The rival released its fiscal 2022 fiscal report, which appeared to be a record year for the company. Sports and eSport wagering’s online sports betting operator posted a record revenue of C$26.6 million. 릴게임 This was a remarkable 140% year-over-year increase and was achieved thanks to total handling of C$232.8 million.
Owned by Rivalry Limited, Rivalry Company is a prominent sports betting and media operator that provides regulatory and online betting on esports, traditional sports, and casino products through its platform. Headquartered in Toronto, Ontario, it currently holds licenses to operate in more than 20 countries around the world, including the Isle of Man license since 2018.
The operator said in its report that its total betting handle was C$232.8 million in 2022, up 198% from C$78.2 million in 2021. Meanwhile, revenue hit a record high of C$26.6 million, up 140% from 2021. Gross profit for 2022 was C$9.8 million, up 349% from C$2.2 million a year earlier.
In addition, the Ontario company reported a net loss of C$31.1 million compared to C$24.3 million in 2021. Net loss for 2022 includes C$8.2 million in share-based compensation, a non-cash item, against C$10.5 million in 2021. It also disclosed that it had no cash and debt of C$16.4 million as of the end of 2022.
The company also provided financial highlights for the fourth quarter of 2022. It disclosed a Q4 adjusted handle of C$83.9 million, up 237% year-on-year from C$24.9 million in the same quarter of 2021. The Q4 2022 handle also represents a 19% increase over the previous record Q3 2022 handle of C$70 million.
Q4 Revenue was C$9.4 million, an improvement of 338% from C$2.2 million in Q4 2021. Sportsbook revenue hit C$7.1 million or C$1 million more compared to Q3 2022 on the back of strong October. Meanwhile, iGaming revenue was C$1.2 million, or 199%, up about C$2.3 million, compared to the third quarter of 2022, as the company launched its first iGaming product.
As mentioned in 2022, the company introduced its first iCasino service to players. In September 2022, the company released its first iGaming title, “Aviator,” a leading title in the popular “Crash” category. The title is impressive with a user-friendly interface and can be used on both mobile and desktop devices.
In addition, iGaming operators announced that they had entered the regulated Ontario market after announcing that they had made an application that week. The local market is operated by Ontario’s Alcohol and Gaming Commission, and because the province is the first region to open their sectors for third-party operators and suppliers, the local market is the first in the country.