Prepare for the Biggest Show of 2024 with iGB’s New Series
The esports market has experienced significant growth since 2020, with Entain, Esports Entertainment Group, and Rivalry emerging as the top players in the industry. In 2023, Entain and Esports Entertainment Group faced challenges while Rivalry made substantial progress.
Entain relaunched the brand in December 2022 with the goal of global domination. However, a year after the relaunch, little progress was made, leading Entain to scale back direct-to-consumer operations with Unikrn. Similarly, Esports Entertainment Group faced financial difficulties, with doubts over its future and the sale of its Bethard online casino and sportsbook business in February for €9.5m.
Despite these challenges, Rivalry has surged ahead, receiving a significant investment in its 2023 £5.9m financing round and exceeding revenue expectations. The Toronto-based operator has positioned itself as the go-to brand for Gen Z and millennial users, with 80% of its customer base under 30. Rivalry’s unique marketing approach, which includes internet-speak, memes, and influencer partnerships, has resonated with its target audience. However, the company is still struggling to turn a profit, which will be crucial for maintaining its lead in the market.
Despite posting record revenue, Rivalry remained at a net loss in Q3 of 2023, and comprehensive losses widened. Co-founder and CEO Steven Salz expressed optimism for further growth in Q4 and beyond, noting the challenging capital markets environment.
As 2024 approaches, all eyes are on Rivalry as it aims to cement its position as a dominant player in the esports market. As iGB prepares for the ICE show in 2024, these developments will be closely monitored, offering valuable insights for industry professionals and enthusiasts.