Revenue Soars Amidst Diversification for Rivalry in 2023

In 2023, Rivalry's earnings increased significantly as the company expanded into new areas.

Rivalry, a betting firm, increased its earnings in 2023 and cut its losses by 22%. The company's head, Steven Salz, says their growth comes from adding more types of betting like traditional sports, casino games, and fantasy sports to their original esports betting services.

Key Performance Indicators

• Casino revenue increased by 92% to $6.4 million.
• Total betting handle grew 82% to $423 million.
• Average handle per customer went up nearly 30%.
• The cost of acquiring a customer decreased by 15%.
• Player registrations exceeded two million.
• Gross profit surged 66% to $16.2 million.
• Operating expenses dropped by $1.0 million to $38.9 million.
• The net yearly loss was $24.3 million, less than previous years.

Competition grows into new areas.

The company started selling online casino games in Ontario, Canada. They began offering an online casino and a sports betting service called Casino.exe. As more people wanted their own casino games, Rivalry also improved their services for other businesses. These actions are helping the company to grow more in 2024.

Growth continued even though the last quarter had inconsistent results.

Near the end of the year, Rivalry earned less money, with their income dropping to $6.5 million, a 32% decrease. This was mostly because they didn't do as well with betting as they had the previous year, which was unusually successful. Nonetheless, the amount of money bet with Rivalry did go up a bit. Also, they were able to lower their losses from $12.3 million to $9.0 million in the last three months of the year.

Rivalry's Strategy Ahead

Rivalry plans to make more money by using the good marketing methods from last year, launching products that make a higher profit, and offering special betting options. They expect these steps to lead to better business results and aim to start making a profit in the first half of 2024.

They plan to launch new products and updates for their games throughout 2024. Salz suggests that the company will start a new section for business-to-business gaming and begin working with cryptocurrency. These steps are likely to help the company grow and make a profit in the second half of 2024.

Rivalry wants to attract young people who like to bet and are good with technology. They plan to create a fun type of betting service that these young people will find appealing. The company's goal is to be different from other sports betting services by offering a really enjoyable and different experience for their customers.