Canadian sports betting and iGaming operator Rivalry has finally released its financial results for the first quarter of the year following scrutiny and multiple setbacks.
At the start of May, the company had confirmed the delay of its annual filings and estimated completion by 30 June. By 18 June, the company then advised that its Q1 2025 filings (financials & certifications) would also be delayed, now expected by 14 July.
It was on 14 July that Rivalry finally released its Q1 2025 results, in which the company emphasised that it had improved unit economics and initiated structural changes – a process which saw several layoffs earlier in the year.
In May, the Ontario Securities Commission issued an MCTO to Rivalry due to the missed deadlines for filing annual financial statements as well as related CEO/CFO certifications. As a result, stock trading by its management was temporarily halted until filings were complete.
Despite this, the firm reported a strong net revenue of $1.3m, which is consistent with the preliminary results announced on 16 April 2025. Meanwhile, operating expenses decreased 58% year-over-year to $4m in Q1 2025, down from $9.6m in the same period in 2024.
A modernised model
Following a company-wide transformation initiated in Q4 2024, Q1 2025 marked the first full quarter under Rivalry’s revamped operating model.
This transformation focused on attracting ‘high-value users’, implementing significant product enhancements, streamlining costs and tightening execution across all business functions.
The firm suggests that this helped contribute to a net loss reduction of 43% to $3.m in Q1 2025 from $5.2m in the prior-year quarter.
Steven Salz, Rilvary – Source: Rivalry
Steven Salz, Co-Founder and CEO of Rivalry, commented; “This quarter marks the full emergence of Rivalry 2.0 – leaner, sharper, and structurally stronger.
“We’ve rebuilt the foundation of the business around high-efficiency acquisition, high-value users, and a proprietary product – and we’re already seeing the impact. Rivalry today is not just a leaner version of itself – it’s a fundamentally different company built for scalability.”
Meanwhile, Rivalry’s breakeven net revenue has dropped to approximately $600,000 USD per month, down from over $2m a year ago. This is said to reflect the firm’s leaner cost structure and efficient operations.
“We’ve created an operating model that is not only lean and disciplined, but also high-leverage,” added Salz. “This is a structurally better business than it was a year ago. The team is tighter, the product is stronger, and the KPIs are outperforming – all with limited capital deployment. The engine is rebuilt.”
Rivalry has been making financial preparations to help move its plans forward. In April it linked up with XST Capital Group LLC, an investment bank specialising in online gaming, for advisory services. At the same time, it announced it has obtained a loan of US$650,000 (£508,000) to help fund its initiatives.
