Rivalry Posts Q3 Results, Shows Progress

Rivalry, an esports betting platform made by gamers for gamers, posted its preliminary Q3 2022 results. During the three months ended September, the company’s revenues almost doubled.

Rivalry Enjoys a Steady Growth

Rivalry reported that its revenues experienced a stellar 93% year-on-year growth. Where the company earned $3.7 million in Q3 2021, it now got $7.1 million for the same period in 2022. These great results were attributed to strong customer activity throughout the quarter.

The operator also shared that its handle skyrocketed by 203% YOY to $70.3 million. For reference, Rivalry recorded a handle of $23.2 million in Q3 last year. The handle growth also represents an 83% quarter-on-quarter increase.

In addition, the company’s revenue for the period went up by 35% YOY to $5.3 million. Most of this came from Rivalry’s esports betting operations. Unlike some of its competitors, Rivalry is still primarily focused on esports, which turns out to be a highly successful tactic for appealing to young adults. According to estimates, over four in five of Rivalry’s customers are under the age of 30.

Still, the company has begun exploring opportunities in sports betting and online casino as well.

Salz Wants to Keep on Growing the Company

Rivalry was delighted by Q3 2022’s results and said that it will continue to expand the influence of its brand and engage customers with exciting new esports content. The company is ambitious on growing as one of the powerhouses in esports betting.

Steven Salz, the operator’s co-founder and chief executive officer, praised the financial results and noted that they attest to the company’s leadership in next-gen sports betting and casino. He added that the company has proven to be capable of attracting younger audiences, which sets it up for a bright future.

Our customer base demonstrates our ability to engage a highly sought-after audience of gen Z and millennials in global markets, and further validates our overarching player acquisition and brand strategy.

Steven Salz, CEO, Rivalry

Salz added that Rivalry is poised for growth and that he is excited to grow the esports betting business further. The CEO hopes to maintain the current momentum and said that the company will leverage big esports events and traditional sports betting to boost its growth. He added that Rivalry has planned to introduce new casino games and ink more partnerships with notable esports and sports personalities.

A few days ago, Rivalry secured RG accreditation from Canada’s Responsible Betting Council. This accreditation is an important prerequisite for earning a license to operate in Ontario – a province where Rivalry hopes to launch in the near future.