Rivalry co-founder and CEO Steven Salz noted that this also meant the business continued its streak of revenue at least doubling year-on-year for every quarter since launching.
“We are pleased to report the highest betting handle and quarterly revenue in company history,” Salz said. “These results are a testament to the consistency Rivalry has delivered for over two years now, demonstrating triple-digit year-over-year growth in every quarter.”
The business’ costs of revenues also increased rapidly, however, by 198.2% to CAD$4.1m.
A a result, gross profit came to CAD$682,230, up 25.8%.
Operating expenses, meanwhile, were also up, by 155.5% to CAD$7.2m.
Marketing, advertising and promotion costs were the largest expense, growing by 370.1% to $3.1m. General and administrative costs, meanwhile, grew by 173.4% to $2.5m.
Share-based compensation skyrocketed, from CAD$26,287 in Q1 of 2021 to CAD$1.2m in Q1 of 2022.
As a result, the business made an operating loss of CAD$6.6m. This compared to a CAD$2.3m operating loss a year earlier.
After accounting for exchange rate differences, Rivalry’s total comprehensive loss was CAD$7.4m, almost exactly triple the loss made in Q1 of 2021.
“We note that first quarter figures represent organic growth in our existing markets and do not include any results from our two new regulated markets, Ontario and Australia, both of which launched in the second quarter,” Salz said.
In 2021, Rivalry’s revenue grew by 640.0% year-on-year to $11.1m.