Rivalry Announces Continued Growth in Q1 of 2022 with Revenues Up 173%
Rivalry, the eSports, sports, and casino betting operator, has released good results for Q1 in 2022, which saw revenues of $4.8 million for the period. This is a growth of 149% compared to the same quarter for 2021 and sees a continued growth from the previous quarter of 122%.
Another key indicator from the Q1 statement is the betting handle for Rivalry, which increased by 273% to $40.2 million from $10.8 million in the same period of 2021. Rivalry also reported that the company is in a healthy position with no debts and has a cash balance of $30.1 million.
Rivalry already operates in around 20 countries. The company is keen to state that it should benefit from future revenues from the recent expansion into the new territories of Ontario and Australia.
We are pleased to report the highest betting handle and quarterly revenue in company history. These results are a testament to the consistency Rivalry has delivered for over two years now, demonstrating triple-digit year-over-year growth in every quarter. We note that first-quarter figures represent organic growth in our existing markets and do not include any results from our two new regulated markets, Ontario and Australia, both of which launched in the second quarter.
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