Canadian sports betting, online casino, and esports company Rivalry has paused all player activity and cut a large share of its staff while reviewing strategic options, including a potential sale.
Previously, Rivalry had mainly concentrated on esports. Still, it is now licensed and functioning in Ontario as an online sports betting and online casino platform.
In a press release on Friday The Toronto-headquartered company said:
The company is engaged in discussions with third parties regarding potential transactions. However, in light of recent performance volatility, the board has determined to materially reduce the scale of operations while assessing whether a strategic transaction or other alternative can be advanced.
Besides that, the gambling company is licensed in Australia under Northern Territory Racing Commission and still conducts business in various grey markets worldwide, including parts of Latin America, via an Isle of Man Gambling Supervision Commission license.
From the moment of the announcement, all customer activities have stopped, and customer deposits are being returned. Besides that, Rivalry is taking drastic measures to reduce its costs, which will entail a large layoff round.
There are various options under consideration by the company, and any one of them might lead to selling of assets, making bigger corporate deals, restructuring plans, or other strategic moves.
The announcement warned:
Given the company’s reduced operating scale and the ongoing evaluation process, there can be no assurance that any strategic alternative will be completed or that operations will continue in their current form.
Following a wide-ranging transformation that included, among other things, a heavy focus on cryptocurrency, a strategic rebranding for the high-value digital-first users, a complete revamp of the sportsbook, an upgraded casino platform, and a renovated VIP rewards system, Rivalry started reshaping its business in 2024.
CEO and Co founder Steven Salz mentioned towards the end of 2024 that they had basically rebuilt their entire platform from scratch. In the same period, Rivalry also let go of half of its employees and the senior team reduced their salaries.
In April 2025, Salz revealed that after 3 rounds of layoffs, they had started to find their right strategy and identify ways that would help their long-term growth. Three months later he admitted that the restructuring required making some very difficult decisions, but the initial indications showed that the changes were having a positive effect.
The latest public disclosure by Rivalry in December seems to show that the company is gaining momentum. In addition to a record quarter in Ontario where deposits were 240 percent up year on year and wagers also doubled, the company reported three consecutive quarters of revenue growth and a 58 percent annual reduction in operating costs.
Salz said:
Rivalry enters its next chapter on a stronger, more sustainable foundation. Rivalry is emerging from its transformation as a leaner, sharper, and more resilient business. The strategic shift we began last year continues to deliver.
Rivalry managed to cut its net loss in half by 67 percent in 2025, however, by December they were still close to $2 million in deficit at the end of the year.
