Rivalry, which is fast becoming an industry-leading betting platform, has reported record third-quarter results. In the latest financial update from the firm, it was reaffirmed that the organisation is on track for soaring profits in 2024. There were reports of a betting handle through Q3 2023 of a whopping $105.7 million, a 50% increase year-over-year. There’s plenty to look forward to for Rivalry, especially with the firm’s ‘virtual investor day’ sitting on the horizon.
In January 2024, potential investors will be invited to learn more about the company’s operations, with Rivalry seeking more parties to get on board during this period of growth. In the financial report, it was revealed that Rivalry’s casino segment is booming, generating half of that record betting handle through Q3. It’s still growing, too – and is expected to perform even better in the future.
Keep On Growing
Recently, Rivalry completed a $14 million capital infusion to bolster its finances. It has been a hugely successful quarter for the firm, and the year-to-date betting handle has increased by 127%. In a statement, the CEO and Co-Founder of Rivalry, Steven Salz, said:
‘We are proud to have delivered a record third quarter while exercising discipline on costs amidst a challenging capital markets environment for growth companies. Now, with our recently announced capital infusion, we will be able to go back on the offensive, while still maintaining our path to profitability. Years of consistent performance, flattened opex multiple quarters in a row, demonstrated triple-digit growth year-over-year across core metrics year-to-date with all-time high average handle per customer, average revenue per user, and record low cost of customer acquisition over that same period gives me high conviction in Rivalry’s future.’
Thanks to cutbacks in marketing and overall operating costs, Rivalry has positioned itself to hit the ground running in 2024. This Canadian-headquartered organisation now has a reach that touches twenty markets globally. It’s picking up more licenses all the time and seems focused on dominating the industry. Through the deployment of original and successful casino games, an advanced sportsbook, and one of the best esports betting platforms in the business, it might just be able to do that.
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