Canada
Rivalry Reports Second Quarter 2024 Results; Rivalry Token Drives $1.7 Million in Additional Revenue, Accelerating Crypto Expansion Efforts in the Third Quarter
Successful Margin Growth Efforts Drive Jump in Net Revenue; Company Gains Early Traction Among Crypto and High-Value Players with Rivalry Token; Positive Early Signal from VIP Efforts, a Key Area of Strategic Focus
Betting handle of $87.8 million1.
Net revenue of $4.7 million was up 3% from Q1 2024 and up 22% YoY from Q2 2023.
Company achieves record net revenue margin of 62.5%, highlighting the continued impact of its margin enhancement efforts, driving more net revenue per dollar wagered.
Rivalry Token drives new global audience of crypto bettors and high-value players; Token customers exhibiting twice the value of average non-crypto users.
Rivalry Token delivers $1.7 million in revenue subsequent to quarter-end, validating crypto strategy and product potential. Expected to remain a revenue stream for the business throughout the remainder of the third quarter and into the fourth quarter.
Crypto payment and technology development supporting strategy shift toward growing VIP player base; anticipated to deliver growth while maintaining current operational expense levels, driving profitability.
Rivalry Corp., the leading sportsbook and iGaming operator for Gen Z, today announced financial results for the three- and six-month periods ended June 30, 2024. All dollar figures are quoted in Canadian dollars.
“At Rivalry we have narrowed our focus primarily to two areas that are showing the highest potential for growth in our history: crypto expansion led by tokenization, and VIP’s. Alongside these focused efforts, we are tightly managing working capital, rationalizing our teams, and cutting spend in areas that fall too far outside of these priorities,” said Steven Salz, Co-Founder and CEO of Rivalry. “Our efforts to improve margin are also driving results, achieving record margin levels for two consecutive quarters.”
“Last quarter marked a broader expansion into crypto with the pre-release of Rivalry Token and we have seen very motivating early results,” Salz continued. “Rivalry Token is uniquely positioned to serve a number of our near and long-term goals to expand our geographic footprint and acquire and retain high-value players, which we are beginning to see signals of. In just a few months, Rivalry Token has attracted new customers who are twice as valuable as our average user and marked the most successful reactivation campaign in the Company’s history. Behaviorally, we see that Rivalry Token users are more active and engaged, and we are confident in the opportunities being unlocked through this technology. We have an extensive roadmap ahead for Rivalry Token, including new social-based products and games to drive more connected wallets and create engagement loops for players that will extend our momentum in the crypto gambling segment.”
“Rivalry has also been shifting resources toward VIP’s, which is closely aligned with our push deeper into the crypto segment. This emphasis on VIP’s marks a course correction of our historical strategy which delivered exceptional outcomes for the vast majority of our player base, but under-indexed on the small percentage that drives the lion’s share of revenue in an online gambling business. I have extreme conviction that the significantly above-market KPI’s we have driven for that majority of players, led by our obsessive dedication to their success, when now directed toward the smaller percentage of high-value players, that within this industry drives multiple times the value, will lead to a sizeable change in Rivalry’s business outcomes.”
Second Quarter 2024 Highlights
Betting handle for Q2 2024 was $87.8 million, decreasing by $6.9 million or 7% as compared to $94.7 million in Q1 2024, and by $24.4 million or 22% from $112.2 million in Q2 2023. As Rivalry prioritizes margin, it can negatively impact betting handle as players turn over their balances less.
Gross gaming revenue (“GGR”)2 was $7.4 million in Q2 2024, decreasing by $0.3 million or 3% from $7.7 million in Q1 2024, and by $1.0 million or 12% from $8.5 million in Q2 2023.
Net revenue3 was $4.7 million in Q2 2024, increasing by $0.1 million, or 3% from $4.5 million in Q1 2024, and by $0.8 million or 22% from $3.8 million in Q2 2023. As a percentage of GGR, the Q2 2024 net revenue margin of 62.5% was the highest in Company history and compares to 58.5% in Q1 2024 and 45.0% in Q2 2023. As a percentage of betting handle, the net revenue margin of 5.3% was the highest of the past six quarters. The improvements reflect ongoing initiatives to increase margins through innovation and adjustments to the product offering.
The Casino segment continues to be a strong contributor, generating 60% of betting handle and 24% of GGR in the quarter. Segment results reflect the ongoing expansion of Rivalry’s casino product line, including the original game Cash & Dash released in the second half of 2023.
Net loss was $5.4 million in Q2 2024. Net loss includes $0.52 million in interest expense accrued on the convertible debenture, that is not due until the end of 2025. The Company therefore considers the $4.8 million loss from operations in Q2 2024 as compared to $6.2 million in Q2 2023 a better representation of its working capital management.
The Company had $4.6 million of cash as at June 30, 2024.4
Rivalry drove strong upticks in user activity for higher margin product offerings including Pre Made Combos, which has driven over 500,000 wagers since its release in January 2024, supporting ongoing net revenue growth.
