Revenue increases 34% to $35.7m as Rivalry announces FY2023 results

Revenue increases 34% to $35.7m as Rivalry announces FY2023 results

The financial figures for the fiscal year ended December 31, 2023, as reported by Rivalry, are now available.

Compared to last year, revenue climbed 34% to CA$35.7m (US$26.16m).

From 2022 to 2023, profits increased by 66%, with gross profit reaching CA$16.2m in 2023.

The amount wagered on wagers also surged 82%, reaching CA$423.2m by the year's end 2023.

There is a slight change in the numbers and percentages when viewed through the lens of Q4.

Rivalry attributed the 32% decline in Q4 revenue year over year to "an abnormally favourable result experienced in Q4 2022."

The same factor that caused the 40% drop in gross profit to CA$3m also contributed to this decline.

A total of CA$85.2m was wagered in the fourth quarter, an increase of 1.5% year-over-year.

With a decrease of CA$3.3m in Q4, the net loss for the year fell 22% to CA$24.3m.

Co-Founder and CEO of Rivalry Steven Salz stated: "Last year we gained meaningful traction in new segments such as traditional sports, casino, and fantasy. This is widening our opportunity set and positioning us for sustainable growth in the medium- to long-term."

Having a strengthened competitive moat around Gen Z betting entertainment and experiences, diversified income streams, and record-high consumer economics were all reasons to celebrate at the end of the year.

"In the end, we are demonstrating that we can attract and hold on to the highly sought-after Gen Z audience with a product line focused on entertainment, a brand that resonates with their culture, and a team that isn't afraid to challenge the established norms of our industry."

The operator claims it invested substantially in growing the casino library in 2023, leading to a 92% increase in revenue, totaling CA$6.4m, for the casino business.

Despite being debuted in September, its initial game Cash & Dash quickly rose to the position of fifth most played game on the platform and tenth most lucrative.

Rivalry also ran an effort with Booster Packs, which contained codes redeemable for in-game and physical rewards.

This year, the Huddle welcomed CEO Salz as well as David King, Director of Product Design.