In a recent turn of events, the betting handle at Rivalry has settled at an impressive figure of CA$87.8m, thanks to a recent emphasis on crypto payment. This revelation comes as the esports betting operator unveils its Q2 2024 financial results, showcasing a remarkable 22% year-on-year revenue increase to CA$4.7m (US$3.49m) for the period.
Moreover, net revenue has also seen a 3% rise compared to the figures from the initial quarter of this year. The net revenue margin has soared to a record high of 62.5%, reflecting the company’s strong financial performance. With the introduction of the Rivalry Token in May, the company has seen an additional revenue of CA$1.7m generated post-quarter-end. This native cryptocurrency is set to be integrated across Rivalry’s portfolio in the second half of the year, aimed at enhancing the user experience.
Additionally, Rivalry’s gross gaming revenue (GGR) has settled at CA$7.4m, showing a slight decrease of 3% from the previous quarter. Despite this decline, the operator remains confident in its profitability predictions for the second half of 2024 and subsequent full-year financial results.
Steven Salz, the Co-Founder and CEO of Rivalry, expressed his thoughts on the company’s strategic focus moving forward. He stated, “At Rivalry, we have narrowed our focus primarily to two areas that are showing the highest potential for growth in our history: crypto expansion led by tokenization, and VIP’s. Alongside these focused efforts, we are tightly managing working capital, rationalizing our teams, and cutting spend in areas that fall too far outside of these priorities.”
Salz further elaborated on the success of the Rivalry Token, emphasizing its role in achieving both short-term and long-term goals for the company. He added, “Last quarter marked a broader expansion into crypto with the pre-release of Rivalry Token and we have seen very motivating early results. Rivalry Token is uniquely positioned to serve a number of our near and long-term goals to expand our geographic footprint and acquire and retain high-value players, which we are beginning to see signals of.”
As Rivalry continues to make strides in the world of esports betting, the operator’s shift towards crypto payment and technology development is expected to be a key focus in the upcoming months. With a strong financial performance and a clear strategic direction, Rivalry is poised for further growth and success in the gaming industry.
