Ontario-based Rivalry continues to deliver record-breaking revenue growth.
The esports betting platform posted its Q3 2021 results, outlining record revenue and further expansion plans in 2022.
In Q3, the Canadian operator’s overall betting handle was $23.2m, 141% more than in Q3 2020.
Rivalry additionally netted $3.7m in revenue, showing an impressive increase from its $500,000 revenue recorded last year.
“We are at the centre of an inevitable generational tidal wave that is reshaping consumer products across multiple industries, including sports betting,” said Rivalry’s CEO & co-founder, Steven Salz.
“Through market-leading brand equity, innovative product development, multiple new gambling licenses in process, and an unparalleled team, I’m confident Rivalry will continue to demonstrate to shareholders why we can define this new generational paradigm in sports betting.”
As reported, Rivalry has access to $41.3m in cash and is debt-free as of Sept. 30. The company specified it had seen “record engagement” across its content and social media properties.
Ontario as part of 2022 plan
Salz is optimistic Rivalry will continue to grow in multiple jurisdictions worldwide, including Ontario and Australia.
“Forthcoming key catalysts will be our expected launch in regulated markets such as Australia, Ontario, and other jurisdictions next year,” he said.
What’s more, Canadian betting company has already obtained a license from the Alcohol and Gaming Commission of Ontario (AGCO). Rivalry was among the first to apply to become a fully registered online operator in the province.
In October, the company officially launched Rushlane. The proprietary casino game marks the creation of a new category for online gaming: Massively Multiplayer Online Gambling Games (MMOGG).
“We are very excited about the opportunities ahead of us in esports, traditional sports betting, and casino through our originally developed game IP, Rushlane,” Salz added.
“While results will fluctuate from quarter to quarter due to the timing of major esports events, we anticipate strong growth for the foreseeable future.”
Busy time of the year
During Q3, Rivalry made several agreements and critical appointments.
Toronto-based operator appointed former World Economic Forum (WEF) and Twitter executive Kirstine Stewart to its directors.
Rivalry signed numerous partnerships, including deals with renowned organizations like Fnatic, beastcoast and FURIA.
In April, the company welcomed Stephen Rigby, Ontario Lottery and Gaming Corporation’s former president and CEO, to join its board of directors.
Moreover, Rivalry started trading on the TSX Venture Exchange on Oct. 5 and the Frankfurt Stock Exchange two weeks later.
