Esports betting specialist Rivalry reports record betting handle and revenue in Q3
Rivalry’s betting handle rose to C$70.3m (€52.5m) in Q3 2022, marking an all-time high for the esports betting operator.
According to preliminary results announced today (12 October), betting handle increased by 203% from Q3 2021 and by 83% sequentially.
Revenue also reached a record high of C$7.1m (€5.3m) in the third quarter.
Revenue grew by 93% year-on-year, up from C$3.7m (€2.8m) in Q3 2021, and by 35% quarter-on-quarter.
The Toronto-headquartered operator said more than 90% of its sportsbook handle was derived from esports, while 82% of its active users were under the age of 30.
Rivalry co-founder and CEO Steven Salz: “The significant year-over-year and sequential growth we delivered is a testament to our market leadership in next generation sports betting and casino.”
Steven Salz, co-founder and CEO of Rivalry, commented: “The significant year-over-year and sequential growth we delivered is a testament to our market leadership in next generation sports betting and casino.
“Our customer base demonstrates our ability to engage a highly sought-after audience of Gen Z and Millennials in global markets, and further validates our overarching player acquisition and brand strategy.”
Salz added that he believes Rivalry is “well positioned for a strong finish to 2022 and continued momentum into next year”.
“We expect to benefit from a number of near-term catalysts, including several major esports events, a growing presence in traditional sports betting, the launch of a mobile app, and the ongoing introduction of new casino games, media content, and influencer partnerships.”
The results arrive one year after Rivalry went public on the Toronto Stock Exchange in October 2021.
In September, the company diversified its product portfolio with the addition of a third-party casino game, partly to cushion the effects of seasonality that are inherent in sports betting.