Pre-announcing its financial results for Q3 of the current financial year, esports betting behemoth Rivalry revealed very encouraging news, adding to what has already been a successful year.
We previously reported that Rivalry had a successful first quarter of this year, and now we can disclose that its third quarter, which concluded on September 30, 2022, also saw record sales of CAD$7.1m (£4.65m).
This is a rise of 35% since the figures for Q2 2022 were made public, and an increase of 93% from the same accounting period in 2021.
The firm is doing quite well; they received top marks in our recent Rivalry analysis.
The rise in revenue is mostly attributable to the increasing volume of business conducted by Rivalry’s esports betting services.
The firm’s betting handle increased to CAD$70,3m in the third quarter of this year, a 203% rise from the same period in 2021 and much more than the $38.4m disclosed by the company at the end of Q2 2022.
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Financial details for the third quarter of this year, including whether or not Rivalry made a profit, are not yet available but are scheduled to be made public by the end of November 2022.
Among Users, 82% Are Under 30
Along with the updated financials, Rivalry also announced that about 82% of its users are under the age of 30, the demographic most inclined to bet on esports as compared to regular sports betting.
Rivalry has corroborated these numbers, saying that during Q3 2022, its comprehensive esports betting markets accounted for 90% of the money handled by its sportsbook.
Given this guarantee of interest from the next generation of gamblers, Rivalry has been able to go through with expansion ambitions during the past year.
The firm has strengthened its internal operations and moved into the potentially profitable Australian market after becoming public on the TSX Venture Exchange in October 2021.
Since capturing the attention of the under-30 set, the firm has prioritised expanding its mobile esports betting offerings to include more markets for popular video games.
CEO and co-founder of Rivalry, Steven Salz, discussed the company’s success as follows:
“Our industry leadership in next-generation sports betting and casino is borne out by the substantial year-over-year and sequential increase we generated.”
This further reinforces our overarching player acquisition and brand strategy, and our customer base shows that we can attract a highly sought-after audience of Gen Z and Millennials in worldwide marketplaces.
Eventually, Mr. Salz summed up, “We are extremely well positioned for a successful finish to 2022 and ongoing momentum into next year.”
The entire financial report publication in November will be intriguing reading for Rivalry fans and investors after such excellent first reports.