Rivalry Releases KPI Growth Snapshot for Q1 2025

Posted on: April 16, 2025, 01:46h. 

Last updated on: April 16, 2025, 02:23h.

Mark Keast Read More
Expertise: Canadian Gaming, iGaming, Las Vegas, Sports Betting, NFL, Boxing, UFC.
  • Rivalry undertook strategic pivot going into 2025
  • Preliminary KPIs and revenue figures for Q1 ended March 31
  • First quarter under Rivalry’s revamped operating model shows more revenue user

Toronto-based Rivalry, the sportsbook and iGaming operator for digital-first players, has released an early snapshot looking at Q1 2025 (ended March 31) KPIs and revenue figures that the company said validates its new strategic direction.

Rivalry reports that its new strategic direction is being well received by players based on early Q1 2025 KPI data. (Image: Rivalry)

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.

Rivalry CEO Steven Salz pointed to a revamped registration flow, login, sportsbook, new crypto-first cashier, redesigned casino offering, and a comprehensive VIP rewards program.

Q1 2025 marks the first full quarter under the revamped operating model. Revenue in the quarter was lower than prior periods, which the company in a statement said reflects a shift to a leaner model, as well as a “temporary variance” in sportsbook hold tied in part to more of a focus on high-value, VIP players.

“Our Q1 KPIs are delivering tangible results that validate our strategic shift,” said Salz. “The structural changes we implemented over the past six months – from streamlining operations to refocusing the product, to modernizing our platform and concentrating on high-value players – are now clearly reflected in our KPIs. We’re operating more efficiently than ever, generating significantly more revenue per user, and moving closer to achieving sustainable profitability.”

400% Jump in More Revenue Per User

Specifically, the company said in Q1 2025 it generated 400% more net revenue per user per dollar of operating expense as compared to its average before the new strategy was implemented.

Total deposits rose 36% month over month in February 2025 and another 12% in March despite a smaller active user base than past peaks. In Q1 2025, average monthly deposits per player were just over 175% higher than the periods prior to Rivalry’s strategy re-set (in October 2024), a clear sign that it’s acquiring and retaining high-value players, the company said.

The company also pointed to a 115% increase in monthly deposit frequency, compared to the average prior to the October 2024 relaunch, and an all-time high in monthly betting handle per active user that was set in March. Monthly active players grew by 9% in March.

Net Revenue Margin Decreases

The company reported that betting handle in Q1 2025 was CA$58.2 million, and net revenue was CA$1.3 million, for a net revenue margin of 2.3%. Rivalry’s full-year net revenue margin over 2024 was 4.4% with the company pointing toward short-term fluctuations in sportsbook hold as a reason for the decrease.

“Even with soft margin outcomes in Q1 2025, the model is showing strong underlying signals,” Salz said. “As sportsbook hold normalizes and our cost base becomes leaner, we believe we’re moving in the right direction. Our improved KPIs and disciplined cost management have created a healthier foundation.”