Toronto-based Rivalry, an international igaming and sports betting operator targeting gen-z players, is reporting an 11 percent increase in betting handle and a 51 percent increase in net revenue, according to the company’s first-quarter 2024 results. More specifically, betting handle was CA$94.7 million (US$69.5 million), an increase of CA$9.6 million from Q4 2023. Gross gaming revenue was CA$7.7 million (US$5.7 million), up 20 percent from the previous quarter, and net revenue was CA$4.5 million (US$3.3 million).
This is all a few days after Rivalry announced that its adopting Web3 technology to expand into the crypto segment, with Rivalry Token, which the company believes will strengthen its foothold in the Gen Z and digitally native user segment.
Rivalry is a sportsbook and igaming operator targeting Millennials and Gen Z and operating in 20 countries.
“Our first-quarter results saw a return to growth with sequential increases in betting handle, gross gaming revenue, and net revenue,” said Steven Salz, Co-Founder and CEO of Rivalry, in a statement. “We are also very encouraged by the improvement to net revenue margin experienced in the quarter, hitting a record, proving our strategy is delivering results, and representing a meaningful improvement as compared to the average levels experienced throughout 2023.
“Additionally, interest in our original casino content continues to build, unlocking B2B revenue opportunities that we are keen to detail more fully in the near future.”
Salz also pointed to an overhaul of their site’s homepage, while making the onboarding or sign-up experience for new users more frictionless and seamless.
“[Rivalry Token] comes at an opportune time, as momentum in crypto gambling has been building amongst our target audience and they’ve been gravitating towards it,” he said.
In their financial statement, the company said the casino segment continues to be strong, generating 59 percent of betting handle and 19 percent of GGR in the quarter. The company has been expanding its casino game line, including the original Cash & Dash game released in the second half of 2023.
Company net loss was $5.2 million in Q1 2024.
