Rivalry Corp. has released its financial results for the third quarter of the year that ended on September 30, 2023, factoring in the performance over the first nine months of the year, and also taking a brief crack at the H1 2024 expected outlook.
The company posted robust numbers in the quarter, with its betting handle hitting $105.7m, a significant uptick from the $70.3m collected in Q3 2022. Revenue for the company was once again in a very good position, with Rivalry posting $8.7m in the third quarter, ahead of the $1.6m collected last year.
Gross profit hit $4m and the company’s Casino vertical continued to be the main driver of revenue, accounting for half of its handle. Part of this has to do with the focus on Cash & Dash games, original content, and the release of the dedicated Casino.exe which has been designed to ensure that it continues to provide its core audiences with innovative and out-of-the-box products.
Rivalry similarly continued to develop new and innovative betting products, with its dedicated same-game parlay for esports, although the company has admittedly transformed itself beyond a platform that only focuses on esports betting, despite its early-day success.
Rivalry has instead chosen to branch out into other realms of the gaming experience, and successfully so. Each of these expansions has had a clear focus on millennials and Gen Z audiences in a bid to ensure that the company continues to cater to its core demographics.
Commenting on the latest results, Rivalry CEO and Co-Founder Steven Salz said that the company was proud to be posting these results, demonstrating a strong discipline on spending at a time when Rivalry is seeking to expand in challenging markets, among which are Australia and Canada.
"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," Salz noted.
The company has been firmly committed to shaping the future of esports and sports betting, as confirmed by its Senior Manager of Games Andre Nogueira in a recent interview with Casino Guru News. Although posting a solid gain, Rivalry is still in a process of growth that can be easily upset by unexpected cost increases, drop in active players, or increased competition.
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