View source for News/Rivalry Reveals Q2 2023 Financial Results

{{News
|seo_title=Rivalry Reveals Q2 2023 Financial Results
|seo_keywords=Rivalry
|seo_description=Rivalry Reveals Q2 2023 Financial Results
|image=Gaming.png
|tags=Rivalry
|date=2023-08-31T09:18:33.000Z
|sources={{NewsSource
|source=Intrado Globenewswire
|url=https://www.globenewswire.com/news-release/2023/08/29/2733234/0/en/Rivalry-Reports-192-Growth-in-Handle-and-60-Growth-in-Revenue-for-Q2-2023-Projects-Profitability-in-H1-2024.html
|article=Rivalry Reveals Q2 2023 Financial Results
}}
|author=Andura
|category=Business,Companies
|content=Rivalry revealed its Q2 2023 financial results. The company reported,

* Betting handle for the three-month period ended June 30, 2023 was $112.2 million, an increase of $73.8 million or 192% from $38.4 million in Q2 2022, while reducing marketing spend 6% year-over-year.
* Casino has helped offset historical esports seasonality slowdown in Q2, contributing toward revenue diversity and growth, adding $57.5 million in handle during the second quarter.
* Revenue was $8.5 million in Q2 2023, a record result for a second quarter, representing an increase of $3.2 million or 60% from $5.3 million of revenue in Q2 2022.
* Gross profit was $3.8 million in Q2 2023, an increase of $1.8 million or 86% from $2.1 million of gross profit in Q2 2022.
* Net loss was $6.3 million for Q2 2023, a 1% increase from the net loss of $6.2 million in Q2 2022. A select number of low probability esports and sports outcomes, alongside unique behavioral betting habits from Gen Z users, caused increased margin volatility and negatively impacted revenue, which combined with several one-time expenses expanded the Company’s net loss.
}}