Rivalry expects to enter a licensing agreement for its first-party casino games in the coming months, establishing a new revenue stream for its B2B vertical.
Rivalry adjusted its onboarding experience to materially reduce friction for VIP users in global markets while remaining in compliance with regulatory requirements.
The Company maintains its H2 2024 profitability guidance.
Rivalry Token
In May 2024, the Company announced Rivalry Token, a native cryptocurrency to be integrated across Rivalry’s product suite to elevate the overall user experience, expected to launch in H2, subject to a number of market and product related considerations. Prior to the product’s full release, customers have been able to engage with Rivalry Token by connecting their digital wallets, earning rewards through on-site activity, and more recently off-site through a mini-experience called a â€faucet,’ with more to come in the near future. Since May, Rivalry Token has gained meaningful traction among Rivalry’s user base, drawing a geographically diverse audience of high-value players and creating engagement loops which are driving upticks in site activity.
Subsequent to Q2 2024, Rivalry Token has delivered $1.7 million in revenue5, accelerating the Company’s expansion into the crypto segment. This is expected to remain a revenue stream for the business throughout the remainder of the third quarter and into the fourth quarter.
Rivalry Token is capturing higher value players, where opted-in users are twice as valuable in terms of revenue potential and deposit nearly twice as much as non-opted-in users.
More than half of customers that opted-in to receive Rivalry Token are reactivated users while another 15% are new, marking the Company’s most successful reactivation campaign.
Rivalry Token customers are more engaged users and play consistently during all days of the week with casino driving two-thirds of betting handle.
Rivalry released a Rivalry Token web-based complement product to its on-site pre-farming, called a â€faucet,’ in mid-August to drive connected wallets and acquire new players. The Company is in the process of developing a social-based product expected to arrive in September to further expand its geographic footprint and audience capture within the crypto segment.
The Company will release more information in the coming months as Rivalry Token continues to develop.
Canada
Rivalry Reports Q1 2025 Results Highlighting Strengthened Unit Economics, Operating Leverage, and Strategic Progress
Rivalry Corp., an internationally regulated sports betting and media company, announced financial results for the three-month period ended March 31, 2025 (“Q1 2025”). All dollar figures are quoted in Canadian dollars unless otherwise noted.
Q1 2025 was the first full quarter operating under Rivalry’s restructured model, following a company-wide transformation that began in Q4 2024. This included a strategic shift toward high-value users, deep cost rationalization, significant product upgrades, and tighter execution across every layer of the business. The result is a streamlined, modernized operating model with materially improved performance and long-term leverage.
“This quarter marks the full emergence of Rivalry 2.0 – leaner, sharper, and structurally stronger,” said Steven Salz, Co-Founder and CEO of Rivalry. “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.”
Key Highlights
- Net revenue of $1.3 million, consistent with the preliminary results announced on April 16, 2025. While temporary sportsbook margin variance impacted topline outcomes, underlying KPIs continued to improve and validate the strength of Rivalry’s rebuilt model.
- Operating expenses decreased 58% year-over-year to $4 million in Q1 2025, down from $9.6 million in Q1 2024.
- Net loss reduced by 43%Â to $3.0 million in Q1 2025 from $5.2 million in the prior-year quarter.
- A meaningful portion of Q1 expenses were non-recurring or non-operational in nature, including annual audit costs, regulatory fees, and legacy payables from prior periods. The Company’s adjusted marketing spend during the quarter was approximately $175,000, materially lower than the reported figure due to these factors.
- Average Customer Acquisition Cost payback across H1 2025 was approximately 1.5 months, reflecting improved funnel conversion, higher player value, and stronger retention – all achieved under constrained spend conditions.
- Q2 2025 set new all-time records across key user economics1:
- Net revenue per player increased 49%Â versus Q1 2025, and was 210% higher than the historical average prior to the Q4 2024 transformation.
- Wagers per player rose 7% quarter-over-quarter, and nearly 300% above the pre-rebuild average.
- Average monthly deposits per player in Q1 2025 were over 175% higher than the historical average. In Q2 2025, this increased a further 28%.
- Monthly deposit frequency per player in Q1 2025 was up 115% over the historical average, and rose another 22% in Q2 2025.
- Ongoing improvements in VIP identification, segmentation, and servicing, driven by Rivalry’s proprietary Business Intelligence (“BI”) tools and Customer Relationship Management (“CRM”) infrastructure, further contributed to gains in deposit behavior and overall player value.
These improvements reflect the effectiveness of Rivalry’s strategic overhaul – including product modernization, in-house BI tooling, optimized segmentation, and CRM systems that support higher-value customer behavior and lifecycle retention.
Streamlined Operations
Rivalry’s breakeven net revenue is now approximately $600,000 USD per month, down from more than $2 million USD per month a year ago, based on current run rate operating expenses, with further cost optimizations planned in Q3 2025. The rebuilt business is operating on a structurally lower fixed-cost base with proven user economics and performance-ready infrastructure.
