Rivalry reported a 60% increase in Q2 2022 revenue to CA$5.3 million (US$4.1 million). The betting side increased 98% annually, while the company’s Q2 gross profit of CA$2.1 million represented a 206% growth over Q2 2021.

The operator says this rise was supported by greater operating leverage that prioritized the profitable customer unit. In addition, the company claims a strong cash position of CA$27.8 million with no outstanding debt, which has allowed for further development.

Rivalry’s growth continued in Q3 2022, with CA$23.4 million in betting operations in the month of July, up 66% from June.

Steven Salz, Co-Founder and CEO of Rivalry, said, “We are very encouraged by our performance in the second quarter, posting significant year-over-year growth across all key metrics despite being a seasonally smooth quarter on the sporting calendar.”

“So far, our momentum in the third quarter continues this growth trajectory, including achieving another record number of bets in a single month, delivering CA$23.4 million in July.”

The company began operations in Ontario, Canada on April 4, 2022, the first day of regulated online gambling in the region, before announcing the launch of betting operations in Australia on May 9, 2022.

“The launch in our first two regulated markets was a significant milestone in Q2 that will help drive growth in the coming quarters as we establish our brand with consumers; implementing our ‘crawl, walk, run’ strategy that prioritized operating with sustainable unit economy in new markets first, and scaling spending after that,” added Salz.