Rivalry, a top-tier international betting and media firm, has revealed soaring profits through Q1 of 2023 and subsequently unveiled a private investment opportunity that could raise as much as $7.3 million for the company. Reportedly, this infusion of cash is set to boost the operator’s involvement in esports betting and ‘next-generation online betting’, furthering Rivalry’s already-strong foothold in the betting space.
In a report published by Rivalry, it was revealed that the firm’s profits skyrocketed year-on-year. There was a monumental increase of 671% in gross profit between Q1 of 2023 and Q1 of 2022, which was backed up by an increase in battle handle year-on-year of 199%. Not only that, it was revealed that by the end of Q1 2023, more than 1.5 million customer registrations had been completed.
Rivalry Is Fast Becoming The Best Betting Site
Rivalry has long been carving out a dominant presence in the sports and esports betting industries, and things are only getting better as we speak. In a statement, CEO and Co-Founder, Steven Salz, had nothing but good things to say about the news:
‘We have reached an inflection point in the business where the economic return of our strategy and unique position at the intersection of esports and betting has outlined a clear path to profitability.’
In 2022, Rivalry obtained some impactful, important licenses, opening up markets in Ontario and Australia. Then, the firm added a mobile esports betting option to its sportsbook, and to kick off 2023, Rivalry also broadened its casino offering. Even now, after all these monumental changes and expansions, Rivalry just continues to grow.
This new financing round, which will raise as much as $7.3 million for Rivalry, is being backed and led by a partnered bookmaker, Pinnacle. While working hand-in-hand with payment providers and technology stakeholders, Pinnacle will drive the financing road and seek to deliver the full value of the thing to Rivalry. In a statement again by Steven Salz, the relationship between the firm and Rivalry was praised:
‘Our commercial relationship with Pinnacle stretches back several years, leveraging their market-leading esports and risk management solution to provide a best-in-class offering for our users. Pinnacle’s commitment in our financing round adds a valuable layer of expertise to our organization and credibility in our distinct market approach, and we look forward to expanding our relationship with them in this next chapter of the company.’
Ultimately, this is nothing but good news for Rivalry, and there are high expectations that, in the year ahead, the company will continue to deliver. Towards the end of last year, Rivalry released an in-depth esports betting report, revealing several pieces of key data regarding the esports betting industry.