August 25, 2022 Finance, Canada, Results

Rivalry reports 206% increase in gross profit during Q2 2022

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The company finished the second quarter with no debt.

Rivalry Corp. has published its financial report for the second quarter of 2022. The company reported it had no debt by the close of the quarter, which ended June 30.

Total revenue during Q2 reached an all-time high, climbing to $4.1m and reflecting a 60% increase year-over-year. The company finished its second quarter with a betting handle of $29.7m, an increase of 98% when compared to the previous year’s first quarter.

Gross profit climbed by 206% to reach $1.5m, another company quarterly high. Rivalry ended the quarter with a cash position of $21.5m.

Rivalry Co-Founder and CEO Steven Salz said the company is pleased with this quarter’s results.

He commented: “We are very encouraged by our performance in Q2, putting up significant year-over-year growth across all core metrics, and sequential growth on a number as well, despite what is a seasonally quiet quarter in the esports calendar,” said Steven Salz, Co-Founder and CEO of Rivalry.

“We were very encouraged with our Q2 performance considering that we did not see a material contribution from either of these markets yet, and during what is already a seasonally quiet quarter. On the other side we were proud to demonstrate the profitability potential of our current betting handle, posting record gross profit during the quarter.”

Rivalry is based in Toronto and currently operates in 20 countries. The company wholly owns and operates Rivalry Limited, which now holds an Isle of Man license it acquired in 2018. It became a fully registered operator of internet gaming and sports betting in Ontario in February in anticipation of the province’s April 4 commercial market launch date.

Salz concluded by saying: “With a number of impactful product releases, marketing, and operational initiatives slated through the rest of year, we are hungry to demonstrate to the market the inherent operating leverage in our model.”

The company holds a sports bookmaker license in Australia as well and is currently in the process of obtaining additional licenses.

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