Rivalry Suspends Gaming Activity While Evaluating Sale

Rivalry, a Canadian sports betting, online casino and esports operator, has paused all player activity and made a significant portion of its workforce redundant. The company said via a press release that its board of directors approved “a significant reduction in operating activity.”

“The company is engaged in discussions with third parties regarding potential transactions,” the statement highlighted. “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.”

Rivalry confirmed that player accounts have been paused with immediate effect. Customer funds are being returned as part of the wind down process. The company is implementing substantial cost reductions across multiple departments.

Licences in Ontario, Australia and offshore markets

Rivalry operates as a licensed online sportsbook and casino in Ontario. The company also holds authorisation from the Northern Territory Racing Commission in Australia. It has been active in several Latin American markets under a licence issued by the Isle of Man Gambling Supervision Commission.

The operator said it is assessing a range of potential alternatives. These may include asset level transactions, corporate level deals, restructuring measures or other crucial outcomes.

“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,” the announcement stated. According to Rivalry, more will be provided when there are material developments.

Transformation strategy and executive comments

Rivalry started reshaping its business in 2024 through deeper integration of cryptocurrency payments and a rebrand aimed at digital-first customers. The company overhauled its sportsbook platform and redesigned its casino product. An improved VIP rewards programme was also part of the repositioning.

In late 2024, Chief executive and co-founder Steven Salz said that the company had “completely rebuilt every core element” of its product. Rivalry reduced its workforce by 50% during this period, and senior executives accepted pay cuts.

In April 2025, Salz stated that Rivalry had begun reviewing strategic alternatives to support long-term growth. Three months later, he admitted the company had made “hard decisions” during the changes.

Financial performance before suspension

In December, Rivalry reported a record quarter in Ontario with a 240% year-on-year increase in deposits and a 100% increase in wagers. The company cited three consecutive quarters of revenue growth and a 58% reduction in operating expenses compared with the prior year.

“Rivalry enters its next chapter on a stronger, more sustainable foundation,” Salz said. “Rivalry is emerging from its transformation as a leaner, sharper, and more resilient business. The strategic shift we began last year continues to deliver.”

Despite a 67% improvement in net loss during 2025, the company maintained a deficit of nearly $2m at year end.