Rivalry has announced its Q2 financial results ending June 30, 2024: revenue increased 22% over the same period in 2023 to CA$4.7 million, approximately US$3.49 million; net revenue increased 3% over Q1 2024; a record net revenue margin of 62.5%, with a total betting handle of CA$87.8 million.
In May, Rivalry introduced its own cryptocurrency, the Rivalry Token. This new product generated CA$1.7 million in revenue subsequent to quarter-end. The token will be integrated across Rivalry services in the second half of the year to enhance the user experience. For the rest of 2024, Rivalry will put greater emphasis on crypto payments and crypto technology development.
Gross Gaming Revenue Decline
Despite witnessing a 3% quarterly decline in gross gaming revenue (GGR) from CA$7.6 mln in Q1 2024 to CA$7.4 mln, the confidence Rivalry has about its profitability for the second half of the year and full year has not received any jolts.
CEO’s Statement
Steven Salz, Co-Founder and CEO of Rivalry, said, “At Rivalry we have narrowed our focus primarily to two areas that are showing the highest potential for growth in our history: crypto expansion led by tokenization, and VIP’s. Alongside these focused efforts, we are tightly managing working capital, rationalizing our teams, and cutting spending in areas that fall too far outside of these priorities.”
Future Outlook
Salz also stated: “Last quarter marked a broader expansion into crypto with the pre-release of Rivalry Token and we have seen very motivating early results. Rivalry Token is uniquely positioned to serve a number of our near and long-term goals to expand our geographic footprint and acquire and retain high-value players, which we are beginning to see signals of.”
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