An operator of esports-focused sports betting sites is forecasting its financials will finally flip into the black in the first half of next year.
and the market opportunity provided by esports can lead to positive earnings. It also underlines the power of online casino gambling and the same-game parlay, which other operators are leaning on as they seek profitability.
Rivalry reported its betting handle for the three months ended June 30 was $112.2 million, up 192% from the second quarter of 2022. The company noted that its online casino operations have helped offset a slower calendar of esports events, accounting for $57.5 million in handle in the second quarter.
Revenue for Rivalry was a record $8.5 million for the second quarter, the bookmaker said, an increase of 60% from a year earlier. Gross profit hit $3.8 million for the three months ended June 30, up 86% from Q2 of 2022. However, the company reported a net loss of $6.3 million for its most recent quarter, slightly worse than the $6.2-million deficit it recorded a year earlier.
“Adjusting for non-recurring items in the Company’s operational expenses over the last four quarters, Rivalry is pleased to note that its operational expenses have remained nearly flat, while simultaneously delivering triple digit year-over-year growth in betting handle every quarter,” the company added. “It is this clear operating leverage trend, combined with concerted efforts to increasingly stabilize margin at scale, that has led the Company to provide its H1/24 profitability guidance.
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