Rivalry generates $57m handle for Q3 2024; adjusted gross revenue at $4.3m

Rivalry has published its business and financial report for this year’s third quarter. The Canadian operator said that betting handle was “down modestly sequentially.”

The company’s Q3 handle reached $57m. Adjusted gross revenue for the quarter reached nearly $4.3m.

Rivalry’s net revenue per user climbed to an all-time high during the third quarter, increasing by 51% as compared to the average of the trailing 2024 period, and by 70% as compared to the trailing three-year average since launching the initial set of new product features in October,” the company said.

Rivalry CEO and Co-Founder Steven Salz further discussed Q3’s results and commented, “Over this period we have completely rebuilt every core element of our product, intentionally designed to service crypto-native users and high value players. We’ve also undergone a comprehensive rebrand, and significantly drawn down marketing spend associated with our prior strategy. Our native crypto token has developed materially, becoming more integrated with our VIP strategy and overall growth plan, allowing us to better scale in this category.

“On an organizational level, we reduced our headcount by 50% through two workforce rationalizations and adjusted our performance culture, resulting in a more robust and higher output organization, with measurable output climbing over 200%.”

Good to know: The company debuted Rivalry Token, a native crypto token on the blockchain

Rivalry launched the new token “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 said the company’s token “continues to create a strong level of alignment with players.”

He gave a more detailed update in the quarterly report by saying, “In six months, the pre-release of NUTZ, previously known as Rivalry Token, has demonstrated its ability to grow our crypto market share, attract higher-value players, enhance retention, and create long-term engagement loops across our offerings.

“NUTZ are now deeply connected with our newly released VIP program, together they offer a highly customer-centric experience that will continue establishing lasting player loyalty, increased wallet share, consistent betting activity, and generate higher average player revenue profiles.”

Laura Mack

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