Rivalry Boasts 2021 as Its Strongest Year to Date

Rivalry Boasts 2021 as Its Strongest Year to Date

Rivalry has emerged from one of its strongest years to date with the company announcing the results for 2021 and reporting a 640% increase in revenue to $11.1 million compared to 2020. Steven Salz, the company’s chief executive, hailed the year as “tremendous by nearly all measures.”

Strong Year for Rivalry in 2021

The company’s betting handle exploded and reached a total of $78.2 million, or a 202% increase year-over-year. Business costs of revenue increased to $8.9 million, reflecting the company’s more ambitious entries into multiple segments and maintaining a robust footprint in all of them.

Outside of this, Rivalry was left with the better part of a $2.2 million in gross profit, which was still up 216.8% from 2021’s results. Operating costs went up by 258.7% to $26.9 million. The company offered a detailed breakdown of its expenses, including $6.2 million allocated to general and amortization costs and another $6.1 million going to marketing costs.

There was an additional $1.5 million contributed to debt expenses and another $1.3 million going to technology and content costs. The company’s operating loss was much higher than 2020’s levels, at $24.7 million compared to $6.8 million in 2020.

Salz acknowledged the widening losses but argued that so far, 2021 was the most successful for the company’s sustained expansion. He added:

We had a tremendous year by nearly all measures in 2021. Our team delivered triple-digit growth, secured the financial resources to accelerate our momentum, continued to strengthen our originally developed product, added significant talent depth to our bench, and further solidified Rivalry as the most engaged brand in esports betting globally.

Rivalry CEO Steven Salz

The company managed to launch on the TSX Venture Exchange where it listed its subordinate voting shares.

Sustained Growth in 2022

Salz said that the observed growth continued in the second quarter of 2022, with Q1 results already improving on Q4 2020’s results. Betting handle in the first quarter of 2022 reached $40.2 million, Salz said. Rivalry is also now available in Ontario, Canada, and it obtained a license in Australia.

Salz offered an insight into the company’s future commitments throughout 2022. That would include both geographical expansion as well as new product opportunities. The company continues on its mission to become a leader in next-generation entertainment.

The executive was confident that the company’s focus on innovative products and its good financial discipline would allow it to achieve all of its stated goals and continue to improve across the board.