Rivalry, a sports betting and media company, has announced its financial results for Q1 2024.
The company reported a handle of CA$94.7 million, an 11% increase from Q4 2023, and gross gaming revenue of CA$7.7 million, a 20% rise from the previous quarter. Net revenue was CA$4.5 million, up 51% or CA$1.5 million.
Steven Salz, co-founder and CEO of Rivalry, stated:
Our first quarter results demonstrate a return to growth with sequential increases in betting handle, gross gaming revenue, and net revenue. We are particularly encouraged by the improvement in net revenue margin, which reached an all-time high, proving our strategy is effective and showing a significant improvement compared to the average levels in 2023. Additionally, interest in our original casino content continues to grow, opening up B2B revenue opportunities that we plan to explore further soon.
Rivalry also announced the upcoming launch of Rivalry Token, a native cryptocurrency token, expected to debut in H2 2024.
Salz commented:
We are making a decisive move to tap into the global crypto gambling market with Rivalry Token. This strategic step aligns with our focus on a generation raised on gaming and internet culture, and now extends our reach to the crypto community. There is a significant overlap among Gen Z, gamblers, gamers, and crypto enthusiasts, and we are uniquely positioned to engage with this audience.
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