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Rivalry has released its financial and business report for Q1, showcasing substantial growth. The Canadian company’s betting handle rose 11% compared to Q4 of last year.
Rivalry’s handle reached $94.7 million in Q1. Gross gaming revenue (GGR) saw a 20% increase from Q4 2023, climbing to $7.7 million. The company also reported a 51% boost in net revenue, which totaled $4.5 million, up by nearly $1.5 million from the previous quarter.
Steven Salz, CEO and Co-Founder of Rivalry, expressed optimism about these results: “Our first quarter results saw a return to growth with sequential increases in a betting handle, gross gaming revenue, and net revenue. We are also very encouraged by the improvement to net revenue margin experienced in the quarter, hitting an all-time record, proving our strategy is delivering results, and representing a meaningful improvement as compared to the average levels experienced throughout 2023.”
In addition to its strong financial performance, Rivalry announced the upcoming launch of Rivalry Token, a native crypto token on the blockchain. The token aims to enhance functionality, economics, and user experiences across Rivalry’s product suite.
Salz elaborated on the new initiative: “This represents a meaningful strategic step for Rivalry, complementing our existing approach which focuses on a generation that grew up immersed in gaming and internet culture, and now extending that reach to the crypto community. The Venn diagram of Gen Z, gamblers, gamers, and crypto enthusiasts or crypto curious has an extremely high degree of overlap that we are uniquely positioned to access.”
Rivalry expects to launch Rivalry Token in the second half of 2024. This launch is one of several initiatives designed to position the company in the crypto gambling market and better serve its core audience of bettors under 30.