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Rivalry Reports Full-Year 2024 Results as Strategic Turnaround Takes Hold, Operating Loss Narrows, and Efficiency Improves
Operating expenses reduced 17%, net loss narrows, and foundational rebuild positions Rivalry for a leaner, more efficient, and financially disciplined 2025
Rivalry Corp. (the “Company” or “Rivalry”) (TSXV: RVLY), an internationally regulated sports betting and media company, announces its financial results for the fiscal year ended December 31, 2024.
While Rivalry’s 2024 financials reflect only the earliest signals of its company-wide restructuring, the foundational work – most of which began in the second half of 2024 – is now beginning to show results in 2025. The Company narrowed its net loss, reduced operating expenses by 17%, and entered the new year leaner, more focused, and closer to breakeven.
“We made hard decisions last year – rebuilding the product, cutting costs, and refining our approach to players – and those changes are beginning to show signs of positive impact,” said Steven Salz, Co-Founder and CEO of Rivalry. “The latter half of 2024 set the stage, and we’re encouraged by the progress seen so far in 2025.”
FY2024 Highlights
- Net revenue of $13.6 million, compared to $16.2 million in 2023.
- Operating expenses decreased 17% to $32.2 million, down from $38.8 million.
- Net loss of $22.4 million, compared to $23.8 million.
- Deferred revenue of $4.1 million related to pre-sales of Rivalry’s on-platform crypto token.
- Year-end cash of $2.7 million, with materially lower run-rate operating expenses entering 20251.
Organizational Rebuild & Operating Leverage
Rivalry spent the latter part of 2024 and into Q1 2025 executing a comprehensive overhaul across its cost base, product, player strategy, and operational structure. With most changes now implemented, early signs of progress are emerging. Highlights include:
- Lean operating model, with breakeven net revenue now approximately $600,000 USD/month, down from over $2 million USD/month a year ago. Further reductions to operating costs are planned in Q3 2025 to lower the breakeven point even more.
- Restructured VIP program and onboarding, improving retention and monetization from high-value players.
- Expanded casino product, improving baseline stability through missions, races, and progression-based systems.
- Platform upgrades enhancing site speed, responsiveness, and conversion.
- Crypto-native infrastructure overhaul, including a rebuilt cashier, improved user experience (“UX”), and token-ready architecture to support long-term on-chain growth.
These efforts have driven early improvements across the Company’s core key performance indicators in 2025:
- Net revenue per active user and wagers per user at record levels (excluding customary outliers).
- Deposit growth in nearly every month from November 2024 through June 2025, despite minimal marketing spend.
- Monthly new first-time depositors (FTDs) up approximately 40% since January 2025 on flat monthly spend. Average payback on cohorts acquired during this period was approximately 1.5 months, highlighting improved customer acquisition efficiency.
2025 Momentum and Execution
In the first half of 2025, Rivalry continued executing against its strategic turnaround, with a focus on increasing player value, tightening operational efficiency, and accelerating near-term revenue drivers. Key initiatives included:
- Loyalty Program v2: Building on the success of the end-2024 launch, the next iteration of Rivalry’s on-site loyalty program is in development, designed to deepen progression, improve engagement, and anchor major campaigns throughout Q3 2025.
- New Promo Engine: Launching this summer, the rebuilt system introduces immediate-match deposit offers and new promo types, integrated directly into onboarding and reactivation flows to lift first time deposits and retention.
- Customer Relationship Management (“CRM”) and Always-On Optimization: Active performance reviews of core flows, geo-targeted reactivation campaigns, and structural upgrades to improve output across the customer lifecycle.
- VIP & High-Value-Player Activity: Fully structured outreach live across geos, with segmentation, high-touch CRM, and LTV-based targeting to reactivate high-value-players.
- Cashier & Site Speed: Continued improvements to platform speed, including faster load times, and reduced friction in cashier UX.
