Internationally regulated sports betting and media company Rivalry Corp. (TSXV:RVLY) (OTC:RVLCF) announces the launch of its mobile app in Ontario.
The mobile app provides Ontario residents access to Rivalry’s next-generation betting platform on their phones, allowing them to wager on an extensive catalog of esports and traditional sports.
“Mobile betting is a significant addition for our Ontario operations and core audience of Millennial and Gen Z consumers that prefer the flexibility of betting on their phones,” stated Steven Salz, Rivalry Co-founder, and CEO.
“Launching a mobile app adds an important layer of accessibility to our product, increasing our addressable market in Ontario, and allowing us to bring esports betting to more customers in the region and ultimately grow the category,” Salz added.
Since acquiring its license to operate in Ontario in April 2022, Rivalry has experienced a 15% average month-over-month growth rate in esports betting.
“This is a generation that expects more from the products, entertainment, and brands they consume, and we’ve customized our online betting experience to match that. Our differentiated user experience continues to act as a catalyst for our company, and we’re excited to bring this offering to the palm of our customers’ hands,” commented Salz.
Recently, Rivalry reported first-quarter FY23 revenues of $12 million, an increase of 151% year-over-year and 27% sequentially.
The betting handle for the quarter was $120.2M, up 199% YoY and 43% sequentially.
The company’s user registrations doubled, reaching 1.5 million (+115% Y/Y) users, with Millennials and Gen Z representing 97% of active users.
Gross profit was $5.4 million in 1Q23 versus $0.7 million in 1Q22. Net loss contracted by 50% Y/Y to $3.3 million.
The company held $13.1 million of cash and no debt as of March 31, 2023.
