As Rivalry begins to scale its product offer and explore more verticals, the company’s results for the quarter ending on September 30, 2021, confirm its steady growth over the past months.
Rivalry Posts Record-Setting Quarterly Results
The latest report revealed strong performance over the last quarter, marked by a steady uptake in betting activity. Several important events transpired shortly after the quarter had ended, including Rivalry’s Rushlane game release and the company’s listing on the TSX Venture Exchange. Commenting on the most recent results, Rivalry co-founder and CEO Steven Salz had this to say:
“In the third quarter, we delivered an all-time record performance, driven by our relentless pursuit to become the leading next-generation sports betting brand in the world.”Rivalry co-founder and CEO Steven Salz
The total betting handle collected in the third quarter reached C$23.2 million ($18.28), or a 141% growth year-over-year. Revenue stood at C$3.7 million (2.92 million) or up 679% year-over-year. Rivalry saw a strong uptake in its digital marketing offer with vibrant interactions on social media platforms.
October was marked by the launch of Rushlane, the new type of gaming experience the company is hoping to leverage and elicit better social engagement with consumers on the platform directly. The monthly results were also particularly good in October, as Q3 performance continued to extend into the new quarter.
Rivalry obtained a license from the Alcohol and Gaming Commission of Ontario and has become a fully licensed operator in the province. Salz praised the company’s successes over the past years, including the addition of fresh capital that will allow Rivalry to navigate on a strong footing in 2022.
More Cautious but Engaged Bettors
The chief executive touched on the consumer base the company has been able to cultivate. Rivalry’s focus on youth verticals, including esports, but also sports, has allowed it to attract much younger audiences than the average for the sports betting industry, for example.
This has come at a small price, though, as younger bettors also tend to place somewhat smaller wagers as well. However, engagement has been strong, and these new bettors are only at the beginning of their lifecycle, proving an untapped potential for Rivalry. Salz continued:
“We are very excited about the opportunities ahead of us in esports, traditional sports betting, and the casino through our originally developed game IP, Rushlane. While results will fluctuate from quarter to quarter due to the timing of major esports events, we anticipate strong growth for the foreseeable future.”Rivalry co-founder and CEO Steven Salz
Salz is confident that Rivalry will continue to grow in multiple jurisdictions around the world, including Australia, as one of the company’s most ambitious targets for 2022. Rivalry is proud to be appealing to what it describes as the “next generation of sports bettors” who are treated to a modern user experience.
Both the sports and esports markets will play a pivotal role for the company and its growth in the coming years.