Rivalry has revealed record Q3 revenue of CA$8.7m – up 22 per cent year-on-year – and reaffirmed its expectations of reaching profitability in the first half of next year.
Total betting handle for the group was $105.7m, up 50 per cent year-on-year, with the casino segment generating $50.4m. Year-to-date betting handle rose 127 per cent compared with the prior-year period and revenue climbed 70 per cent over the same period.
Rivalry’s gross profit jumped 90 per cent year-on-year to $4m and increased 175 per cent over the first nine months of 2022.
Rivarly CEO and co-founder Steven Salz said the recent $14m capital infusion into the company means it can go “back on the offensive,” with the operator still anticipating achieving profitability in the first half of 2024.
Year-to-date customer KPIs in Q3 were the strongest in the company’s history and the company also posted all-time high average handle per customer average revenue per user and record low cost of customer acquisition.
Salz said the metrics give him “high conviction” in Rivalry’s future.
“It is this proven operating leverage, supported by an improving sportsbook margin profile resulting in more revenue per dollar wagered, now fuelled by growth capital, that is creating a significant opportunity set for Rivalry,” he said.
“It is that combination which gives us confidence to reaffirm our first half 2024 profitability guidance.”