“We’ve created an operating model that is not only lean and disciplined, but also high-leverage,” Salz added. “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.”
Strategic Review & Outlook
Rivalry is actively exploring strategic alternatives aimed at maximizing shareholder value. As part of this ongoing process, the Company is also evaluating non-dilutive capital options as part of broader strategic initiatives to accelerate growth. These are intended to complement the broader review and enable Rivalry to fully capitalize on the performance capacity of its rebuilt model.
As the Company progresses into H2 2025, key initiatives include:
- Deployment of a new promo engine, enabling more dynamic and cost-efficient bonus structures.
- Casino-led engagement mechanics, including lootboxes, missions, and summer campaigns to drive offseason activation.
- Geographic reactivations and enhanced CRM, focused on high-value player segmentation and deeper lifecycle engagement.
- Further operating cost reductions in Q3 2025, aimed at lowering the breakeven point and increasing flexibility.
Rivalry’s transformation over the past three quarters has positioned the business with a distinct set of structural advantages: a deeply aligned and experienced team, proprietary technology and BI systems, strong regulatory licenses in Ontario and the Isle of Man, and a globally recognized brand with demonstrated reach. These strengths now form the basis of a highly scalable and differentiated operator in the global online gambling market.
“Rivalry today is a high-performance engine – structurally rebuilt, road-tested, and positioned to scale,” said Salz. “We’re focused on unlocking the next chapter of growth, and the strategic review process is designed to support that path.”
As of July 11, 2025, the Alcohol and Gaming Commission of Ontario (AGCO) no longer requires Registrar approval for responsible gambling (RG) training programs for casino and lottery employees. This change applies to both the Gaming and Lottery Standards and supports a more flexible, outcomes-based approach.
What’s changing
• Standard 2.5 has been updated to remove the need for Registrar approval of RG training.
• Training must still be mandatory, regularly updated, and based on best practices.
• Employees must understand responsible gambling, their role in player protection, and how to support those showing signs of gambling harm.
What this change means for operators and lottery retailers
• Casino and lottery operators now have more flexibility to design and update RG training.
• Existing PlaySmart training remains valid.
Why this change matters
This change reduces red tape, encourages innovation, and maintains Ontario’s high standards for player protection. This also aligns with AGCO’s outcomes-based regulatory approach and brings greater consistency across gaming sectors, including iGaming.
ToonieBet, Soft2Bet’s premier sportsbook and online casino brand tailored for Canadian players, has been named both an Official Sports Betting Partner and an Official Online Casino Partner of the Canadian Football League (CFL).
The multiyear partnership also establishes ToonieBet as an Official Partner of the CFL’s championship game, the Grey Cup. Fans from coast to coast to coast annually gather for Canada’s largest single-day sporting event to celebrate an incredible season, and to witness one team earn the right to hoist the iconic trophy. The 112th Grey Cup will be played at Princess Auto Stadium in Winnipeg on Sunday, November 16.
Fans in Ontario aged 19-and-over will be able to responsibly wager on CFL games through ToonieBet with access to in-game betting and futures. The collaboration will also explore exciting branded online casino experiences on the ToonieBet platform to entertain existing fans and engage new ones.
ToonieBet’s partnership with the CFL underscores Soft2Bet’s ongoing commitment to Canadian sports fans and a further investment in the Canadian sporting tradition, as the deal marks Soft2Bet’s second sports partnership in the country within the last three months, following ToonieBet’s designation as the Official Online Casino Partner of the NHL’s Ottawa Senators, which was recently expanded with a full sportsbook offering.
“This partnership is for the fans. Together with ToonieBet, we will unlock exciting avenues of entertainment, delivering new products, responsible gaming options and unique activations, to better serve the future of fandom. In the stadium, at home or online, we’re doubling down on engagement and innovation like never before,” said Tyler Keenan, the CFL’s Chief Revenue Officer.
“Partnering with the CFL will elevate our robust offerings in the Canadian market and allow us to continue building our passionate sports and online gaming community in Ontario. Our team at ToonieBet is deeply committed to building a premium fan experience, while delivering exceptional customer hospitality and ensuring both responsible and safe game play,” said Steve Spindler, ToonieBet’s Canadian Country Manager.
“We are proud to partner with the CFL and its local teams. This partnership goes beyond visibility – it’s about building relevance and establishing a real connection with fans. Aligning with one of Canada’s most trusted leagues allows us to strengthen our bond with Ontarians and deliver a best-in-class sports betting and gaming experience through ToonieBet,” said Martin Collins, Chief Business Development Officer at Soft2Bet.
Additionally, ToonieBet has been designated as an Official Authorized Gaming Operator of the CFL, allowing Soft2Bet to deliver best-in-class gaming experiences with official CFL data and statistics to sports fans and sportsbook users across Ontario through the ToonieBet platform.
ToonieBet will also serve as the presenting partner of CFL Fantasy, and the Game Tracker in Ontario on CFL.ca and LCF.ca, in addition to being the CFL’s odds provider on the league’s digital scoreboard.
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