Rivalry posts $94.7m handle for Q1 2024
Both its Q1 handle and GGR grew during the quarter.
Rivalry has published its financial and business report for the first quarter of this year. The Canadian company reported that its betting handle rose 11% when compared to results from last year’s fourth quarter.
The company’s handle in Q1 reached $94.7m. Gross gaming revenue (GGR) grew by 20% when compared to Q4 2023 and climbed to $7.7m.
Rivalry also reported a 51% boost in its net revenue versus the previous quarter. Net revenue during the first quarter reached $4.5m, up by nearly $1.5m when compared to the last quarter.
Company CEO and Co-Founder Steven Salz commented on this quarter’s report by saying, “Our first quarter results saw a return to growth with sequential increases in betting handle, gross gaming revenue and net revenue.
“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.”
In other company news, Rivalry recently announced the upcoming launch of Rivalry Token, a native crypto token on the blockchain. Rivalry said the new token was released “to add increased functionality, economics, and user experiences across the company’s product suite, continuing Rivalry’s track record of innovation in online betting.”
Salz further explained the new product by commenting, “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.”
The company expects Rivalry Token to arrive during H2 2024 and said the product launch “represents one of several forthcoming initiatives to position Rivalry in the crypto gambling market and better serve its core audience,” which is comprised of bettors younger than 30.
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