- Rivalry (RVLY) ended Q2 2022 almost doubling its betting handle YoY to C$38.4M
- Revenue was a record $5.3M, up 60 per cent from $3.3M in Q2 2021, and up 11 per cent from $4.8M in Q1 2022
- Gross profit was a record $2.1M, up 206 per cent from Q2 2021, and up 201 per cent from Q1 2022
- The company expects a strong second half of 2022 marked by growth in existing markets, as well as mobile app, traditional sport and casino vertical enhancements
- Rivalry offers fully regulated online wagering on esports, traditional sports and casino games
- Rivalry (RVLY) closed up by 18.39 per cent trading at $1.03 per share
Rivalry (RVLY) ended Q2 2022 almost doubling its betting handle YoY to C$38.4M.
Q2 2022 highlights:
- Betting handle was $38.4M, up 98 per cent from $19.4M in Q2 2021, and down 4 per cent from a record $40.2M in Q1 2022 due to Q2 being a seasonally slower quarter
- Revenue was a record $5.3M, up 60 per cent from $3.3M in Q2 2021, and up 11 per cent from $4.8M in Q1 2022
- Gross profit was a record $2.1M, up 206 per cent from Q2 2021, and up 201 per cent from Q1 2022
- Cash on hand stood at $27.8M with no debt as of June 30, 2022
Rivalry’s growth was underpinned by increased operating leverage in core markets prioritizing profitable customer unit economics.
It expects a strong second half of 2022 marked by growth in Ontario and Australia, as well as mobile app, traditional sport and casino vertical enhancements over the coming months.
Subsequent to the quarter, July ended with a betting handle of $23.4M, which is up 66 per cent month-over-month and +162 per cent YoY.
“We are very encouraged by our performance in Q2, putting up significant YoY growth across all core metrics, and sequential growth on a number as well, despite what is a seasonally quiet quarter in the esports calendar,” stated Steven Salz, Co-Founder and CEO of Rivalry.
“And thus far,” he added, “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 $23.4M in July. With a number of impactful product releases, marketing and operational initiatives slated through the rest of the year, we are hungry to demonstrate to the market the inherent operating leverage in our model.”
Rivalry offers fully regulated online wagering on esports, traditional sports and casino games.
Rivalry (RVLY) closed up by 18.39 per cent trading at $1.03 per share.