Rivalry Corp. has posted its strongest financial results to date, clocking in a strong performance across the board for October. The company reported record results with several key indicators going up last month and has been working actively on its Canadian expansion.
Commenting on the company results, Rivalry co-founder and CEO Steven Salz talked about the strong KPIs achieved in the first month of operation as a publicly-traded company. Rivalry was listed on the TSX Venture Exchange early in October and has been able to capitalize on this momentum.
Continuing to Grow as a Public Company
Salz praised the company for not only launching as a publicly-traded entity but also introducing its long-anticipated Rushlane multiplayer game, which the Rivalry team feels confident would reinvent online casino gaming. With two big developments over the past month, the company is heading in the right direction, Salz argues:
“These milestones help to enhance Rivalry’s global brand equity as a leader in next gen esports betting, our position as innovators in the sector, and increase the number of geographies globally that Rivalry can legally operate in.”Rivalry co-founder and CEO Steven Salz
The company saw its betting handle reach C$12.8 million ($10.30 million) in October, the highest it has recorded since it launched. Active bettors also increased with an 80% spike in this metric, possibly because of the Dota 2 The International and League of Legends Championship, along with a wide range of sporting events in the NFL, NBA, and NHL.
Rivalry, which specializes in esports betting is now aggressively expanding in sports betting and bringing its proprietary technology to power the experience. Brand engagement continues to grow, the company reported, with content channels seeing a 50% jump month-over-month in October.
Tapping into a Young Demographics
Salz confirmed that Dota 2 The International and the League of Legends Worlds played a key role in this spike of engagement. Salz further commented on the company’s ability to attract and engage with consumers:
“[…] The results we delivered in October demonstrate the significant torque in the business and our ability to attract and convert new customers, and engage existing ones.”Rivalry co-founder and CEO Steven Salz
He didn’t miss to point out that Rivalry has been successful in attracting a demographic that is on average at least a decade younger than what most traditional sportsbooks have as customer bases.
However, Rivalry is also confident that as its consumer base matures, there will be an increase in the total addressable market as well. Meanwhile, Rivalry has applied for a license in Ontario, Canada where the company wants to bring its full portfolio of product offers, including sports and esports betting.