Latest News
Rivalry Reports Strong Q1 2025 KPI Growth, Validating Strategic Pivot Amid Temporary Margin Variance

Rivalry Corp. (TSXV: RVLY) (OTCQB: RVLCF) (“Rivalry” or the “Company”), the leading sportsbook and iGaming operator for digital-first players, today shared preliminary key performance indicators (“KPIs”) and revenue figures for the three months ended March 31, 2025 (“Q1 2025”), underscoring the success of its strategic transformation and path toward sustainable, profitable growth. All dollar figures are quoted in Canadian dollars.
Q1 2025 marks the first full quarter under Rivalry’s revamped operating model, following significant changes to product offerings, organizational structure, cost management, and user acquisition strategies. Underlying KPIs show improved unit economics, deeper engagement, and structural momentum toward long-term sustainability.
Revenue in the quarter was lower than prior periods – a result of Rivalry’s deliberate shift to a leaner, more efficient model – creating a stronger foundation that the Company is now building on. The shortfall also reflected temporary variance in sportsbook hold, amplified by a strategic focus on high-value and VIP players. The Company believes that these segments drive significantly greater long-term value but can introduce short-term volatility as they scale.
“Our Q1 KPIs are delivering tangible results that validate our strategic shift,” said Steven Salz, Co-Founder and CEO of Rivalry. “The structural changes we implemented over the past six months – from streamlining operations and 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.”
Q1 2025 Highlights1:
- Operational Efficiency Up 400%: In Q1 2025, Rivalry generated over 400% more net revenue per user per dollar of operating expense as compared to its average before the strategic overhaul. This marks a significant leap in cost efficiency and operating leverage, validating the impact of recent changes.
- Shift to High-Value Players Driving 175% Increase in Player Monthly Deposits: Total deposits rose 36% month over month in February 2025 and another 12% in March 2025, 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 October 2024 strategic overhaul – a clear result of the Company’s focus on acquiring and retaining high-value players, while improving unit economics and lowering variable costs.
- 115% Increase in Monthly Deposit Frequency: In Q1 2025, average monthly deposit frequency per player increased by 115% compared to the average prior to Rivalry’s October 2024 rebuild – signaling strong user re-engagement and validating the Company’s refined product experience and more targeted player strategy.
- All-Time High in Monthly Betting Handle per User: Monthly betting handle per active user hit a new all-time high in March 2025, marking the fifth consecutive month of record-breaking engagement and deeper player value.
- Record Revenue per User: In March 2025, monthly Gross and Net Revenue per active user reached all-time highs (normalized for margin variance), extending a four-month streak of consistent revenue per active user growth and player monetization strength.
- Month over Month Active User Growth: Monthly active players grew by 9% in March 2025, following a similar increase in February 2025, despite a significantly reduced global marketing budget compared to the same period last year.
- Ontario Regulated Market Showing Strong, Improving Unit Economics: Since the Company’s operational shift, Rivalry’s Average Revenue Per Playing Account (“ARPPA”) in Ontario – a monthly metric defined by and publicly reported by gaming regulator iGO – has generally trended in line with the market average, and in some months exceeded it by as much as 50%. ARPPA has also nearly doubled compared to pre-overhaul levels at Rivalry, reflecting strengthening unit economics supported by efficient customer acquisition, with customer acquisition cost paybacks consistently within single-digit weeks.
Operational Momentum and Efficiency Gains Reflect Structural Progress
The Company’s Q1 2025 performance reflects the first full quarter operating under a significantly leaner structure, with total monthly run rate operating expenses reduced by approximately 65% as compared to prior peak periods.
Betting handle in Q1 2025 was $58.2 million, and net revenue $1.3 million1, for a net revenue margin of 2.3%. This compares to Rivalry’s full-year 2024 net revenue margin of 4.4%1, with the Q1 2025 margin variance largely attributable to short-term fluctuations in sportsbook hold. This was amplified by the Company’s strategic pivot toward high-value and VIP players – segments that offer significantly greater long-term value but naturally introduce more short-term variability in margin performance as they scale.
On a normalized margin basis, Rivalry’s Q1 2025 net revenue would have covered approximately 75% of current run rate operating expenses, inclusive of additional cost reductions completed in early April that lowered monthly operating expenses by approximately $140,000. Growing user value, rising engagement, and stronger unit economics reflect encouraging momentum toward long-term financial sustainability.
“The KPIs are telling the real story – user value is up, efficiency is up, and player engagement is the strongest we’ve seen in the Company’s history,” said Steven Salz, Co-Founder and CEO of Rivalry. “Even with soft margin outcomes in Q1 2025, the model is showing strong underlying signals. As sportsbook hold normalizes and our cost base becomes leaner, we believe we’re moving in the right direction.”
Over the past six months, Rivalry has reduced monthly run rate operating expenses by approximately $1.7 million per month, inclusive of the recently completed April 2025 reductions. These reductions have been enabled by a fully modernized core product with improved site performance and ongoing development velocity across key revenue-driving features. The Company has also realized efficiencies through vendor rationalization and the rollout of AI-driven tools across departments.
“We’ve built a stronger, leaner, and more focused Rivalry,” Salz added. “Our improved KPIs and disciplined cost management have created a healthier foundation. With continued operational momentum and a re-energized product, we believe we’re on a promising path forward.”
Latest News
Design Works Gaming and Bluberi Gaming Announce Monumental Partnership

