Esports betting specialist Rivalry has published its Q2 2023 report, highlighting another favorable quarter. The gaming and sports betting operator reported a spectacular increase in handle and updated its guidance.

Rivalry reported record-breaking Q2 revenue of roughly $6.4 million (converted to USD from CAD). This represents a remarkable 60% increase from Q2 2022, demonstrating the company’s resilience.

During the second quarter of the year, Rivalry recorded an impressive handle of $82.6 million. This figure notably represents a whopping 192% year-on-year increase for the company.

At the same time, marketing spend was reduced by 6% year-on-year.

Rivalry reported that its casino business helped it offset the seasonal slowdown of the esports segment, adding an extra $42.3 million in handle.

Gross profit for the period was $2.8 million, representing an 86% year-on-year increase. Net loss, on the other hand, sat at $4.6 million, remaining more or less the same as in Q2 2022 when the company recorded a loss of $4.5 million. Operational expenses also remained nearly flat.

At the end of June 30, 2023, Rivalry had $10.3 million in cash and no outstanding debts.

Salz Is Excited about the Performance

The favorable results caused Rivalry to update its FY guidance. Steven Salz, the company’s co-founder and chief executive officer, attributed the favorable results in Q2 to multiple improvements to the company’s business, including increased marketing sophistication and enhancements to its core product.

Salz teased that the company plans to release a number of products in Q3 that are expected to further boost its business. He promised that Rivalry has “barely scratched the surface” of its product roadmap and is confident in its potential to appeal to younger players.

While the volatility of the market continues to be a challenge to the company, it also provided Rivalry with the opportunity to learn more about the sector and its competitors.

Our position among young Millennial and Gen Z customers represents one of our greatest competitive advantages, but has also presented unique learnings regarding betting behaviors.

Steven Salz, CEO, Rivalry

Salz noted that the learnings and ongoing adjustments to the company’s business are expected to reduce volatility, positively impact bottom-line results and “propel” the company to profitability.

In other news, Rivalry recently introduced same-game parlays and launched a mobile esports app in Ontario.

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Genius Sports, a data, technology and broadcast partner that powers the global ecosystem connecting sports, betting and media, has published its financial results for the second quarter of the year, highlighting its recent successes. The company’s revenue for the period exceeded the company’s expectations, causing it to update its guidance.

As reported by Genius Sports, its revenue exceeded the Q2 guidance of $80 million, sitting at $86.8 million at the end of the quarter. This represents a year-on-year increase of 22%.

Betting technology revenue increased by 27% year-on-year. Media technology and sports technology revenues, on the other hand, increased by 22% and 3%, respectively.

The company also reported group adjusted EBITDA of $15.7 million, which exceeds the guidance of $14 million. Year-to-date group adjusted EBITDA, meanwhile, more than quadrupled year-on-year to a stellar $24 million.

Furthermore, Genius Sports reported lower loss from operations. Whereas the company lost $39.7 million in Q2, 2022, it lost only $7.8 million in Q2, 2023. The favorable results were attributed to the improved underlying performance but the improvement was sadly offset by a $29 million reduction in gain on foreign currency.

Genius Sports updated its group revenue and adjusted EBITDA guidance for the year, following its spectacular performance during the quarter. According to Genius Sports, the company now expects group revenue to reach $410 million, instead of $400 million.

Adjusted EBITDA guidance, meanwhile, was updated from $49 million to $52 million. In addition, the company expects to expand group adjusted EBITDA margins from 5% in 2022 to 13% in 2023.

Q2 Was a Productive Period for the Company

In its report, Genius Sports also highlighted some of its achievements in Q2, which include, among other things, an extension of its strategic partnership with the National Football League. Moreover, it extended its official data partnership with Football DataCo.

Another sports agreement was an AI-powered tech expansion with the EPL and EFL through cutting-edge Second Spectrum technology. Genius also supplied the FIFA Women’s World Cup Australia & New Zealand 2023 with innovative digital features, once again using Second Spectrum.

Genius Sports also expanded its integrity program with The German Football Association and secured a bunch of accolades, including Best Technology for College Sports at the Sports Technology Awards 2023 and the Sports Betting Supplier award at the EGR North America Awards 2023.

CEO Mark Locke commented on the performance. He said that the company has reached a “significant inflection point in its business.”

Locke said: “The ongoing success through the second quarter perfectly demonstrates our balanced approach in delivering near-term results, while accelerating Genius towards our long-term growth and profit targets.”

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