Rival Announces Third Quarter 2022 Earnings

In late November 2022, rival relationships leading sports betting, media and technology companies released financial records and operational highlights for the three- and nine-month periods ended September 30, 2022. 릴게임 In addition to this, the Toronto-based company also provided initial results for October 2022.

Rival relationships provide sports betting on regulated esports, traditional sports, and casino games through wholly owned rival relationships Limited. Currently, the platform operates in more than 20 countries around the world. Since 2018, it has held an Isle of Man license, an Australian sportsbook license, and an online game registration in Ontario, and is also working to expand into new markets.

In the third quarter of 2022, the company reported a betting handle of C$70.3 million, a remarkable 203% increase from C$23.2 million in the third quarter of last year. The amount is also up 83% from C$38.4 million in the second quarter of 2022. Meanwhile, Q3 revenue hit C$7.1 million, the highest revenue in the company’s quarterly history.

In the third quarter, it also introduced its first-ever online casino game, with tremendous interest among bettors, contributing 30% of its betting handle and 15% of its revenue. Meanwhile, Q3 gross profit reached C$2.1 million. This represents a year-over-year increase of C$1.5 million, or 263% from C$600,000 in the third quarter of last year.

The company also maintained a leading position among the next generation of bettors, with the company announcing that more than 90% of active users were under the age of 30 during the third quarter. This was further confirmed by major esports betting activities, which accounted for more than 90% of all vertical bets in the sportsbook.

In addition to the third quarter highlights, the company also provided an update on the October 2022 highlights. During the month, the company collected a betting handle of C$37.2 million. Revenue hit C$4.5 million, while gross profit was equal to total Q3 2022 gross profit reported at C$2.1 million. This is the highest gross profit reported for a month in the company’s history.

Back in August 2022, the Toronto-based gaming leader released its Q2 2022 financial report. The competitor reported an impressive C$38.4 million adjustment handle, a staggering 98% increase from C$19.4 million compared to the second quarter of 2021. Meanwhile, revenue rose 60% to a record C$5.3 million from C$3.3 million in 2021.

Gross profit for the quarter was more than C$2.1 million, an increase of C$1.4 million, or 206% compared to C$700,000 compared to the second quarter of 2021. In addition, the Company reported that it had C$27.8 million in cash and no debt as of the end of the quarter or as of June 30, 2022.

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