Rivalry loses $10.5M in first half of 2022

Esports betting company Rivalry has shared its financial results for the first half of 2022.

Brass tacks: The results are for January to June.

• Revenue of $7.8M (CAD $10.1M) in the first half of the year with a cost of revenues of $5.7M (CAD $7.3M).
• Q2 2022 saw Rivalry's betting handle hit $29.7M (CAD $38.4M), a 98% increase from Q2 2021 but down 4% from its record in Q1 2022.
• Operating expenses of $12M (CAD $15.5M), including $5M (CAD $6.4M) in marketing and advertising, up from a total of $4.7M (CAD $6.1M) for the same period in 2021.
• Net loss of $9.9M (CAD $12.8M) and a total comprehensive loss of $10.5M (CAD $13.5M).

The company: Fellow esports sportsbook Luckbox recently revealed a $3.1M loss in H1 2022.

• Rivalry added mobile esports to its betting offering in March 2022.
• As well as esports, it allows for betting on 12 sports and has a selection of casino games.
• It started operating in Ontario, Canada on April 4 and launched in Australia on May 9.
• "With a number of impactful product releases, marketing, and operational initiatives slated through the rest of year, we are hungry to demonstrate to the market the inherent operating leverage in our model," said CEO Steven Salz.