Rivalry Announces Record Second Quarter 2022 Results
Rivalry, a leading sport betting and media property offering fully regulated online wagering on esports, traditional sports, and online casino gambling for the next generation of bettors, announced some pretty stunning numbers for this past quarter.
Betting handle was up an astonishing 98% over last year, coming in at $38.4million (CAD).
The company also reported record revenue of $5.3million, 60% year-over-year.
Based in Toronto, Rivalry operates a global team in more than 20 countries and growing, but is currently licensed in Australia with another internet gaming registration in Ontario.
“We are very encouraged by our performance in Q2, putting up significant year-over-year growth across all core metrics, and sequential growth on a number as well, despite what is a seasonally quiet quarter in the esports calendar,” said Steven Salz, Co-Founder and CEO of Rivalry. “And thus far, our momentum in the third quarter is continuing this growth trajectory, including hitting another all-time record for betting handle in a single month, delivering $23.4 million in July. With a number of impactful product releases, marketing, and operational initiatives slated through the rest of year, we are hungry to demonstrate to the market the inherent operating leverage in our model.”
Gross profit was a record $2.1 million in the second quarter, a year-over-year increase of $1.4 million or 206% from $0.7 million in Q2 2021, and up 201% sequentially from $0.7 million in Q1 2022.
The Company had $27.8 million of cash and no debt as at June 30, 2022.
- Aaron Goldstein, Gambling911.com
