Esports betting operator Rivalry’s revenue more than doubled to $21.7m (£17.5m/€20.1m) in the third quarter of 2022.

Rivalry’s reported revenue of $21.7 million represents a 130% increase over the third quarter of 2021 and is based on $186 million in wagers.

The company added that 30% of its total revenue and 15% of revenue – or about $3.3 million – came from its casino product.

Rivalry added that 90% of its sports betting revenue, which represents nearly $120 million, came from esports betting. Additionally, the operator stated that 82% of its user base is under 30 years old, with the average age of customers being 25 years old.

“Our approach to attracting the next generation of consumers is different than that of legacy operators,” said Chief Executive Officer Steven Salz. “We scale through word of mouth and organic market anchoring of brand equity, which allows us to operate independently of excessive bonuses and player subsidies.”

In the first 10 months of the year to date, Rivalry added that its average monthly revenue growth increased to 32%, while the share of its bonus spending in revenue was halved.

“We have high expectations for 2023 and are confident that it will be another year of record performances,” said Salz.

Salz said the company will continue to expand in more regulated markets in 2023 after being among the first operators to launch in Ontario and in Australia last year.