Sports betting provider Rivalry has reported a record betting handle of CAD$12.8m (£7.5m/€8.9m/$10.3m) in October, its first month as a public company.
This was a rise of 40% compared to August, and a significant increase of 350% compared to October 2020.
Rivalry also experienced an increase in monthly active bettors, which were 80% more than September and were up by 200% year-on-year.
Brand engagement also grew throughout the month, with most Rivalry channels experiencing a 50% rise month-on-month.
“In October Rivalry delivered an all-time record performance across nearly all KPIs,” said Steven Salz, co-founder and CEO of Rivalry. The record month was also the month in which Rivalry began trading on the TSX Venture Exchange.
“Given the demographic we primarily serve, being on average at least a decade younger than sports bettors on traditional sportsbooks, the volume of bets Rivalry saw to deliver a $12.8 million monthly handle was significant.”
In October, Rivalry released its casino game Rushlane after an initial soft launch. The official release saw an increase of over 150% in Rushlane wagers compared to September.
Last week, Rivalry submitted an application for an Ontario sports betting and online gaming license.
“In addition to going public, we launched Rushlane, an innovation in Casino games that we believe will reinvent the category (MMOGGs), applied to become a fully registered operator for sports betting and internet gaming in our home province of Ontario, and experienced record activity across the business,” continued Salz.
In a statement, the company said that additional details would be available upon the release of its third quarter results.