Rivalry Co-Founder and CEO pens annual Letter to Shareholders
Company recently released its 2023 full year and Q4 financial statements.
Steven Salz, the Co-Founder and CEO of Rivalry, has released the company’s annual Letter to Shareholders, detailing an overview of the 2023 year and future plans for the company. After seeing a 66% increase in net revenue from year-to-year, Rivalry has plans for expansion and vertical growth while remaining focused on its goal to provide online gambling for a generation born on the internet.
Salz explained that continued growth from the company can be seen in its expanded portfolio which now includes fantasy, sports coverage and new casino games offered on its iOS app. Salz believes with an increase in traditional sports betting and growing B2B business that the opportunities for Rivalry to reach new heights as a brand are limitless.
“Our deepened product suite now includes fantasy, additional sports coverage and new proprietary casino games. All of which are uniquely driving growth among a targeted customer segment and widening our opportunity set in 2024 and beyond – from a 60% increase in traditional sports betting to a burgeoning B2B game vertical. The potential for how far our brand can go is just beginning to unfold,” Salz said.
“The year ahead is rife with new, innovative product releases arriving in Q2 and continuing throughout 2024. We are doubling down on core growth opportunities in sports that resonate with our audience, such as basketball and soccer.”
Also, with The Casino segment representing over half of Rivalry’s betting handle for the 2023 year, further expansion and the release of new games seems to be on the horizon.
“Further, we are building on a successful casino segment which already represents 50% of our business, enhancing variety, depth and accessibility, as well as developing new original games which blur the lines between betting and entertainment. We are in the process of additional geographic expansion, and pursuing new licenses to broaden our total addressable market, positioning Rivalry to own the Gen Z gambling opportunity globally,” Salz said.
Rivalry is also positioned to release a new crypto-enabled product set to improve performance for users in an attempt to capture a fragment of the continued growth in the crypto industry. As the industry continues to merge with gambling, companies try and manufacture ways of attaching themselves for the foreseeable future.
“Soon, we will reveal plans for a crypto-enabled product set to enhance alignment between Rivalry and its users, increase network effects and generally deliver a consumer experience that lives on the internet of 2024,” Salz said.
“The year ahead is poised to be one of our most ground-breaking, with a myriad of innovative product releases across all of Rivalry’s verticals, adding more dimension to our business, operations and addressable audience, and building on our competitive moat as the market leader in Gen Z betting entertainment.”
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