- Ongoing UX Improvements: Consistent updates across the site aimed at visual polish, design coherence, and front-end responsiveness to deliver a cleaner, more reliable user experience.
These initiatives have laid a foundation entering the second half of 2025. The focus now is on maintaining momentum, tightening execution, and scaling revenue through improved player economics and operational leverage.
Strategic Review
The Company’s previously announced evaluation of strategic alternatives remains ongoing. Rivalry continues to explore a range of potential outcomes aimed at maximizing shareholder value. There is no assurance regarding the timing or results of this review.
Outlook
While the 2024 annual results capture only the early innings of Rivalry’s strategic transformation, the changes made throughout the year have meaningfully repositioned the Company. With a leaner cost structure, stronger product, and increasing revenue efficiency, Rivalry is entering the second half of 2025 with sharper operational discipline and renewed focus.
Additional updates will be provided alongside the release of the Company’s financial results for the three months ended March 31, 2025, which are expected to be released on or prior to July 14, 2025.
Unsecured Loan
The Company also announces that it has secured a US$475,000 principal amount senior unsecured loan from its existing senior lender, maturing on September 30, 2025, with an interest rate of 10% per annum (the “Loan”). The Loan reinforces the Company’s senior lender’s support for the Company’s ongoing strategic review process and provides the Company with additional flexibility to continue pursuing its strategic initiatives to maximize long-term stakeholder value.
Update Regarding Management Cease Trade Order
The Company is providing this update on the status of a management cease trade order granted on May 1, 2025 (the “MCTO“) by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“). On May 2, 2025, the Company announced that there would be a delay in the filing of its annual financial statements, management’s discussion and analysis and related CEO and CFO certificates for the fiscal year ended December 31, 2024 (collectively, the “Annual Filings”), as required under applicable Canadian securities laws (the “Default Announcement“). On June 18, 2025 the Company further announced that it expects to file its unaudited financial statements and management’s discussion and analysis for the three months ended March 31, 2025 and related certifications (collectively, the “Q1 Filings“) on or prior to July 14, 2025. Although the Annual Filings have now been filed, the OSC has advised the Company that the MCTO will remain in place until the Q1 Filings have been completed.
The Company advises that: (i) there have been no material changes to the information contained in the Default Announcement; (ii) it intends to continue to comply with the alternative information guidelines of NP 12-203; and (iii) except as previously disclosed, there are no subsequent specified defaults (actual or anticipated) within the meaning of NP 12-203.
The MCTO will remain in effect until the Company is no longer in default with respect to its filing requirements and the OSC lifts the cease trade order.
The post Rivalry Reports Full-Year 2024 Results as Strategic Turnaround Takes Hold, Operating Loss Narrows, and Efficiency Improves appeared first on Gaming and Gambling Industry in the Americas.
casino license
Statement from NYSGC Chair O’Dwyer Regarding Casino Applicants

NYSGC Chair O’Dwyer has released the following statement regarding casino applicants.
“On behalf of my fellow Commissioners and the Gaming Facility Location Board, I welcome the eight applicants to Develop and Operate a Gaming Facility in New York State to the competition. The Commission and Board are committed to ensuring the casino siting process is fair, transparent, competitive, deliberative, and beneficial for the State of New York.
“This is a tabula rasa – there are no frontrunners or favorites. These eight proposed projects represent billions of dollars in private investment, thousands of jobs, and amenities in addition to a world-class casino – all things that can transform a community. That’s why each project must obtain all local entitlements, including zoning approval, and be approved by a specific Community Advisory Committee of appointees of the elected officials representing the proposed facility’s location. Only those projects that meet both statutory requirements – zoning and Community Advisory Committee approval – by September 30, 2025 will be considered by the Gaming Facility Location Board. This ensures that only those projects embraced by the community are placed before the Board for consideration.
“Appointing authorities for all eight projects have been notified of their obligation to make appointments to the Community Advisory Committees as soon as possible, as Committees are expected to be up and running in the coming weeks. Through the summer, Committees will hold public hearings to gauge support and/or opposition to their respective project, and formally vote whether to advance the project for Board evaluation. Those projects that are not approved by their Community Advisory Committee will not advance.
