Rivalry, an online gaming and betting platform, has published the preliminary and unaudited financial results for the last quarter and 12-month periods, which ended last December.
According to the recent press release, the company’s revenue for 2023 was $35.7 million, a $9.0 million increase or 34% growth from $26.6 million in its previous year. Its gross profit in 2023 was $16.2 million, a $6.4 million increase from what it recorded in 2022.
The company’s Co-Founder and CEO, Steven Salz, expressed his excitement that the firm ended 2023 with peak customer economics, diversified revenue streams, and a reinforced competitive moat around Gen Z betting experience and entertainment. He noted that the company finished 2023 as a growingly diversified firm, geographically and across its product suite.
The CEO wrote that Rivalry expanded significantly in novel sections, including traditional sports, fantasy, and casino, which is expanding its opportunity and positioning itself for sustainable growth in the medium and long term.
Rivalry’s success in diversifying its product suite and expanding its market share is evident in the growth of its Casino section and the betting handle. The Casino section was the leading driver of growth last year, with revenues reaching $6.4 million, a remarkable 92% growth from the previous year. The betting handle for December 31, 2023, was $423.2 million, indicating a substantial 82% growth or $190.4 million increase from $232.8 million in 2022.
Salz also added that the firm had strategically released capital from its fourth-quarter investment in regions driving user acquisition and revenue. He noted that these efforts include expanding proven marketing strategies, developing proprietary bettering experiences, and deploying higher-margin products. Salz believes these will begin to impact Rivalry’s results throughout the first half of 2024 and beyond.
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