Rivalry outlines 2023 highlights through business update release
The company posted increases in gross profit, revenue and its handle during the year.
Rivalry has released its 2024 business update for its shareholders. The report outlines recent progress along with an outline of Rivalry’s “strategic priorities” for the 2023 fiscal year.
During 2023, the company reported that its betting handle grew by 127% year-over-year to reach $250.3m.
Company revenue during 2023 climbed by 70% when compared to results from the previous fiscal year. Rivalry posted $21.6m in revenue during for 2023.
Gross profit rose to nearly $9.8m through last year’s third quarter, reflecting an increase of 175% when compared to the first nine months in 2022.
In a letter to its shareholders, the company further elaborated on its annual business update, “Rivalry’s brand has become a bridge to Gen Z experiences. We’ve proven we can acquire, engage, and retain this demographic in gambling products under our umbrella. The value we’re beginning to unlock from this cannot be overstated.
“We exited 2023 as a substantially diversified company, both geographically and across our product suite, with the strongest customer KPIs in our history. Our esports expertise no longer solely defines us, and our rapid ascent in other segments such as traditional sports, casino and fantasy outlines the increasingly widening opportunity set we’re realizing as a result of our unrivaled demographic understanding.”
During the year, the company also expanded its interactive casino platform, Casino.exe, which is home to the company’s current and future titles. The platform features four new titles, including Penalty Shootout, Bomb Squad, Wheel of Time and Courier Sweeper.
Casino.exe was designed as a virtual interface that allows users to access titles from Rivalry’s third-party casino titles within an interactive online space.
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