Record Betting Handle and Revenue Driven by Esports Betting, Growth in Casino Experiences, and Leading Brand Position Among Next Generation Consumers
Record betting handle of $70.3 million in Q3 2022, up 203% year-over-year, and 83% quarter-over-quarter.
Record revenue of $7.1 million in Q3 2022, up 93% year-over-year, and 35% quarter-over-quarter.
With 82% of active users at Rivalry under the age of 30-years old, the Company continues to extend its brand leadership position as the betting destination for the next generation.
Management to provide further details on growth strategy and opportunities at first-ever Virtual Investor Day.
Rivalry Corp., an internationally regulated sports betting and media company, today announced preliminary betting handle and revenue for the three month period ended September 30, 2022. The Company will discuss its financial performance and overall growth strategy at its first-ever Investor Day to be held today at 10:00 am EDT. All dollar figures are quoted in Canadian dollars.
Third Quarter 2022 Preliminary Results
Betting handle was $70.3 million in the third quarter of 2022, representing a new all-time high for the Company. Handle increased by 203% year-over-year from $23.2 million in Q3 2021, and by 83% sequentially compared to $38.4 million in Q2 2022.
Revenue was $7.1 million in Q3 2022, also a record high for Rivalry. Revenue grew by 93% year-over year from $3.7 million in Q3 2021, and by 35% sequentially from $5.3 million in Q2 2022.
With 82% of active users at Rivalry under the age of 30-years old, the Company continues to successfully leverage brand equity, consumer engagement, and original casino IP development to extend its leadership position as the betting destination for the next generation, demonstrated by over 90% of sportsbook handle being driven by esports in the quarter.
The Company expects to announce complete results for the third quarter of 2022 by the end of November.
“The significant year-over-year and sequential growth we delivered is a testament to our market leadership in next generation sports betting and casino,” said Steven Salz, Co-Founder and CEO of Rivalry. “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.”
Mr. Salz added, “We are very well positioned for a strong finish to 2022 and continued momentum into next year. We expect to benefit from a number of near-term catalysts, including several major esports events, a growing presence in traditional sports betting, the launch of a mobile app, and the ongoing introduction of new casino games, media content, and influencer partnerships.”