Q2: Rivalry posts $65.3m betting handle and $3.5m revenue
The company reached a milestone with its highest net revenue margin to date.
Esports betting operator Rivalry has released its financial and business results for this year’s second quarter. The Canadian company reported that its betting handle fell by 22% when compared to results from last year’s corresponding period.
The company’s handle in Q2 reached $65.3m. Gross gaming revenue (GGR) decreased by 12% when compared to Q4 2023 and totaled $5.5m.
Rivalry also reported a 22% boost in its net revenue versus the previous year’s second quarter. Net revenue during the first quarter reached $3.5m.
During Q2, the company posted an all-time high of 62.5% for its net revenue margin, which it said reflected its margin enhancement efforts.
Company CEO and Co-Founder Steven Salz commented on this quarter’s results by saying, “At Rivalry we have narrowed our focus primarily to two areas that are showing the highest potential for growth in our history: crypto expansion led by tokenization, and VIP’s. Alongside these focused efforts, we are tightly managing working capital, rationalizing our teams, and cutting spend in areas that fall too far outside of these priorities.
“Our efforts to improve margin are also driving results, achieving record margin levels for two consecutive quarters.”
In Q2, the company launched 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 discussed the release by commenting, “Last quarter marked a broader expansion into crypto with the pre-release of Rivalry Token and we have seen very motivating early results.
“Rivalry Token is uniquely positioned to serve a number of our near and long-term goals to expand our geographic footprint and acquire and retain high-value players, which we are beginning to see signals of. In just a few months, Rivalry Token has attracted new customers who are twice as valuable as our average user and marked the most successful reactivation campaign in the company’s history.”
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