Rivalry has released its financial report for the fourth quarter and for the fiscal year 2022. The company posted an increase in its annual betting handle of 198%.
Indeed, the esports betting company reached a milestone during Q4 regarding its betting handle, which reached $61.6m. Fourth quarter revenue and gross profit climbed to $6.6m and $3.7m respectively.
Rivalry’s total betting handle for the fiscal year grew to nearly $171m, reflecting a 198% boost year-over-year.
Revenue in 2022 hit an all-time high of $19.5m, surpassing 2021’s total by 140%.
The company posted a 2022 gross profit of $7.2m and a net loss for the year of $22.8m.
Company Co-Founder and CEO Steven Salz commented: “Our market strategy and operational excellence continues to build upon consecutive record-setting quarters, driving a strong finish to the year and a robust Q1, while simultaneously demonstrating sequential narrowing losses on our path to profitability.
“Underpinning our growth is significant brand loyalty among the Millennial and Gen Z audience and true product innovation in online betting, enabling every marketing dollar to go further, enhancing retention, and creating a distinctly unique platform. Rivalry continues to be economically rewarded for taking an inventive approach to the betting experience and tailoring it for a demographic with unique consumption habits.”
Rivalry recently launched its interactive casino platform, Casino.exe, which is home to the company’s current and future titles. The platform features four new titles, including Penalty Shootout, Bomb Squad, Wheel of Time and Courier Sweeper.
Casino.exe was designed as a virtual interface that allows users to access titles from Rivalry’s third-party casino titles within an interactive online space.
