Sports betting operator Rivalry Corp. has released its financial results for the first quarter of the year ended on March 31st, 2024 while also announcing the launch of its native cryptocurrency, Rivalry Token.
The report reveals that both betting handle and revenues increased by 11% and 20% respectively compared to the previous quarter.
First Quarter 2024 Highlights
- Betting handle – CA$94.7 million, up by 11% compared to Q4 2023
- Gross gaming revenue (GGR) – CA$7.7 million, up by 20% from previous quarter
- Net revenue – $4.5 million, up by 51%
- Net revenue margin of 58.5% was the highest in Company history
- Casino gaming generated 59% of betting handle and 19% of GGR
- Net loss – CA$5.2 million, the narrowest net loss of the last four quarters
- Cash – CA$9.4 million as at March 31, 2024
Speaking of the results, Steven Salz, Co-Founder and CEO of Rivalry said:
Our first quarter results saw a return to growth with sequential increases in betting handle, gross gaming revenue, and net revenue. We are also very encouraged by the improvement to net revenue margin experienced in the quarter, hitting an all-time 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.
Today we also announced a decisive move to more deeply tap into the significant global crypto gambling market through Rivalry Token. This represents a meaningful strategic step for Rivalry, complementing our existing approach which focuses on a generation that grew up immersed in gaming and internet culture, and now extending that reach to the crypto community. The Venn diagram of Gen Z, gamblers, gamers, and crypto enthusiasts or crypto curious has an extremely high degree of overlap that we are uniquely positioned to access.
Alongside this announcement, we have also released an overhaul of our homepage, a more fulsome crypto wallet experience, and adjusted the onboarding experience for new users to materially reduce friction while maintaining compliance. Together, this represents a meaningful effort to access a higher value crypto gambling cohort, adding more depth and reach to Rivalry’s global network. This comes at an opportune time, as momentum in crypto gambling has been building amongst our target audience and they’ve been gravitating towards it. By expanding our product offering into this segment, it positions us to compete and win as we innovate product and gain access to this higher value customer cohort.”
Expansion into Crypto with Rivalry Token
Rivalry has announced the introduction of Rivalry Token, a native cryptocurrency on the blockchain designed to enhance functionality, economics, and user experiences across its product suite.
According to the announcement, The Rivalry Token, expected to launch in the second half of 2024, is part of a series of upcoming initiatives aimed at positioning Rivalry within the crypto gambling market and catering to its main audience of bettors under 30.
Salz added:
“Online gambling is the latest web-based consumer category being increasingly disrupted by blockchain technologies with greater speed, access, and functionality than their legacy counterparts. Tech-savvy bettors are leading a behavioral shift towards more experiential and crypto-enabled gambling experiences that are taking wallet share from incumbents at an accelerated rate.
Rivalry is well-positioned to access the growth opportunity in crypto with a proven product set, a brand entrenched in internet culture, and a captive audience of digitally native users that are driving this economic renaissance. The launch of Rivalry Token, alongside a broader expansion into cryptocurrencies, strengthens our product-market fit among an under-30 audience and positions us competitively to capture a meaningful share of this fast-growing and highly valuable segment of the market.”
As part of the launch, Rivalry has instigated a pre-farming campaign called PLAY-2-EARN. This allows customers to collect interim token points through site activity. These points will be converted into Rivalry Tokens later this year.
The Rivalry Token will be available for players to use on Rivalry in all of the Company’s active markets excluding Ontario and Australia.
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Rivalry, a leading esports betting platform, has recently reported a significant increase in revenues and has announced the launch of a new Rivalry Token. The company, which has been gaining popularity in the esports betting industry, has seen a surge in user engagement and betting activity in recent months.
According to Rivalry’s CEO, the increase in revenues can be attributed to the growing interest in esports betting among fans and the company’s focus on providing a seamless and secure betting experience. With more and more people turning to esports as a form of entertainment, Rivalry has positioned itself as a trusted platform for fans to place bets on their favorite games and teams.
In addition to the increase in revenues, Rivalry has also announced the launch of a new Rivalry Token. This token will allow users to earn rewards and bonuses for their betting activity on the platform. By holding Rivalry Tokens, users can unlock exclusive perks such as free bets, merchandise, and VIP experiences.
The introduction of the Rivalry Token is part of the company’s efforts to enhance the overall user experience and reward loyal customers. By offering additional incentives and rewards, Rivalry aims to attract new users and retain existing ones, ultimately driving further growth and success for the platform.
Overall, the recent developments at Rivalry indicate a promising future for the company in the esports betting industry. With a focus on innovation, user experience, and customer satisfaction, Rivalry is well-positioned to continue its growth and success in the competitive world of esports betting.
