Rivalry reports slight revenue dip after strategy change in 2024

Toronto-based online betting operator Rivalry revealed in a press release that their revenue experienced a slight dip last year, but they also mitigated losses. This all happened as the platform is going through a "strategic turnaround" that is still in progress today.

The report from Rivalry highlighted that they earned a net revenue of USD13.6 million in 2024. This is a 16% decrease from their reported revenue of USD16.2 million in 2023. However, their net loss also went down — the value was USD22.4 million in 2024 when it was USD23.8 million last year.

The operating expenses for the platform in 2024 were US32.2 million, a 17% decrease from last year's USD38.8 million. Rivalry reported a year-end cash value of USD2.7 million, and the lower operating expenses have persisted as they entered 2025.

“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 Rivalry co-founder and CEO Steven Salz. “The latter half of 2024 set the stage, and we’re encouraged by the progress seen so far in 2025.”

Rivalry began the overhaul of their cost base, product, player strategy, and operational structure in late 2024. As the first half of 2025 closes, most changes are now implemented, and the platform has detailed early results.

These include a new operating model that has reduced their operational costs, with more reductions planned for Q3 2025. They also restructured their VIP program and onboarding. According to Rivalry, this has improved retention and monetization from high-value players.

The rebuild involved expanding their casino product to improve user stability and a rework of their crypt-native infrastructure for a better user experience and token support. Their online platform also received an upgrade, which improved speed, responsiveness, and conversion.

The betting operator continued pushing the changes as 2025 rolled in. Some of these included a better Loyalty Program and consistent updates on the website for better speed and user experience.

Rivalry patrons can expect a new promo engine launching this summer, which will introduce immediate deposit offers and new promo types that will be seamlessly integrated into their onboarding and reactivation experiences.

Rivalry used to be deeply involved in the esports space. Some of their notable partnerships were with B8 Esports, a Ukrainian esports organization founded by Dota 2 great Danil "Dendi" Ishutin, and a name spot with Blacklist Rivalry, a Filipino Dota 2 team. Both teams have either disbanded or are now inactive as of the time of writing.

Whether Rivalry's strategy change and lesser involvement within esports were a factor in both teams going under is currently unknown.

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