Rivalry looks towards 2023 market launches following strong Q4
Esports betting operator aims to expand operations following first-ever profitable month and increased user activity
Rivalry has stated that it plans to expand into new markets in 2023 and launch a mobile app to increase accessibility.
In its 2023 business update to shareholders, CEO Steven Salz delved into the areas in which Rivalry is looking to expand in the coming year while highlighting some of the firm’s achievements in the last 12 months.
Salz highlighted that while the group’s 2022 financial results are not yet confirmed, the first 10 months of the year saw the operator’s average revenue growth month on month increase to 32%, while Rivalry reduced its bonus and promotional spending by 50% year on year (YoY).
The esports betting operator also achieved its first-ever profitable month in October 2022, while Q3 revenue jumped 130% YoY to C$21.7m (£13.03m).
Due to these factors, Salz set ambitious objectives for the upcoming year.
The first objective is for the firm to expand its esports offering to cover new titles and markets to try and attract new customers. Rivalry is also planning on expanding its retro-style Casino.exe platform to include more in-house developed and third-party games catering to its target audience.
Rivalry will also look to launch in more markets to grow its total addressable market (TAM), with the operator claiming esports boasts 532 million viewers worldwide as potential customers.
Alongside this, the operator will aim to launch a mobile app to make its product more accessible to players.
To facilitate these developments, Rivalry will be looking to grow its investor base through proactive capital markets outreach.
Salz also explained how the firm would measure the success of these objectives.
The measurable outcomes include increased product depth and diversity, greater margin stability and reduced seasonality while increasing average customer spending.
Salz concluded: “I’m extremely proud of the differentiated approach Rivalry has taken from day one and what it has enabled us to achieve, creating a truly distinct product and brand that is driving operating leverage and bearing fruit across the business.
“As we move into 2023, we’re eager to continue demonstrating the same operational excellence which has enabled us to stand out in a deeply competitive industry,” he added.