Rivalry revenue hits record high in first quarter
Rivalry an internationally regulated sports betting and media company, today announced its financial results for the three-month period ended March 31, 2023, and closing of the second tranche of its previously announced strategic financing.
Firat quarter betting handle of was a record high, up 199% year-over-year and 43% sequentially from Q4 2022. Revenue of $12.0 million grew 151% year-over-year and 27% sequentially. Gross profit of $5.4 million was up 698% year-over-year and 9% sequentially.
“Our position at the intersection of esports and entertainment continues to create operating leverage in the business and drive organic growth as seen in our most impressive quarterly results to date,” said Steven Salz, Co-Founder and CEO of Rivalry.
“Rivalry’s content and brand strategy is setting the industry precedent for betting entertainment, allowing us to acquire customers profitably and engage them through authentic touchpoints without having to consistently deploy additional marketing and promotional spend for growth. And it is this approach that is generating breakthrough industry economics, user engagement, and charting a path to profitability for the Company that we are very bullish on.”