According to the report, betting handle for the period amounted to $38.4 million, an increase of 98% year-on-year. This resulted in revenues of $5.3 million for the quarter and saw profits increase by 206% year-on-year to $2.1 million. Rivalry also revealed that July saw the company break its own record for a single month by accepting $23.4 million, up 66% on the previous month and 162% year-on-year.
Rivalry Announces Record Revenues and Profits in FY 2022 Q2 Results Rivalry Announces Record Revenues and Profits in FY 2022 Q2 Results“The strength in the business in the second quarter was all achieved organically and driven by our existing core markets. Launching in our first two regulated markets was a very important milestone in Q2 that will help drive growth in the coming quarters as we establish our brand with consumers, deploying our ‘crawl, walk, run’ strategy that prioritizes operating with sustainable unit economics in new markets first, and scaling spend thereafter. We were very encouraged with our Q2 performance considering that we did not see a material contribution from either of these markets yet, and during what is already a seasonally quiet quarter. On the other side we were proud to demonstrate the profitability potential of our current betting handle, posting record gross profit during the quarter.”
He added:
Rivalry Announces Record Revenues and Profits in FY 2022 Q2 Results. The company also announced the launch of sports betting operations in Australia on May 9th, 2022.“Looking ahead, we are excited about the second half of the year. The traditionally strong third quarter is tracking well for us. Several important platform enhancements in areas like mobile app, traditional sports offering, and our casino vertical are set to be launched in the coming months.”
An experienced iGaming commentator and analyst based in New York City - Jenny reports on regulation and gambling industry news and events.