Handling throughout its Isle of Man-licensed Rivalry.gg e-sports betting service totaled CAD$23.2m in the 3rd quarter, a 141.0 percent increase from CAD$9.6m in the Third quarter 2020.
Revenue increased from CAD$474,833 in Q3 2020 to CAD$3.7million after participant payments. This brings total sales for 2021 to CAD$8.9m, a 617.5 percent increase during the same period in the year 2020.
Rivalry achieved an all-time milestone in the 3rd quarter, fueled by our unwavering ambition to be the world’s premier new-gen sports betting brand. They are at the epicenter of an unstoppable intergenerational rising tide altering market products in an extensive range of industries, particularly sports gambling. Rivalry will continue to prove to investors that they can establish this relatively modern model in sports gambling via market-leading brand equity, innovative product development, several additional gaming licenses in the works, and an unrivaled team.
In terms of outgoings, revenue-related costs totaled CAD$3.1m, a CAD$2.8m increase year over year, leading to a CAD$573,266 operating income for the quarter.
This resulted in a significant increase in operational expenses, which increased 177.5 percent to $4.8 million. As a result, the company suffered a CAD$4.2m functional loss.
Nevertheless, foreign exchange profits of CAD$2.0m partially offset this, leading to a net loss of CAD$2.1m for the third quarter, up 66.8 percent from the previous year.
Rivalry has set yet another milestone since the end of the quarter, with wagers totaling $12.8 million in October, the company’s largest single month in history. That same month, it made its stock market debut on the TSX Venture Exchange and released Rushlane, a new real-money game that it claims pioneers a different genre of massive multiplayer internet gambling titles. The company is also attempting to break into Ontario’s re-regulated wagering and online gaming sector, having applied for licenses in provinces.
According to the latest sports betting news, Rivalry is setting up for a powerful 2022 as it enters the esports off-season by completing direct listing on the TSX Venture Exchange briefly after such a record quarter, contributing extra capital to the financial statements and with 0 debt, accompanied by record results in October.