The Canadian betting company Rivalry Corp recently announced its Q3 2022 results for the three-month period that ended on September 30th, 2022. According to an official press release, this was one of the best quarters in the organization’s history.
During the third quarter of this year, Rivalry recorded revenues of $5.2 million, a 93% year-over-year increase. Additionally, the company set a new record with $1.5 million in gross profits for the quarter, a 263% increase from the same period last year.
In the company’s announcement, it was revealed that esports played a major role in the organization’s growth. 90% of the company’s sportsbook handle was related to esports betting. Overall, the company’s betting handle was up 203% from the previous year and 83% from the previous quarter.
“The momentum we saw during Q3 has continued into this current quarter as we delivered record results in October, including reaching our first profitable month,” Salz continued. “Delivering a clean net profit on a normalized basis is a promising validation of our overarching strategy which prioritizes sustainable user economics and careful capital allocation. While October will likely set our high benchmark in 2022 as seasonally one of the strongest months, we believe our +20% month-over-month average growth over the past year, successful casino product expansion, and increased market share ownership of esports betting positively signals directionally as to where we are headed on underlying profitability in the future.”
The month of October was also incredibly kind to Rivalry. The organization recorded revenues of $3.34 million in October, a 501% increase from October 2021. Moreover, this represented a single-month record for Rivalry.