Rivalry Reports Declines in Revenue and Operating Costs for FY 2024
Posted on: July 2, 2025, 03:27h.
Last updated on: July 2, 2025, 03:31h.
- Rivalry reports revenues of USD $13.6 million for FY 2024
- Company restructuring began in mid 2024
- Company points to 40% increase in new first-time depositors since January 2025
Toronto-based Rivalry Corp. released its full-year 2024 financial results today, showing declines in both revenue and operating expenses, a reflection of some “hard decisions” the company’s CEO and Co-Founder, Steven Salz, reported.
Revenue Fell 16%
Salz said Rivalry has turned a corner, that the financials show the early results of company-wide restructuring and foundational work, most of which began in the second half of 2024.
Net revenue for the fiscal year (ended Dec. 31, 2024) was USD $13.6 million, compared to USD $16.2 million in 2023, while operating expenses decreased 17% to USD $32.2 million, down from USD $38.8 million.
Rivalry reported a net loss of $22.4 million, and year-end cash total of $2.7 million.
Leaner, Meaner Focus
Salz said the company is leaner, and more focused.
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 Salz. “The latter half of 2024 set the stage, and we’re encouraged by the progress seen so far in 2025.”
Operational Overhaul
Heading into 2025, the company completed a big product, brand and marketing overhaul, including a crypto-first strategy plus a renewed focus on high value players.
Salz pointed to a revamped registration flow, login, sportsbook, new crypto-first cashier, re-designed casino offering and a comprehensive VIP rewards program.
Most of the changes have been implemented. In a statement, the company said a leaner operating model has resulted in breakeven net revenue at USD $600,000 per month, down from USD $2 million per month a year ago.
2025 Lookahead
Rivlry Corp. 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. While based in Toronto, the company operates in 20 countries.
So far in 2025, the company said net revenue per active user and wagers per user are at record levels, “excluding customary outliers”, there’s been deposit growth in nearly every month from November 2024 through June 2025, and monthly new first-time depositors are up 40% since January 2025.
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