Rival Reports Third Quarter 2022 Earnings
In late November 2022, Rival, a major sports betting, media and technology company, released its financial records and operational highlights for the three and nine months ended September 30, 2022. The Toronto-based company also provided initial results for October 2022.
Rival Ritual offers sports betting on regulated eSports, traditional sports and casino games through wholly owned Ritual Ritual Limited. Currently, the platform operates in more than 20 countries around the world. 우리카지노탑 It has been licensed to Isle of Man since 2018, has been licensed to sportsbook in Australia, has registered for online games in Ontario, and is also working on expanding into new markets.
In the third quarter of 2022, the company reported a betting handle of C$70.3 million, up 203% from C$23.2 million in the third quarter of last year. The amount also represents an 83% increase from C$38.4 million in the second quarter of 2022. Meanwhile, third-quarter revenue hit C$7.1 million, the highest revenue in the company’s quarterly history.
In the third quarter, it also attracted a lot of attention among betting companies, introducing the first online casino game to account for 30% of betting handles and 15% of sales, with a gross profit of C$2.1 million in the third quarter. This is a year-over-year increase of C$1.5 million, or 263%.
In addition, the company continues to be the leader among next-generation betting companies, with more than 90% of active users reported under the age of 30 in Q382. This was further seen in major e-sports betting activities, which account for more than 90% of all sportsbook vertical betting companies.
In addition to the third-quarter highlights, the company also provided an update to the October 2022 highlights. During the month, the company collected a betting handle of C$37.2 million. Revenue was C$4.5 million, and gross profit was C$2.1 million. This is the highest gross profit reported for a single month in the company’s history.
In August 2022, the Toronto-based game leader released its second-quarter 2022 financial report. The rival reported a stunning C$38.4 million betting handle, up 98% from C$19.4 million in the second quarter of 2021. Meanwhile, sales rose 60% year-over-year to C$5.3 million from C$3.3 million in 2021.
Gross profit for the quarter was over C$2.1 million, up C$1.4 million, or 206%, annually from the second quarter of 2021. The company also reported that it held C$27.8 million in cash at the end of the quarter or as of June 30, 2022, and was debt-free.