11:04 AM EDT, 05/30/2024 (MT Newswires) -- Rivalry (RVLY.V), a sportsbook and iGaming operator for Gen Z, was at last look on Thursday up 5.5% as it reported its narrowest net loss of the last four quarters and revealed a strategic expansion into the Web3 gambling segment with Rivalry Token and "extended cryptocurrency payment experience".

According to a statement, Rivalry Token is a native cryptocurrency token that will "act as a nexus between Rivalry, Web3, and gamblers."

On its Q1, Steven Salz, co-founder and CEO of Rivalry, said the results "saw a return to growth with sequential increases in betting handle, gross gaming revenue, and net revenue."

Among highlights, the company reported a first-quarter net loss of $5.2 million. Net revenue of $4.5 million was up 51% or $1.5 million from Q4 2023. Gross gaming revenue of $7.7 million increased by 20% from the previous quarter. The company said it achieved record net revenue margin, reflecting the success of its "ongoing margin enhancement efforts".

The company also generated $94.7 million in Betting Handle in Q1, up 11% from Q4 2023.

Rivalry reported $9.4 million of cash as at March 31.

Price: 0.76, Change: +0.04, Percent Change: +5.56