Rivalry’s revenue increased by 60% year on year in Q2 2022, reaching CA$5.3m (US$4.1m).
Betting handle increased 98% year on year to CA$38.4 million, while the company’s Q2 gross profit of CA$2.1 million increased 206% year on year.
According to the operator, its growth was fueled by increased operating leverage that prioritized profitable customer unit economics.
Furthermore, the company claims a strong cash position of CA$27.8m with no outstanding debt, putting it in a position for future growth.
The growth of rivalry has continued into Q3 2022, with CA$23.4m in betting handle taken for July 2022, a 66% increase over June.
“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.
“And so far, our momentum in the third quarter has been consistent with this growth trajectory, including another record for betting handle in a single month, delivering CA$23.4m in July.”
On April 4, 2022, the company launched gaming operations in Ontario, marking the first day of regulated online gaming in the region, before announcing the launch of gaming operations in Australia on May 9, 2022.
“Launching in our first two regulated markets was a significant milestone in Q2 that will help drive growth in the coming quarters as we establish our brand with consumers,” Salz added.