Rivalry Corp. Releases Q2 Report, Shows Record-Breaking Growth

Rivalry Corp., a globally renowned sports betting operator, has released its Q2 report, which states that the company’s betting handle reached C$38.4 million ($29.7 million). This represents a 98% YoY increase. Record revenue of C$5.3 million ($4.1million) or a 60% YoY increase, was also a huge milestone in the quarter. 

The Revenue Growth Was Completely Organic 

Not only has the revenue of Rivalry increased by 60% YoY, but it also represents an 11% sequential increase. To make matters even more impressive, the growth is completely organic as the report states. In the first quarter of 2022, the company’s revenue was C$4.8 million ($3.72 million). 

Apart from the record revenue, Rivalry also reported a record gross profit of C$2.1 million ($1.63 million), which is a 206% YoY increase and a 201% sequential increase.

Steven Salz, the co-founder, and CEO of Rivalry shared his thoughts on the company’s performance in the quarter. He stated that Rivalry is extremely encouraged with the results as it has put massive YoY growth across all metrics. He also added that the momentum in Q3 will continue as Rivalry has already hit a massive achievement in July. 

Salz noted that July set a record in a single-month sports betting handle as Rivalry recorded C$23.4 million ($18.12 million). He concluded by saying that Rivalry has a variety of product releases, marketing campaigns, and other initiatives that will demonstrate how big of a player the company really is. 

Rivalry Recently Launched in Australia 

Rivalry’s success in the third quarter will not be marked just by the July numbers. The operator launched in Australia at the start of August and debuted its arcade-style boxing game called PM Fighter. Players spar as candidates for the upcoming federal election in the country. 

The launch in Australia was followed by the license approval by the Northern Territory Racing Commission back in February. Commenting on the launch, Salz said Rivalry has a different approach compared to other operators and that is why the company is popular among young millennials and Gen Z. 

Australia’s regulated market has been under quite a lot of scrutiny in the recent period as numerous operators are caught failing to respect the laws, especially when it comes to AML policies. Not only that, but many players are experiencing gambling harm. Research showed that in July alone, players in Queensland lost hundreds of millions on EGMs. Moreover, AUSTRAC, the financial intelligence agency of Australia, issued a warning to the gambling industry. Nicole Rose, the CEO of AUSTRAC, stated that if regulators do not start prosecuting more violations related to money laundering, there’s a chance that the country will be listed grey by the Financial Action Task Force (FATF) in 2025.