Rivalry revenue more than doubles to $21.7m in Q3

The $21.7m in revenue reported by Rivalry was a 130% increase from Q3 of 2021, and came on $186m worth of betting handle.

The business added that 30% of its overall handle and 15% of revenue – or around $3.3m – came from its casino product.

Rivalry added that 90% of its sportsbook handle, representing close to $120m, came from bets on esports. In addition, the operator said that 82% of its user base is under 30 years old, with its average customer age being 25.

“Our approach toward attracting the next generation of consumers is different from legacy operators,”  chief executive Steven Salz said. “We scale through word of mouth and organic market entrenchment of brand equity that allows us to operate without a dependency on excess bonusing and player subsidies.”

During the first 10 months of the year so far, Rivalry added that its average month-on-month revenue growth grew to 32%, while its bonus spend as a share of revenue was cut in half.

“We have high expectations for 2023, and are confident that it will be another year of record achievements,” Salz said.

In 2023, Salz said the business will continue to expand in more regulated markets, having been among the first operators to launch in Ontario and also launching in Australia last year.