Operator Rivalry released its Q3 2023 results, with figures including customer KPIs that were a record high for the company.
Revenue was CA$8.7m (US$6.4m), a 22% increase from Q3 2022. Moreover, betting handle for the operator was CA$105.7m, up 50% year-on-year, which has resulted in Rivalry’s customer KPIs reaching an all-time high in average handle per customer and average revenue per user.
Combined with a record low cost of customer acquisition, Rivalry has been able to curb spending and increase profits, with the company's net loss reducing by 6% from this time last year for a net loss of CA$5.6m.
The most notable growth in the company's metrics was gross profit, which sat at CA$4m. This is an increase of 90% from this time last year when gross profit was CA$2.1m.
When looking at the last nine months, revenue for Rivalry was up 70% from the year-to-date (YTD) last year, with current YTD revenue at CA$29.2m. Gross profit YTD had grown even more sharply, up 175% to CA$13.2 from CA$4.8m.
With these results, the company remains confident in its H1 2024 profit guidance.
On the results, Co-Founder and CEO of Rivalry Steven Salz said, “We are proud to have delivered a record third quarter while exercising discipline on costs amidst a challenging capital markets environment for growth companies.
“It is this proven operating leverage, supported by an improving sportsbook margin profile resulting in more revenue per dollar wagered, now fueled by growth capital, that is creating a significant opportunity set for Rivalry. It is that combination which gives us confidence to reaffirm our first half 2024 profitability guidance.”
