Q2 2024: Rivalry’s crypto pivot drives C$1.7m in post-quarter revenue

During the quarter, Rivalry generated GGR of C$7.4m, down 12.9% compared to Q2 202

That GGR came from C$87.8m in betting handle, which suffered an even larger reduction of 21.7% compared to the prior-year quarter.

Rivalry said the reduced betting handle came as the result of an increased focus on improving margins within the business, which “can negatively impact betting handle as players turn over their balances less.”

Despite the drops in handle and GGR, net revenue increased substantially from C$3.8m in Q2 2023 to C$4.7m in Q2 2024.

The company’s quarterly net revenue margin, 62.5%, was the highest in Rivalry’s history according to the operator.

Looking at the numbers by product vertical, online casino was a “strong contributor” to the company’s results, generating 60% of betting handle and 24% of GGR during the quarter.

Overall, Rivalry declared a net loss of C$5.4m for the quarter, compared to a C$6.2m net loss in Q2 2023.