Rivarly shares rise after posting record fourth-quarter revenues

Finance News

Rivalry an internationally regulated sports betting and media company, has announced its financial results for the three and 12-month periods ended December 31, 2022.

Triple-digit growth across all key metrics in FY2022, with full-year betting handle up 198%, revenue up 140%, and gross profit up 349%. New quarterly records established in Q4 2022, with betting handle of $83.9 million (up 237% YoY), revenue of $9.4 million (up 338% YoY), and gross profit of $5.0 million (up 1,152% YoY). 

Quarterly records exceeded in preliminary Q1 2023 results, with betting handle of $120.2 million (up 199% YoY), revenue of $12.0 million (up 151% YoY), and gross profit of $5.4 million (up 698% YoY). These results were achieved with a 10% reduction in marketing spend YoY.

Unique product offering continues to spur meaningful growth and differentiate the Company, with esports representing nearly 90% of sports betting handle in 2022.

Total user registrations grew to 1.5 million, with Millennial and Gen Z consumers representing 97% of active users.

“Our market strategy and operational excellence continues to build upon consecutive record-setting quarters, driving a strong finish to the year and a robust Q1, while simultaneously demonstrating sequential narrowing losses on our path to profitability,” said Steven Salz, Co-Founder and CEO of Rivalry. “Underpinning our growth is significant brand loyalty among the Millennial and Gen Z audience and true product innovation in online betting, enabling every marketing dollar to go further, enhancing retention, and creating a distinctly unique platform. Rivalry continues to be economically rewarded for taking an inventive approach to the betting experience and tailoring it for a demographic with unique consumption habits.”