds of large and small details executed with precision and discipline above all else. Margin expansion and revenue growth testify to how these efforts have paid off. “It’s my belief that this intersection we live in, and the demographic we are serving, represents one of the biggest opportunities of the coming decade,” Salz concluded.