Rivalry expects strong revenue, betting handle in Q3, 2022

Rivalry Corp, the leading global company that offers sports, esports and iGaming products, released its preliminary results for the third quarter on Wednesday. The results cover the three months ended September 30, 2022.

According to the preliminary results, Rivalry expects a strong quarter with betting handle hitting CA$70.3m ($50.9m). This, according to the company marks a new all-time high record. A comparison with Q3, 2021, when the betting handle halted at CA$23.2m ($16.8m) shows that this year, an increase of 203% is observed. Not unexpectedly, the betting handle of CA$70.3m reported in Q3, 2022 also marks an increase when compared to the previous quarter. In Q2, 2022, Rivalry's betting handle halted at CA$38.4 million ($27.8m). This means that in the third quarter, it increased by 83%.

"With 82% of active users at Rivalry under the age of 30-years old, the Company continues to successfully leverage brand equity, consumer engagement, and original casino IP development to extend its leadership position as the betting destination for the next generation, demonstrated by over 90% of sportsbook handle being driven by esports in the quarter," explains a statement released by the company.

Besides a significant increase in the betting handle, Rivalry expects record-high revenue as well. The company's revenue in Q3 this year is expected to hit CA$7.1m ($5.1m), up 93% year-over-year when compared to the CA$3.7m ($2.7m) reported in Q3 last year. A further comparison to the CA$5.3m ($3.8m) in revenue reported for Q2 this year reveals an increase of 35%.

Keeping in mind the expectations of the company, it's important to mention that those are preliminary Q3, 2022 results. Rivalry revealed that it expects to release its complete results for the third quarter near the end of November this year.

Steven Salz, Rivalry's CEO and Co-Founder, revealed that the strong results reaffirm the company's leadership position within the casino and sports betting verticals. He added: "Our customer base demonstrates our ability to engage a highly sought-after audience of Gen Z and Millennials in global markets, and further validates our overarching player acquisition and brand strategy."

Salz predicted that Rivalry is positioned well for further growth until the end of 2022. Moreover, he outlined that the company will be able to keep the positive momentum into 2023. According to Salz, the company will benefit from different near-term objectives such as sports betting growth, the launching of new casino titles, as well as further growth within the esports industry.

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