Rivalry publishes FY2023 results: Revenue up 34% to $35.7m

Updated:2024-04-06 08:00    Views:193

Rivalry has released its FY2023 results, for the period ending 31 December 2023.

Revenue increased 34% when compared to last year’s figures, for a total of CA$35.7m (US$26.16m).

Profit saw a bigger jump of 66% between 2022 and 2023, with gross profit from the latter reaching CA$16.2m.

Betting handle also increased 82%, up to CA$423.2m by the end of 2023.

However, when looking at these from a Q4 perspective, the figures and percentages are a little different.

Q4 revenue dipped by 32% when compared to the year prior, which Rivalry explained as being due to “an abnormally favourable result experienced in Q4 2022.”

Gross profit was down 40% to CA$3m, which was due to the same reason as above.

Q4 betting handle rose 1.5% from the year before, for a total of CA$85.2m.

Net loss dropped 22% down to CA$24.3m over the year, with a reduction of CA$3.3m attributable to Q4.

Steven Salz, Rivalry Co-Founder and CEO, said: “Last year we gained meaningful traction in new segments such as traditional sports, casino,Online Casino Games for Real Money and fantasy, which is widening our opportunity set and positioning us for sustainable growth in the medium- to long-term.

“We’re happy to have finished the year with all-time high customer economics, diversified revenue streams, and a reinforced competitive moat around Gen Z betting entertainment and experiences.

“Ultimately, we are proving that we can acquire and retain a coveted Gen Z demographic through an entertainment-led product set, culturally relevant brand, and a team unafraid of pushing past a long-standing industry status quo.”

The casino division rose 92% in revenue, for a total of CA$6.4m, as the operator says it invested heavily in expanding the casino library in 2023.

Its original game, Cash & Dash, was released in September but became the fifth-highest game on the platform in terms of players and the tenth-highest in revenue.

Another one of Rivalry's initiatives came in the form of Booster Packs, which included codes that could be redeemed for both digital and real-world prizes.

Both CEO Salz and Director of Product Design David King joined the Huddle this year.

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