Two proven game technology companies are joining forces in what promises to be a devilish collaboration that disrupts the iGaming industry.
Design Works Gaming (DWG) and Bluberi Gaming announced an exciting partnership that will bring together DWG’s chart-topping LuckyTap™ mechanic and Bluberi’s top-performing titles.
Fueled by a unique mix of creativity, innovation and undeniable player appeal, Bluberi has made waves with their iconic games, including their breakout hit Devil’s Lock™.
Enter DWG — the team behind the proprietary LuckyTap™ mechanic. Known for blending simplicity with explosiveness, DWG’s games consistently top the charts and deliver next-level engagement.
“Devil’s Lock has always topped our favorites list when we hit the casino floor as a team. And just a few months ago, as we were trying our luck with the Devil, inspiration struck. We knew we could turn up the heat and reimagine this fan-favorite as a high-voltage LuckyTap™,” said founder and CEO of DWG Troy Zurawski. “Bluberi brings the legendary IP, and we bring the power of LuckyTap™.”
This partnership kicks off a new era for both companies—one where creative chaos reigns and boundaries are pushed. Together, DWG and Bluberi are cooking up gameplay that’s bold, mischievous and unruly.
“Partnering with Design Works Gaming marks a new milestone in iGaming for Bluberi’s iGaming strategy,” said Scott Richards, VP of Commercial Strategy at Bluberi. “DWG’s LuckyTap™ is a proven game-changing technology that pushes boundaries and resonates with Bluberi’s approach to developing unique gaming experiences. Our teams share a passion for pushing boundaries and delivering unforgettable player experiences. We can’t wait to unveil what we’re creating together.”
Compliance Updates
Peru Reports 40% Drop in Illegal Online Gambling

Peru’s Ministry of Foreign Trade and Tourism (Mincetur) reported that, a little more than a year after having implemented the law that regulates the online sector, it has been able to reduce by 40% the offer of illegal games in digital platforms and applications.
In a public statement, the Executive portfolio in charge of regulating gambling also highlighted that, thanks to the inspection work, 15% of the illegal websites “have left the Peruvian market” and that “payment methods providers and financial entities have been contacted to block services to unauthorized operators”.
Based on this, Mincetur highlighted that “Peru has managed to position itself as a regional referent in the integral regulation of gambling” and that, through the normative framework, it was possible to “protect the consumer, guarantee transparency in the operations and promote the formal and sustainable economic development”.
The Ministry highlighted that with the implementation of Law No 31557, which regulates sports betting and online games, “the country became the third country in Latin America to establish clear regulations for this activity”.
“Since its entry into force in February 2024, 60 technological platforms have been authorized and 280 linked service providers have been registered, as well as the accreditation of nine international certification laboratories,” Mincetur said.
In this regard, the Ministry stated that “this regulation has made it possible to formalize the digital sector, promoting an environment of trust for both operators and users.” At the same time, it has allowed “new investment opportunities, boosting the digitalization of entertainment and strengthening the country’s tax collection”.
Canada
ToonieBet Launches its Sportsbook on Apple App Store and Google Play Store

ToonieBet, Soft2Bet’s flagship online casino and sportsbook for Ontario, has officially launched its sportsbook on the Apple App Store and Google Play Store. The platform is tailored specifically for local players, offering a dynamic betting experience with a broad range of sports events and competitive odds. The platform also features personalised promotions and loyalty rewards designed to match the preferences of Ontario’s diverse betting community.
The sportsbook uses official data feeds, ensuring players have access to the most accurate and up-to-date information on top local and international sports events. Additionally, the platform offers live broadcasting with real-time match analytics, allowing users to make informed betting decisions as events unfold. Integrated with MEGA and advanced player account management features, the operator is committed to delivering a seamless and responsible gaming environment that enhances the overall player experience while supporting local sports initiatives.
As part of this launch, the platform has also introduced a Sportsbook section on its official website, expanding its portfolio and bringing more choice to its growing customer base. With access to over 85,000 live events each month and more than 70,000 pre-match events across a wide range of sports, players now have even more ways to bet on what they love. Soft2Bet’s Canadian brand invites all players to explore its standout online casino and the full spectrum of sports betting, all delivered through a fast, secure, and fully localised platform.
Since its debut at the end of 2024, ToonieBet has offered a fast, fair, and secure online casino and sportsbook experience, fully localised for Ontario’s vibrant gaming market. The Apple App and Google Play additions further enhance accessibility, bringing ToonieBet’s premium entertainment to players on the go.
Additionally, this milestone complements the operator’s recent partnership with the NHL’s Ottawa Senators, which made ToonieBet the Official Online Casino Partner of the team. The partnership includes in-arena branding, digital promotions, and fan engagement initiatives like social contests, allowing ToonieBet to connect with Ontario sports fans in exciting ways and offering chances to win team merchandise and tickets.
Yoel Zuckerberg, Soft2Bet’s Chief Product Officer, said: “As Soft2Bet continues our rapid growth, we are excited to provide Ontario players with access to ToonieBet’s sportsbook which is now available on the Apple App and Google Play Store, offering seamless access to a customised experience tailored for the province’s passionate gaming community.”
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