Esports betting company Rivalry has pre-announced its Q3 2022 financial results and revealed a record-high betting handle and revenue.
The online bookmaker details that it has achieved a revenue of CAD$7.1m (~£4.65m) for Q3 2022, which is for the three-month period ending September 30th, 2022. This is a 93% increase year-over-year, as well as a 35% increase from Q2 2022.
Rivalry’s betting handle also saw a significant upturn, totalling CAD$70.3m (~£46.1m) in Q3 2022, a 203% increase from Q3 2021. Rivalry has not yet revealed whether the company has turned a profit in the quarter. The complete financial results for Q3 2022 are expected to be announced at the end of November.
Earlier this year, the esports bookmaker announced a net loss of CAD $6.24m (~£4.08m) for Q2 2022. In that quarter, the company’s revenue was CAD $5.3m (~£3.46m), which was a record for Rivalry until today’s figures.
Alongside its financial figures disclosure, Rivalry also revealed that 82% of its users are under the age of 30 years old. This young customer base continues to emphasise why major endemic bookmakers, including the likes of Betway, are starting to integrate into esports. Per the release, 90% of its sportsbook handle was driven by esports in Q3 2022.
It’s been one year since Rivalry became a publicly listed company, joining the TSX Venture Exchange on October 5th. Since then, the bookmaker has bolstered its operations internally, as well as expanded into Australia and mobile esports betting.
Steven Salz, Co-Founder and CEO of Rivalry, commented on the results: “The significant year-over-year and sequential growth we delivered is a testament to our market leadership in next-generation sports betting and casino.
“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.
“We are very well positioned for a strong finish to 2022 and continued momentum into next year.”