On May 26th, Rivalry Corp announced the company’s financial results for the first quarter of 2022 which ran from January 1st to March 31st. Overall, it was an incredibly successful, record-breaking quarter for the world-famous betting organization.
Revenues grew to $3.82 million during Q1 2022. This represents a 149% increase from Q1 2021 and a growth rate of 122% from the previous quarter. Moreover, gross profits rose by 71% from the last quarter to hit $557,000.
The betting handle (the total dollar value accepted in wagers, adjusted for cancellations and corrections) is where the company broke records. The business accepted almost $32 million in bets during the first quarter of the year, which signifies a 273% year-over-year increase from 2021.
“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,” said Steven Salz, the CEO of Rivalry. “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.”
(All information was provided by PR Newswire)