First Quarter of 2022 results revealed for Rivalry Corp.
The betting handle hit a record high for the company bringing in $40.2m in Q1 of 2022.
Rivalry Corp. released its financial report for the first quarter ending on March 31, 2022. The reports show an increase in revenue of 149%, bringing in a total of $4.8m. This number is up 122% from the fourth quarter of 2021.
The company’s gross profit was $0.7m in the first quarter, which is a year-over-year increase of $0.1m, or 26%, from $0.5m in Q1 2021, and up 71% sequentially from $0.4m in Q4 2021.
At the end of the month, the company had $30.1m of cash and no debt as of March 31, 2022, compared to $35.5m as of December 31, 2021.
Another highlight for the company came on February 9, 2022, when Rivalry was awarded its sports bookmaker license by the Northern Territory Racing Commission (Australia). This will now allow the company to operate throughout the whole of the country.
Co-Founder and CEO of Rivalry Steven Salz said: “We are pleased to report the highest betting handle and quarterly revenue in company history. These results are a testament to the consistency Rivalry has delivered for over two years now, demonstrating triple-digit year-over-year growth in every quarter.”
He continued: “We note that first quarter figures represent organic growth in our existing markets and do not include any results from our two new regulated markets, Ontario and Australia, both of which launched in the second quarter.”
In March of 2022, the company announced the addition of mobile esports to its offering, enabling customers to wager on competitive esports played on mobile devices.
Salz added: “I’m very encouraged by the trends we’re seeing in the business and the performance of our team as we continue to execute on this generational opportunity. I’ve never been more confident.”
Rivalry Corp. owns and operates Rivalry Limited, a sports betting and media property offering fully regulated online wagering on esports, traditional sports and casinos.
Salz went on to say: “The strength we saw during the first quarter is evidence of strong momentum in the business. We expect to continue delivering considerable year-over-year growth throughout 2022.”
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