Records were broken for the sports betting and media company Rivalry, which released its three and nine month earnings report for the periods ending September 30. The company saw a CA$ 23.3m (US$18.4m) betting handle which was a 141% increase on the third quarter 2020.
Among the other financial highlights was 679% revenue growth to CA$3.7m, CA$3.2 higher than last year’s CA$0.5m. As of the end of the quarter, Rivalry had CA$41.3m in cash and no debt.
Other milestones reached by the Toronto-based Rivalry include the following: its shares began trading on TSX Venture Exchange as well as the Frankfurt Stock Exchange; a new category of online gaming – Massively Multiplayer Online Gambling Games – was created after the game Rushlane was launched; and an application was submitted to operate in Ontario.
The quarterly results gave cause to triumphalist commentary from top management. Said Co-Founder and CEO Steven Salz, “In the third quarter we delivered an all-time record performance, driven by our relentless pursuit to become the leading next generation sports betting brand in the world.”
Salz remains circumspect, noting the macro-trends affecting the industry: “We are at the center of an inevitable tidal wave that is reshaping consumer products across multiple industries, including sports betting. Through market leading brand equity, innovative product development, multiple new gambling licenses in process, and an unparalleled team, I’m confident Rivalry will continue to demonstrate to shareholders why we can define this new generational paradigm in sports betting.”
The report also spoke to the company’s popularity among a younger age group: “Given the demographic Rivalry primarily serves, being on average at least a decade younger than sports bettors on traditional sportsbooks, average bet sizes are comparably smaller, and thus the volume of bets we saw to deliver this quarter’s triple digit year-over-year growth was significant.”