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Rivalry has announced its financial results for Q1 2024. The company reported strong growth with a betting handle of $94.7m – an 11% increase from Q4 2023.
Additionally, gross gaming revenue rose by 20% to $7.7m and net revenue saw a significant jump of 51% to $4.5m – the company achieving a record net revenue margin of 58.5%.
Commenting on these results, Steven Salz, Co-Founder and CEO of Rivalry, stated: “Our first quarter results saw a return to growth with sequential increases in betting handle, gross gaming revenue and net revenue.
“We are also very encouraged by the improvement to net revenue margin experienced in the quarter, hitting an all-time record, proving our strategy is delivering results, and representing a meaningful improvement as compared to the average levels experienced throughout 2023.
“Additionally, interest in our original casino content continues to build, unlocking B2B revenue opportunities that we are keen to detail more fully in the near future.”
The company also introduced several product innovations in Q1 2024, including a revamped homepage, a crypto wallet experience and a streamlined onboarding process for new users.
On top of this, Rivalry has continued to expand its casino segment, which contributed 59% of the betting handle and 19% of GGR in Q1 2024. The release of original games like Cash & Dash and new betting features, such as basketball same-game-parlays and pre-made-parlays, has aimed to drive customer engagement and revenue growth.
Additionally, Rivalry recently announced the launch of “Rivalry Token,” a native cryptocurrency token designed to enhance user experiences across its product suite.
Set to launch in H2 2024, Rivalry Token aims to capture a share of the global crypto gambling market, particularly targeting under-30 bettors engaged in gaming and internet culture.
