Rivalry Corp., a sports betting and entertainment company that is internationally regulated, announced its financial results for the three and 12-month periods that ended on December 31, 2021. Preliminary results for March of 2022 were also revealed.
Revenue of $8.6m was up 617% from the previous year's $1.16m, displaying a 617% increase year-over-year. As of December 31, 2021, the company held $27.6m in cash and no debt.
In Q4, the betting handle was at $19.4m which was an increase from 2020's fourth-quarter report of $3.9m. These triple-digit growth percentages were commented on by Steven Salz, Co-Founder, and CEO of Rivalry.
Salz said: "We had a tremendous year by nearly all measures in 2021. Our team delivered triple-digit growth, secured the financial resources to accelerate our momentum, continued to strengthen our originally developed product, added significant talent depth to our bench, and further solidified Rivalry as the most engaged brand in esports betting globally."
He continued: "I’m also pleased to say we have continued that pacing into 2022, with our Q1 betting handle delivering 62% sequential growth over Q4, and up 273% year-over-year."
In regards to Q1 of 2022, preliminary results show a 62% increase over Q4 2021. The preliminary number given is $31.3m, which would be a record for the company. It's important to note that the official results from Q1 of 2022 will be released by the end of May.
There were also a few operational highlights from 2021, one of these surrounds customer registration. Rivalry saw an increase in customer registrations from 350,000 in 2020 to approximately 610,000 in 2021.
Salz released a statement regarding the focus for 2022, stating: "Our focus in 2022 is growth across product, new geographies, and an expansion of Rivalry’s creative universe to capitalize on what we believe is a generational opportunity to become the leader in betting and entertainment for the next generation."
