Rivalry Corporation is once more demonstrating some impressive fiscal numbers, as the leading sportsbook and iGaming operator for Millennials and Gen Z reveals figures from Q3 of 2023. For the three-month period that ended on September 30, 2023, the brand disclosed record-setting numbers for Q3, including a total wagering handle of CA$105.7 million.
Based in Toronto, Ontario, the company offers fully compliant online betting on eSports, traditional sports, and casinos for the next generation of fans. It touts an Isle of Man license since 2018, a sports bookmaker permit in Australia, and an online gaming registration in Ontario. Currently, the company is in the process of expanding into even more regulated territories.
A Few of the Q3 Highlights
For Q3 of 2023, the gaming operator disclosed a wagering handle of CA$105.7 million, or a 50% bump from its CA$70.3 million in Q3 2022. Revenue hit CA$8.7 million, which was a record result for the third quarter and a 22% increase from Q3 2022. It also reported gross profit of CA$4 million in Q3, which was a rise of CA$1.9 million from CA$2.1 in Q3 last year.
The operator’s casino vertical accounted for nearly half of the total betting handle with CA$50.4 million. In order to bolster services, in Q3, the company launched a new original game Cash & Dash. This was followed by the integration of a new custom-branded slot category on its Casino.exe platform, and the release of the platform for iOS devices across Ontario.
It also reported a slight decline in operating expenses thus continuing the trend of effective cost management while still producing substantial year-over-year growth. Meanwhile, the net loss reached CA$5.6 million in Q3, or 6% less than the net loss of CA$6 million in Q3 2022. As of September 30, 2023, the firm had CA$7.4 million of cash and no debt.
Another important highlight from the quarter was the debut of an industry-first same-game parlay for eSports. Additionally, on November 15, 2023, the operator boosted its balance sheet by completing a private placement offering of CA$14 million principal amount senior secured convertible debentures to scale strategic segments in marketing, product development and more.
Comments from the CEO
Co-founder and CEO of the company, Steven Salz, said the firm is pleased to deliver a record third quarter while keeping costs low during a difficult capital market environment for growth companies. He added that with the recent capital injection, the operator will be able to go back on the offensive while maintaining its path to profitability.
Mr. Salz is highly optimistic about the future of the betting company with its years of consistent performance, flattened open multiple quarters in a row, demonstrated triple-digit growth year-over-year in several key metrics year-to-day with all-time high average handle per customer, average revenue per player, and record low cost of customer acquisition over the same period.
Source: “Rivalry Reports Record Third Quarter 2023 Results, Reaffirms H1 2024 Profit Guidance” Rivalry, November 29, 2023
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