Rivalry Corp Provides Business Update and Announces Strategic Vision for 2024
Rivalry Corp is positioning itself as a pioneering force in the iGaming sector, catering to a digitally native generation with a comprehensive suite of offerings that extend beyond its original esports foundation. In 2023, the company achieved notable diversification, both geographically and across its product range, marking a year of significant growth and the strongest customer key performance indicators in its history. This expansion has allowed Rivalry to tap into a broader array of iGaming segments, including traditional sports, casino, and fantasy sports, showcasing its evolving influence and broadening opportunity set within the industry.
Throughout 2023, Rivalry demonstrated remarkable growth, evidenced by a 127% increase in betting handle, reaching $338.1 million, and a 70% rise in revenue to $29.2 million through the third quarter, alongside a significant uptick in gross profit. The year also saw the company making strategic reductions in marketing expenditures while diversifying its product portfolio. The introduction of innovative offerings like the industry’s first same-game parlay product for esports and the launch of its iOS mobile application in Ontario—which contributed to a more than fourfold increase in betting handle in the region—underscored Rivalry’s commitment to innovation and market leadership.
Rivalry’s approach to engaging Gen Z consumers through a blend of gaming, cultural relevance, and innovative betting products has established it as a generational brand within the online gambling industry. This unique positioning has enabled the company to differentiate itself in a competitive market, setting the stage for sustained growth and profitability.
Looking ahead, Rivalry is focused on enhancing its product suite and exploring new avenues for engagement and expansion. The company aims to maximize operating leverage and move towards profitability through efficient cost management and strategic marketing investments. Furthermore, Rivalry plans to launch new original games that blend gaming, betting, and entertainment, directly appealing to its core demographic. The success in engaging younger audiences through its casino offerings is anticipated to open up business-to-business licensing opportunities, creating additional revenue streams. Moreover, Rivalry is set to expand its geographic footprint and continue to innovate its product offerings to increase player engagement and value.
The foundation of Rivalry’s success lies in the talent and dedication of its team, whose commitment to pushing boundaries continues to drive the company forward. As Rivalry builds on its achievements, it remains focused on delivering an unmatched iGaming experience, further solidifying its position as an industry leader. With a clear vision and strategic initiatives in place, Rivalry is well-positioned to continue reshaping the future of online gambling, delivering value to its shareholders, and providing unparalleled experiences to its customers.
