Rivalry has released its financial report for the third quarter of 2022. The company posted betting handle of $70.3m in Q3, which ended September 30.
This quarter’s handle is the highest in company history, according to Rivalry’s report. The company reported a 203% rise in betting handle year-over-year.
Total revenue during Q3 reached $7.1m, reflecting a 93% increase year-over-year and an all-time company high.
Gross profit climbed by 263% to reach $2.1m, another company quarterly high. Rivalry ended the quarter with a cash position of $23m and remains debt-free as of September 30.
Rivalry Co-Founder and CEO Steven Salz said the company is pleased with its Q3 results.
He said: “Our brand position among Millennial and Gen Z consumers was a catalyst in generating meaningful revenue from esports betting, during a period of several tentpole international events and ultimately driving record results in the third quarter.
"We’ve created brand equity, loyalty, and consumer engagement that continue to guide our successful player acquisition and retention strategy, enhance customer unit economics, and highlight the operating leverage within the business that increases as we scale.”
Salz went on to comment about the company’s successful month in October and said its profitability is the result of continuing forward momentum.
He concluded by saying: “The momentum we saw during Q3 has continued into this current quarter as we delivered record results in October, including reaching our first profitable month.
"Delivering a clean net profit on a normalized basis is a promising validation of our overarching strategy which prioritizes sustainable user economics and careful capital allocation.”
