A Canadian-based legal sports betting company reached new heights last financial year.
Rivalry Corp. generated a record $26.6 million in revenue in FY2022 — a 140% increase year-over-year. The company, which offers online betting sites for sports and esports wagering, reported a total handle of $232.8 million in 2022, up from $78.2 million for the fiscal year prior.
The results in FY2022 were bolstered by a strong fourth quarter. Rivalry saw revenue reach $9.4 million in Q4 2022 — a 338% uptick year-over-year. The company reported a quarterly record handle of $83.9 million, compared to $24.9 million for the same period the year prior.
Rivalry has attributed revenue growth to its innovative products and returning customers.
“Underpinning our growth is significant brand loyalty among the Millennial and Gen Z audience and true product innovation in online betting,” said CEO and co-founder Steven Salz in a statement. “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.”
Rivalry, which has roughly 1.5 million customer registrations as of Q1 2023, has also benefited from its esports offerings. The company added mobile esports wagering to its sportsbook in March 2022 and reported that nearly 90% of its sportsbook handle in 2022 came from esports.
As of Q4 2022, Rivalry has gained regulated market access in Ontario, Canada, and Australia.
Rivalry is poised for more growth after the company received a $10 million strategic investment led by online gaming platform Pinnacle. Rivalry will also use the round to accelerate profitability.
In FY2022, Rivalry reported a net loss of $31.1 million, up from a net loss of $24.3 million for the year prior. The company had $16.2 million of cash and no debt as of December 31, 2022.
