Rivalry Recaps Financial Highlights from Q2 2023 – Casino Reports
Following its recent launch of same-game parlays on eSports, leading sports betting and media company, Rivalry, has issued its financial highlights for the second quarter of 2023. In its report, the Ontario firm disclosed a betting handle of CA$112.2 million, an impressive 192% improvement over Q2 of 2022. It also provided revenue guidance for the first half of next year.
Rivalry Corp. runs Rivalry Limited, a leading global sports betting and media firm. It provides regulated online betting on eSports, sports, and casino games. Based in Toronto, it operates across over 20 countries, holding licenses from Isle of Man, Australia, and Ontario. Some of its most prominent products include its Quest, Rushlane, and Casino.exe.
Fiscal Highlights from Q2
With its financial report, Rivalry revealed that the betting handle for Q2 of 2023 reached CA$112.2 million, which was a noteworthy 192% increase or CA$73.8 million from CA$38.4 million in 2Q22. In Q2 2023, the company also reduced marketing spend by 6% in comparison to the same period in 2022. Its online casino segment contributed to CA$57.5 million from the total handle.
Furthermore, the operator disclosed that in Q2, revenue hit CA$8.5 million, which was an all-time high for the second quarter. Hence, amounting to an increase of CA$3.2 million or 60% from CA$5.3 million over Q2 last year. Gross profit accounted for CA$3.8 million from the previous CA$1.8 million, meanwhile, net loss hit CA$6.3 million from the preceding CA$6.2 million.
The sports betting and media company also informed that its operational expenses were almost minimal in Q2 while delivering triple digits in year-over-year growth in wagering handle every quarter. If the operating leverage trend continues in pair with concerted efforts to increasingly stabilize margin at scale, the firm will be able to provide H1/24 profitability guidance.
Another important highlight from Q2 of 2023 was the official debut of its market-leading mobile eSports betting app in the Province of Ontario. This was possible after the firm was licensed by the Alcohol and Gaming Commission of Ontario to join its regulated iGaming sector. Last but not least, the company reported CA$14 million of cash and no debt at the end of Q2.
First Corporation to Launch Same-Game Parlay on eSports
Last week, Rivalry made another huge announcement, as the prominent eSport firm became the first one to launch an eSports same-game parlay product. The new vertical will allow its players to merge bets in a single digital sports match for a better payout. Branded Same Game Combos, the product is available in League of Legends, Counter-Strike, and Dota 2 matches.
Same Game Combos will also come with custom branding and animations to enhance entertainment levels on the iGaming platform and establish a proprietary sports betting experience designed for the next generation of bettors. It features new unique visuals and interactive elements adjusted to appeal to Millennial and Gen Z audiences and their preferences.
Source: “Rivalry Reports 192% Growth in Handle and 60% Growth in Revenue for Q2 2023, Projects Profitability in H1 2024” Rivalry, August 29, 2023
#Rivalry #Recaps #Financial #Highlights #Casino #Reports