Rivalry Reports Strong Q1 2024 Results and Unveils Rivalry Token
Rivalry, sportsbook and iGaming operator targeting Gen Z has reported robust financial results for the first quarter of 2024, ending March 31.
Key Financial Metrics
The company achieved significant growth in betting handle, gross gaming revenue (GGR), and net revenue, marking a return to positive momentum.
Betting Handle: Q1 2024 saw a betting handle of $94.7 million, an increase of $9.6 million (11%) from Q4 2023.
Gross Gaming Revenue (GGR): GGR for Q1 2024 was $7.7 million, up $1.3 million (20%) from Q4 2023.
Net Revenue: Net revenue reached $4.5 million in Q1 2024, an increase of $1.5 million (51%) from Q4 2023. The net revenue margin was a record 58.5%, compared to 45.4% in FY 2023.
Rivalry continued to expand its casino product line, which contributed 59% of the betting handle and 19% of GGR for the quarter.
The introduction of new features, such as a basketball same-game-parlay product and pre-made parlays, has enhanced user acquisition and revenue margins. The launch of shareable bet slips has also increased user engagement and community interaction.
Introduction of Rivalry Token
Rivalry has also announced the Rivalry Token, a native cryptocurrency designed to integrate with the company’s suite of products.
This token is aimed enhance functionality and user experience across Rivalry’s sportsbook and casino offerings, providing a unique value proposition for its core audience of under-30 bettors.
The Rivalry Token is set to launch in the second half of 2024 and aims to deepen the company’s engagement with the global crypto gambling market.
Steven Salz, Co-Founder and CEO of Rivalry, highlighted the company’s strong Q1 performance and strategic initiatives “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,” he noted.
Strategic Goals and Market Positioning
Rivalry aims to position itself competitively within the crypto gambling market by leveraging its established brand and user base. The company plans to integrate Rivalry Token across its product suite, rewarding users with a decentralized asset that enhances engagement and loyalty.
Rivalry has launched a pre-farming campaign, PLAY-2-EARN, allowing users to accumulate interim token points through site activity and social media, which will later convert into Rivalry Tokens. Additional information on Rivalry Token’s commercial partners, token economics, and other details will be released in the coming months.
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