Decreased Revenue and Operating expenses for Fiscal Year 2024 observed in the Competitor's Financial Report
Rivalry Corp, a Canadian gaming company specialising in esports and sports betting, has undergone a strategic transformation, focusing on high-value users, cost rationalization, and product upgrades. This shift has resulted in improved key performance indicators (KPIs) and stronger unit economics, as demonstrated by the company's Q1 2025 revenue of approximately $1.3 million.
The strategic pivot, which began in the second half of 2024, has shown early success, with a 17% decrease in operating expenses, bringing them down to USD $32.2 million, compared to USD $38.8 million in the previous year.
Rivalry's current strategy includes deploying a new promotional engine for dynamic bonuses, introducing casino-led engagement mechanics like lootboxes and missions, reactivating geographic markets, and further reducing operating costs in Q3 2025 to lower the breakeven point and increase flexibility. The company is also exploring strategic alternatives and non-dilutive capital options to maximise shareholder value and accelerate growth.
In terms of market expansion, Rivalry recently launched its online esports and sports betting services in Ontario, targeting a $1 billion market. The company aims to leverage its low customer acquisition costs and high engagement by focusing on local audiences. Rivalry also prioritises mobile esports betting to attract younger demographics, covering popular mobile games such as Free Fire and Call of Duty Mobile.
The company's restructuring efforts have resulted in a leaner operating model, with a breakeven net revenue of USD $600,000 per month, down from USD $2 million per month a year ago. Rivalry Corp. operates in 20 countries and owns and operates Rivalry Ltd., a sports betting and media company offering regulated online wagering on esports, traditional sports, and casino for the digital generation.
Steven Salz, CEO and Co-Founder of Rivalry Corp., stated that the financials show the early results of the company-wide restructuring. The overhaul included a revamped registration flow, login, sportsbook, new crypto-first cashier, re-designed casino offering, and a comprehensive VIP rewards program. Rivalry Corp. reported a net revenue of USD $13.6 million for FY 2024, a 40% increase in new first-time depositors since January 2025, and a year-end cash total of $2.7 million.
Despite the operational overhaul, the company's net loss for FY 2024 was $22.4 million, a decrease from $16.2 million in 2023, representing a 16% decline in revenue. However, the company's focus on new user acquisition and engagement, as evidenced by the increase in monthly new first-time depositors by 40% since January 2025, suggests a promising future.
The company recently launched its services in Ontario and is pursuing strategic options to support continued growth and shareholder value enhancement. With its leaner operating model and focus on high-value players, Rivalry Corp. is well-positioned to navigate the evolving gaming market and deliver sustainable growth.
[1] Rivalry Corp. Press Release, "Rivalry Corp. Reports Q1 2025 Results and Provides Business Update," July 2, 2025. [2] Rivalry Corp. Press Release, "Rivalry Corp. Launches Online Esports and Sports Betting Services in Ontario," June 1, 2025. [3] Rivalry Corp. Press Release, "Rivalry Corp. Reports Full-Year 2024 Financial Results," July 2, 2025. [4] Rivalry Corp. Press Release, "Ontario Securities Commission Revokes Management Cease Trade Order Against Rivalry Corp.," July 23, 2025.
- Rivalry Corp, a Canadian gaming company, is expanding its business by launching online esports and sports betting services in Ontario, targeting a market worth $1 billion and focusing on local audiences.
- The Canadian gaming giant is currently exploring strategic alternatives and non-dilutive capital options to maximize shareholder value and accelerate growth.
- As part of its technological advancements, Rivalry Corp is introducing dynamic bonuses, casino-led engagement mechanics like lootboxes and missions, and prioritizing mobile esports betting on popular games such as Free Fire and Call of Duty Mobile.