“The Board will evaluate those projects approved by their Community Advisory Committee and select up to three projects by December 1, followed by Commission licensure. This ensures that New York State will collect the already-booked casino license fee(s) ahead of schedule.
“As the Board has stated in the Request for Applications, the revenue from new gaming facilities is expected to benefit New York’s public schools, mass transit, local governments, and problem gambling treatment services. The jobs created by these casinos are expected to deliver livable wages to help families live, stay, and prosper in New York.
“We look forward to a competitive process with active community engagement for all proposals.”
The post Statement from NYSGC Chair O’Dwyer Regarding Casino Applicants appeared first on Gaming and Gambling Industry in the Americas.
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New Research Shows Public Want National Lottery to Do More to Help People Experiencing Gambling Harms

GambleAware has published a new research which shows that three in four members of the public want the National Lottery to do more to help people experiencing gambling harms. The charity is urging the National Lottery provider, Allwyn UK, to direct people to help and support available. Unlike other charity lotteries the National Lottery does not currently signpost to support on its advertising.
The research is based on figures from GambleAware’s forthcoming Annual Treatment and Support Survey 2024, a nationally representative online survey of almost 18,000 adults over the age of 18, conducted by YouGov. It found that the majority of the public (84%) agree that the National Lottery is a form of gambling, with almost half (46%) disagreeing that the National Lottery products are harmless. The research also found that almost three quarters (74%) of the public agree that the National Lottery should signpost people to support for gambling harm on its products. Similar research in 2023 also found that almost seven in 10 (69%) of the public also agree that National Lottery adverts should sign post to GambleAware “like other gambling adverts do”.
GambleAware is calling on the National Lottery to signpost people to gambling support services on its advertising as well as products such as tickets, scratchcards, and online instant win games. Unlike other charity lotteries, the National Lottery does not currently signpost to support on its advertising, making it an outlier in this respect.
The House of Commons Culture, Media and Sport Select Committee also recommended in 2022 that the National Lottery should signpost to gambling support services, such as GambleAware, but this has not been implemented.
National Lottery products are used by millions of people each week and reach far more people experiencing gambling harms than any other gambling brand. Previous research from GambleAware found there could be up to 600,000 people experiencing “problem gambling” who take part in the National Lottery draw.
“When I gave up gambling and self-excluded myself from places I could gamble, the one thing I couldn’t bar myself from was playing the lottery in shops. When I got a craving in my early recovery, I bought £450 worth of scratch cards.
“I later moved on to buying online scratch cards, which look like fruit machines and make sounds. There was a big jackpot where you could win a million pounds so I was really lured into those and was spending a lot. I know other people experiencing gambling harm who have had similar experiences with the National Lottery, so putting information on tickets and scratch cards about where people can get support would help so much,” a woman with lived experience of gambling harm said.
“I registered on the National Lottery app, and I got a bit of a habit with the instant scratch cards on there because they make it so easy for you to play… it did lead me into financial difficulty; I wasn’t able to buy food for about a week because I’d spent the food shopping money on scratch cards,” a respondent to GambleAware’s Annual Treatment and Support Survey said.
The National Lottery’s reach amongst those experiencing gambling harm means it has a critical role to play in preventing and reducing gambling harm. This alongside its popularity and public trust in its brand, means that measures taken by the National Lottery operator to improve signposting across its products and advertising could have a substantial positive impact.
Andy Boucher, GambleAware Chair of Trustees, said: “We recognise the great work the National Lottery has done supporting a range of worthy causes over many years. In the public’s mind, it is there to do good in the community, and so we believe it is also the right thing for it to look after the people who play the National Lottery. Allwyn, the National Lottery’s current operator, has previously stated that ‘player safety is our top priority’ and it must live up to those words and play a critical role in protecting people from gambling harms, which are a serious public health issue that can drive societal inequalities, worsen mental health issues, and increase pressure on our over-burdened health system.
