The leading esports betting platform Rivalry Corp. has announced a 70% increase in revenue to $29.2 million through Q3 2023, to go along with a handle of $338.1 million.
The company affirmed its commitment to growing in the online sports betting market by sharing plans to launch “more first-party games in 2024, which blur the lines between gaming, betting, and entertainment.”
Success with Gen Z
Rivalry is priding itself on its success with Gen Z customers.
“We’ve proven we can acquire, engage, and retain this demographic in gambling products.”
- Steven Salz, Rivalry Corp. Co-Founder & CEO
The update cited an 8% decrease in marketing spend as “a testament to the execution of our team, business model, and brand leadership among Gen Z.”
The platform’s casino segment grew to nearly 50% of total wagers. Its iOS mobile app debuted in Ontario in 2023 and contributed to a 400%+ year-over-year increase in betting handles in the province in Q3 2023.
Rivalry is ultimately positioning itself as a pioneering force in the iGaming sector, catering to a digitally native generation with a comprehensive suite of offerings that extend beyond its original esports foundation.
“Our esports expertise no longer solely defines us, and our rapid ascent in other segments such as traditional sports, casino, and fantasy outlines the increasingly widening opportunity set we’re realizing as a result of our unrivaled demographic understanding.”
New market expansion
Rivalry plans to invest further in the traditional sports segment, which increased on the platform by 60% since 2022.
The company has new proprietary releases and enhancements in the works for the current product suite across sportsbooks and casinos, “including those which drive usage of higher-margin verticals and increase overall player engagement.”
Its traditional sports segment already saw significant growth in 2023 with its launch of a standalone NBA fantasy app called Rivalry Ultimate Fan.
The company exited 2023 with the strongest customer KPIs in its history and will now look to grow its Total Addressable Market even further by entering new geographies in 2024.
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