Rivalry reports first-quarter betting handle of $94.7 million up 11%

Finance News

Rivalry Corp, the leading sportsbook and iGaming operator for Gen Z, today announced financial results for the three-month period ended March 31, 2024.

Gross gaming revenue was $7.7 million increased by 20% from the previous quarter. Net revenue of $4.5 million, up 51% or $1.5 million from Q4 2023. Betting handle of $94.7 million, up 11% from Q4 2023. 

“Our first quarter results saw a return to growth with sequential increases in betting handle, gross gaming revenue, and net revenue,” said Steven Salz, Co-Founder and CEO of Rivalry. “We are also very encouraged by the improvement to net revenue margin experienced in the quarter, hitting an all-time record, proving our strategy is delivering results, and representing a meaningful improvement as compared to the average levels experienced throughout 2023. Additionally, interest in our original casino content continues to build, unlocking B2B revenue opportunities that we are keen to detail more fully in the near future.”

“Today we also announced a decisive move to more deeply tap into the significant global crypto gambling market through Rivalry Token. This represents a meaningful strategic step for Rivalry, complementing our existing approach which focuses on a generation that grew up immersed in gaming and internet culture, and now extending that reach to the crypto community. The Venn diagram of Gen Z, gamblers, gamers, and crypto enthusiasts or crypto curious has an extremely high degree of overlap that we are uniquely positioned to access.”