Toronto-Firm for betting on sports and e-sports Rivalry published the company’s records on rate processing and total revenue in the first quarter of 2022, shortly before launch in two key jurisdictions.
Publishing its financial report for the first quarter, the gaming company licensed in the Isle of Man reported a total profit of 4.8 million Canadian dollars, which is 149% more than the same period last year and 122% consecutively.
This is due to an increase in rates to 40.2 million Canadian dollars, a record high level of the company, increasing by 273% y / y and 62% consecutively.
The rivalry explained in detail that such growth was due to “increased operating leverage, which gives priority to the economy of a profitable client.”
Managing operations in the first quarter, Rivalry launched a legal market in his home province Ontario after entering the market in April. The Gen-Z-focused firm began operations in Ontario on April 4, the first day of regulated online ponds in the province.
Meanwhile, in the first quarter, the firm also received a license to operate in Australia, obtaining a license for a sports bookmaker from the Racing Commission of the Northern Territory of Australia. This gives Rivalry the power to regulate activities across the country.
“We are pleased to announce the highest rates and quarterly earnings in the company’s history,” he said Stephen Salz, co-founder and CEO of Rivalry. “These results are a testament to the consistency that Rivalry has been providing for more than two years, showing three-digit growth over the same period last year in each quarter.
“We note that the 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 were launched in the second quarter.”
After a successful trading period, Rivalry ended the first quarter with a gross profit of C $ 0.7 million, an increase of 26% y / y and 71% consecutively. In addition, by the end of the quarter there was no debt. However, Rivalry revealed that the bank had 30.1 million Canadian dollars compared to 35.5 million Canadian dollars at the end of the 4th quarter of 2021.
Salz added: “The strength we saw in the first quarter shows a strong impetus in business. We expect to continue to grow significantly compared to last year in 2022. ”
“As we’ve said in the past, on a consistent basis when it comes to betting processing, the second and fourth quarters have usually been slower periods in the eSports calendar, with the first and third being stronger. We expect seasonality to become less pronounced over time as traditional sports and casinos grow as a percentage of our bets. ”
“I am very encouraged by the trends we see in business and the performance of our team as we continue to seize this opportunity for generations. I have never been more confident, ”he concluded.