Rivalry Corp (TSX-V:RVLY) CEO Steven Salz joined Steve Darling from Proactive to share news the company has achieved remarkable results in the third quarter of 2023, setting new records in various key performance indicators. Rivalry reported a betting handle of $105.7 million, marking a significant 50% increase compared to the same period the previous year. The company reduced its marketing spend by 13% while achieving substantial growth in other areas, indicating improved marketing efficiency.
Rivalry generated $8.7 million in revenue during the third quarter, representing a notable 22% increase year-over-year. The company reported a gross profit of $4 million, demonstrating a remarkable 90% growth compared to the previous year. Salz also highlighted several key factors contributing to Rivalry's as the company successfully grown its casino segment, which now accounts for approximately half of the company's total betting handle. This expansion illustrates the company's ability to cross-sell its offerings and drive growth, even during periods of low viewership for certain esports events. Year-to-date customer key performance indicators (KPIs) have reached historic highs, including record levels of average handle per customer, average revenue per user, and the lowest-ever cost of customer acquisition.
Rivalry's year-to-date results have been exceptional, with a 127% increase in betting handle, a 70% growth in revenue, and a remarkable 175% surge in gross profit compared to the first nine months of the previous year. Salz also shared the company's future outlook, with a focus on achieving profitability in the first half of 2024. These achievements highlight Rivalry Corp's strong market position and its ability to adapt and thrive in the competitive online betting and gaming industry.