In its latest financial report, esports bookmaker Rivalry has announced a net loss of CAD $12.79m (~£8.37m) for the first half of 2022, ending June 30th.
This is an increase from its CAD $4.93m (~£3.22m) net loss figure recorded for H1 2021. Rivalry’s net loss just for Q2 2022 was CAD $6.24m (~£4.08m).
Despite the losses, the company recorded its highest-ever revenue for a quarter, registering CAD $5.3m (~£3.46m) in Q2 2022. This is a year-over-year increase of 60% from Q2 2021 (CAD $3.3m).
Q2 2022 figures additionally included a CAD $2.05m (~£1.34m) gross profit, up from $670,367 (~£438,611) for the same period last year. Nevertheless, the company did record increased operating expenses, which totalled CAD $8.29m (~£5.42m) in Q2 2022 compared to 3.25m in the same period last year. Notably, Rivalry’s general, administrative and advertising expenses significantly increased over last year.
Throughout 2022 Rivalry has increased its presence both globally and within esports betting. In May, the company launched a campaign promoting its official launch in Australia. Meanwhile, Rivalry added mobile esports to its betting offering earlier this year. Some of the titles included in the offering are Mobile Legends: Bang Bang, League of Legends: Wild Rift, PUBG Mobile and Free Fire.
The bookmaker doesn’t just limit itself to esports offerings. In fact, Rivalry offers a range of traditional sports offerings. In April this year, the bookmaker also commenced operations in Ontario, Canada.
In terms of betting handle, Rivalry recorded CAD $38.4m (~£25.12m), an impressive 98% increase for Q2 2022 compared to Q2 2021. This is, however, down by 4% from Q1 2022’s figure. It’s worth noting that the Q1 2022 period was a betting handle record and the company noted that the second quarter is a ‘seasonally quiet’ period in the esports calendar.
Commenting on the financial results, Steven Salz, Co-Founder and CEO of Rivalry, said: “We are very encouraged by our performance in Q2, putting up significant year-over-year growth across all core metrics, and sequential growth on a number as well, despite what is a seasonally quiet quarter in the esports calendar.
“Thus far, our momentum in the third quarter is continuing this growth trajectory, including hitting another all-time record for betting handle in a single month, delivering $23.4m (~£15.31m) in July.”