Canada
Ontario: How operators can rise above their rivals
David Natroshvili, Managing Partner at Spribe, says that online casinos and sportsbooks in Ontario should look to content to stand out from their competitors, with non-traditional games being a powerful differentiator
Ontario has emerged as one of the strongest online casino markets in North America. As we have recently approached the first anniversary of the province opening its doors to regulated, licensed online gambling for the first time, the staggering growth it has enjoyed is clear for all to see.
With so much opportunity on the table, it should come as no surprise that it’s quickly become highly competitive, with online sportsbook and casino brands having to get their elbows out. But this is a jurisdiction where there are restrictions on marketing and advertising, so they have to be boxed cleverly.
This means differentiation through product and experience, and this means having to focus on factors such as seamless onboarding, a smooth payments journey and the sort of personalisation found on entertainment platforms like Netflix.
Of course, content is another area in which casinos and sportsbooks can pull ahead of their competitors; looking beyond slots and table games to no traditional content like mines, plinko and crash games is an effective way of doing this.
By stocking such games, operators in Ontario can engage a much broader audience and, in particular, the highly lucrative but hard-to-reach Millennial and Post Millennial cohorts. These mobile and video game aficionados are keen to wager. Still, they are looking for games that provide greater input and higher levels of interaction than simply spinning the reels on a slot.
They’re also mobile-driven and only engage with entertainment activities via their smartphones. While slots are mobile friendly, most have been developed for desktop and retrofitted for mobile rather than being truly mobile first.
Crash games, on the other hand, meet and, in some cases, exceed the expectations of these players. Aviator, our flagship crash game with more than five million monthly active players, is a great example of content design specifically for mobile play. It delivers the fast-paced thrills players seek, with plenty of big-win potential, while being super lightweight and with a UI developed for smartphone engagement.
Aviator has also been engineered to get pulses racing while giving players an element of control over the game’s outcome. Once they have placed their bet, the plane takes off and climbs higher into the sky. As it does, a win multiplier continues to rise with it. Players must decide the right moment to cash out – do they take their accrued winnings or hold their nerve for a few seconds longer?
If they wait too long and the plane flies away, they forfeit their accrued winnings and original stake. It really is a high-octane entertainment experience that will be very soon captivating players in Ontario and beyond.
It’s vital for operators to understand that most players no longer want just to spin and win – and certainly those in the Millennial and Post Millennial categories. They want to engage with entertainment options that also provide social engagement and interaction, and this is often missing from online sports betting and casinos.
Crash games, however, offer social interaction in spades. These games are often multiplayer, with participants able to interact throughout their gaming session via the chat function. With Aviator, they can also see real-time wins and scores from other players and watch as they rise the leaderboard. This makes for a shared gaming/gambling experience.
Operators in Ontario can use crash games and non-traditional content to introduce players to their brands for the first time. Because they closely mimic mobile and video games, they appeal to a broad audience – a sizable chunk of which will not have played online slots or table games before. But once they are used to wagering on outcomes, they can be cross-sold to other games within the casino and, if available, to the operator’s sportsbook.
So how can operators in Ontario get the most out of non-traditional content such as crash games?
Positioning is important. They should be given their own tab as well as a prominent spot in the main lobby. Since Aviator and other turbo games have industry leading engagement and retention rates, it makes sense to promote these games in all channels. Free bets are especially powerful.
In competitive markets, retention is just as important as acquisition, and Ontario is no different. The good news is that non-traditional content can significantly reduce churn by giving existing players fresh content to enjoy and experiences to try.
The chat function is incredibly effective when it comes to boosting the length of playing sessions, and being able to drop bonuses directly into the chat takes this to the next level.
The Ontario market will undoubtedly grow over the coming 12 months, but as the market hots up, so will the competition. Operators that want to emerge victorious must constantly improve the player experience, and when it comes to content, this means stocking non-traditional content. Those that do will fly high above their rivals.
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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