Rivalry revenue surges more than 600% in 2021
Toronto-headquartered firm sees betting handle jump 202% as strong momentum continued into 2022
Sports betting and esports operator Rivalry has announced record financial results for Q4 2021 and full-year 2021.
The firm reported that revenue leapt 617% to C11.1m for the whole of 2021, up from C$1.5m the prior year.
Revenue for the final quarter of 2021 reached C$2.2m, which was an increase of 617% YoY.
Betting handle totalled C$78.2m for the full year, increasing 202% year-on-year (YoY), with Q4 reaching C$24.9m, which is a rise of 389% YoY.
Gross profit amounted to C$2.2m for the full year, which was a rise of 217% on 2020’s figure.
The company said this momentum was generated by economic customer acquisition costs and robust payback periods.
The firm also announced it had C$35.5m in cash and no debt and the end of 2021.
CEO and co-founder Steven Salz said: “We had a tremendous year by nearly all measures in 2021.
“Our team delivered triple-digit growth, secured the financial resources to accelerate our momentum, continued to strengthen our originally developed product, added significant talent depth to our bench, and further solidified Rivalry as the most engaged brand in esports betting globally.”
Rivalry has continued its momentum in Q1 2022 as the report went onto say in preliminary Q1 betting handle grew 62% on Q4 2021 and 273% up YoY.
This figure is estimated at C$40.2m, which would be a record high for the company.
Last year was a milestone year for Rivalry as it went public on both the TSX Venture Exchange and the Frankfurt Stock Exchange in October 2021.
The firm saw customer registrations increase by approximately 610,000 by the end of 2021, which was up almost double from 350,000 at the end of 2020.
It also started a new gaming category of Massive Multiplayer Online Gambling Games (MMOGG) with the launch of its proprietary title Rushlane.
As well as the continued performance in Q1, Rivalry also received a sports bookmaker license in Australia in February 2022. The operator also entered the Ontario market when the market launched on 4 April 2022. Mobile esports betting is being added to its sportsbook offering.
On the plans for the rest of 2022, Salz commented: “Our focus in 2022 is growth across product, new geographies, and an expansion of Rivalry’s creative universe to capitalise on what we believe is a generational opportunity to become the leader in betting and entertainment for the next generation.”
Rivalry’s shares were up 5.7% to C$1.67 on the back of the results.