“This is why we are calling for clearer signposting on the National Lottery’s products and advertising. The signposting we want to see is already a minimum standard across other charity lotteries, and we believe that it is only right that the National Lottery adopts them, as an organisation whose purpose is to benefit good causes and have a positive effect on society.”
Ian Semel, CEO of one of the National Gambling Support Network treatment providers, Breakeven, said: “At Breakeven we have over 20 years’ experience of delivering help and support to anyone affected by gambling-related harms. We are proud to be an integral member of the National Gambling Support Network and offer services across the East of England, and Kent and Sussex in the South East of England, with instant access to treatment and support without any waiting times.
“Around 11% of clients who came to us for support in 2024 disclosed that the National Lottery or scratch cards were causing them gambling harm. Therefore we have joined the call for the National Lottery to signpost to support services like us as it is crucial for people to be able to access support as soon as they recognise they may be starting to experience gambling harms.”
The post New Research Shows Public Want National Lottery to Do More to Help People Experiencing Gambling Harms appeared first on European Gaming Industry News.
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West Ham United Announces Multi-year Partnership with BOYLE Sports

West Ham United has announced a multi-year partnership with BOYLE Sports, Ireland’s largest independent bookmaker. To mark the beginning of the partnership, BOYLE Sports will become West Ham United’s front-of-shirt sponsor for the 2025/26 season.
The announcement comes as BOYLE Sports commits to a broad package of investment totalling over £100 million over the next three years in the UK and includes a fresh new look and brand identity. As the Premier League Club’s official Betting Partner, the deal signals the brand’s intent to become a major force in the UK market.
Nathan Thompson, Executive Director at West Ham United, said: “BOYLE Sports’ energy and ambition for growth makes them a natural fit as a partner for West Ham United and we are proud to be playing a pivotal role in their relaunch into the UK market.
“We are excited to work together with BOYLE Sports to deliver on our shared commitment to the growth of our Football Club and West Ham United’s UK and international supporter base.
“West Ham United is one of the Premier League’s most storied and well-supported Clubs, with a rich heritage, a world-class home in the London Stadium and a global fanbase that spans generations. This partnership is another significant milestone in our preparations for the new season, which will include the Club’s highly anticipated return to the USA, as we take on our Premier League rivals in the Summer Series later this month, allowing us to connect with our ever-growing fanbase in America and beyond.”
BOYLE Sports CCO Troy Cox said: “West Ham is one of the most iconic Clubs in the Premier League and our partnership marks a powerful alignment between two proud, ambitious brands. We both have deep historic roots and a commitment to our communities to succeed at the highest level, making them a natural partner for us. At BOYLE Sports, we’re investing significantly in our UK growth – across retail, tech, product and partnerships – and working with West Ham is a central pillar of our approach.
“Football is at the heart of many of our customers’ lives and this collaboration allows us to bring them closer to the action, fusing excitement with a deep commitment to responsible gambling. Whether you’re betting in-store, online or following the game from home, we’re committed to delivering a sharper, more rewarding experience every time. We’re thrilled to be partnering with West Ham United and can’t wait to see what we achieve together.”
To celebrate the partnership, BOYLE Sports will work with West Ham United on exciting new content throughout the season, which will appear across the Club’s global digital channels. Eagle-eyed supporters will be able to spot branded London taxis driving around the capital and appearing at matches. They will also form the basis of an exciting new content series “The Knowledge”, bringing fans closer to their heroes and empowering them with added insight in line with the BOYLE Sports mantra of “Back Yourself”.
The new front-of-shirt sponsor will make its London Stadium debut as part of the BOYLE Sports Cup as West Ham United take on Lille on Saturday 9 August.
The post West Ham United Announces Multi-year Partnership with BOYLE Sports appeared first on European Gaming Industry News.
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