Rivalry, an esports and sports betting startup, has revealed its Q3 2024 financial statistics, which show a 51% rise in average net revenue per user over the previous 2024 period. However, the company’s net sales for the quarter declined to little under CAD $3 million (~£1.6 million), compared to Q3 2023’s number of CAD $4 million (~£2.2 million).
Rivalry’s Q3 2024 betting handle was CAD $79.9 million (~£44.8 million). In the same quarter last year, the corporation had a betting handle of CAD $105.7 million (~£59.1 million), which is lower than in 2023.
Rivalry’s casino offering was its most successful product in Q3 2024, accounting for 62% of total betting handle and 40% of net revenue, up 14% and 2% year on year, respectively.
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Prior to the comprehensive product revamp, Rivalry integrated multiple cryptocurrency payment methods into its platform in order to boost its market share in the crypto-betting sector. Rivalry said that gamers with crypto wallets produced 200% more income than the average non-crypto player on the platform.
Rivalry makes its crypto debut in May 2024, launching the ‘Rivalry Token.’
Rivalry’s net loss in Q3 2024 was CAD $5.9 million (~£3.3 million). Despite lower total income, this is comparable to the Q3 2023 deficit of CAD $5.6 million (~£3.1 million). Marketing, advertising, and promotion expenses decreased from CAD $3.1m (~£1.7m) in Q3 2023 to CAD $2.1m (~£1.2m) this year, contributing to similar outcomes.
While the corporation has expanded beyond esports in recent years, it is still fairly active in the space in 2024. Notably, Rivalry and Blacklist International collaborated on a Dota 2 squad until September of this year. Furthermore, the organization co-hosted a Counter-Strike 2 LAN competition with commentator Mohan ‘Launders’ Govindasamy.
Noting the financial results, Steven Salz, Co-Founder and CEO of Rivalry, stated: “From the beginning of the third quarter to the presentation of these figures, we have undergone the most fundamental transformation of our business since its inception.“
“This work was done to better attune ourselves to an emerging online gaming market in which bitcoin has become the preferred worldwide payment option, as well as to align our offering with the experiential expectations of the players driving this industry-wide transition. These initiatives were launched in the second quarter, alongside the release of Rivalry Token, and I’m pleased to report that we are emerging from this experience as a fundamentally leaner organization, better positioned for development.”
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