Rivalry Publishes Strong Q2 Results, Plans VIP and Crypto Investments

Rivalry, the leading sportsbook and iGaming operator for Gen Z, has published its financial report for the second quarter of the year, highlighting a jump in net revenue. The company attributed the favorable figures to its successful margin growth efforts.

Rivalry Publishes Favorable Q2 Results

In Q2, Rivalry handled CAD 87.8 million ($65.1 million) in wagers, resulting in gross gaming revenue of CAD 7.4 million ($5.5 million), as well as net revenue of CAD 4.7 million ($3.5 million) for the period. The latter revenue figure marks a 3% quarter-on-quarter increase, as well as an increase 22% year-on-year.

In addition, Rivalry achieved record net revenue margin of 62.5%. The operator attributed this figure to the “continued impact of its margin enhancement efforts,” which drive additional revenue per dollar wagered.

The casino segment continued to be an important revenue generator and was responsible for roughly 60% of all betting handle and 24% of the GGR in Q2.

Net loss for the period stood at CAD 5.4 million ($4 million). In addition, the company reported having CAD 4.6 million ($3.4 million) in cash as of June 30.

Rivalry noted that it maintains its H2 2024 profitability guidance.

Rivalry Doubles Down on Crypto

Another highlight of the period was the growing popularity of the Rivalry Token, which continues to drive a new global audience of crypto bettors and high-value players. Rivalry Token, for context, is a native cryptocurrency set to be integrated across Rivalry’s product suite.

Speaking of the Rivalry Token, token customers, according to Rivalry, are exhibiting twice the value of average non-crypto users. The company reported that its Rivalry Token operations delivered CAD 1.7 million ($1.3 million) for the period, highlighting the tremendous potential of blockchain products.

Rivalry added that it will continue to develop its crypto capabilities in hopes of generating further value. To that end, the company has been shifting its efforts toward the Rivalry Token and VIP segments.

Steven Salz Is Excited about Crypto and VIP Opportunities

Rivalry’s co-founder and chief executive officer, Steven Salz, commented on his company’s plans, saying that it will continue to develop the tokenization and VIP segments because of their high potential.

In addition, the company is tightly managing working capital, rationalizing its teams and cutting spend in low-priority areas, he said. He praised the margin improvement efforts, saying that they have been especially efficient.

Salz expressed optimism about pre-release of the Rivalry Token, saying that the early results have been very motivating. He was likewise excited about the improvement of the company’s VIP segment,