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Rivalry Reports Full-Year 2024 Results as Strategic Turnaround Takes Hold, Operating Loss Narrows, and Efficiency Improves
Operating expenses reduced 17%, net loss narrows, and foundational rebuild positions Rivalry for a leaner, more efficient, and financially disciplined 2025
Rivalry Corp. (the “Company” or “Rivalry”) (TSXV: RVLY), an internationally regulated sports betting and media company, announces its financial results for the fiscal year ended December 31, 2024.
While Rivalry’s 2024 financials reflect only the earliest signals of its company-wide restructuring, the foundational work – most of which began in the second half of 2024 – is now beginning to show results in 2025. The Company narrowed its net loss, reduced operating expenses by 17%, and entered the new year leaner, more focused, and closer to breakeven.
“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 Steven Salz, Co-Founder and CEO of Rivalry. “The latter half of 2024 set the stage, and we’re encouraged by the progress seen so far in 2025.”
FY2024 Highlights
- Net revenue of $13.6 million, compared to $16.2 million in 2023.
- Operating expenses decreased 17% to $32.2 million, down from $38.8 million.
- Net loss of $22.4 million, compared to $23.8 million.
- Deferred revenue of $4.1 million related to pre-sales of Rivalry’s on-platform crypto token.
- Year-end cash of $2.7 million, with materially lower run-rate operating expenses entering 20251.
Organizational Rebuild & Operating Leverage
Rivalry spent the latter part of 2024 and into Q1 2025 executing a comprehensive overhaul across its cost base, product, player strategy, and operational structure. With most changes now implemented, early signs of progress are emerging. Highlights include:
- Lean operating model, with breakeven net revenue now approximately $600,000 USD/month, down from over $2 million USD/month a year ago. Further reductions to operating costs are planned in Q3 2025 to lower the breakeven point even more.
- Restructured VIP program and onboarding, improving retention and monetization from high-value players.
- Expanded casino product, improving baseline stability through missions, races, and progression-based systems.
- Platform upgrades enhancing site speed, responsiveness, and conversion.
- Crypto-native infrastructure overhaul, including a rebuilt cashier, improved user experience (“UX”), and token-ready architecture to support long-term on-chain growth.
These efforts have driven early improvements across the Company’s core key performance indicators in 2025:
- Net revenue per active user and wagers per user at record levels (excluding customary outliers).
- Deposit growth in nearly every month from November 2024 through June 2025, despite minimal marketing spend.
- Monthly new first-time depositors (FTDs) up approximately 40% since January 2025 on flat monthly spend. Average payback on cohorts acquired during this period was approximately 1.5 months, highlighting improved customer acquisition efficiency.
2025 Momentum and Execution
In the first half of 2025, Rivalry continued executing against its strategic turnaround, with a focus on increasing player value, tightening operational efficiency, and accelerating near-term revenue drivers. Key initiatives included:
- Loyalty Program v2: Building on the success of the end-2024 launch, the next iteration of Rivalry’s on-site loyalty program is in development, designed to deepen progression, improve engagement, and anchor major campaigns throughout Q3 2025.
- New Promo Engine: Launching this summer, the rebuilt system introduces immediate-match deposit offers and new promo types, integrated directly into onboarding and reactivation flows to lift first time deposits and retention.
- Customer Relationship Management (“CRM”) and Always-On Optimization: Active performance reviews of core flows, geo-targeted reactivation campaigns, and structural upgrades to improve output across the customer lifecycle.
- VIP & High-Value-Player Activity: Fully structured outreach live across geos, with segmentation, high-touch CRM, and LTV-based targeting to reactivate high-value-players.
- Cashier & Site Speed: Continued improvements to platform speed, including faster load times, and reduced friction in cashier UX.
- Ongoing UX Improvements: Consistent updates across the site aimed at visual polish, design coherence, and front-end responsiveness to deliver a cleaner, more reliable user experience.
These initiatives have laid a foundation entering the second half of 2025. The focus now is on maintaining momentum, tightening execution, and scaling revenue through improved player economics and operational leverage.
Strategic Review
The Company’s previously announced evaluation of strategic alternatives remains ongoing. Rivalry continues to explore a range of potential outcomes aimed at maximizing shareholder value. There is no assurance regarding the timing or results of this review.
Outlook
While the 2024 annual results capture only the early innings of Rivalry’s strategic transformation, the changes made throughout the year have meaningfully repositioned the Company. With a leaner cost structure, stronger product, and increasing revenue efficiency, Rivalry is entering the second half of 2025 with sharper operational discipline and renewed focus.
Additional updates will be provided alongside the release of the Company’s financial results for the three months ended March 31, 2025, which are expected to be released on or prior to July 14, 2025.
Unsecured Loan
The Company also announces that it has secured a US$475,000 principal amount senior unsecured loan from its existing senior lender, maturing on September 30, 2025, with an interest rate of 10% per annum (the “Loan”). The Loan reinforces the Company’s senior lender’s support for the Company’s ongoing strategic review process and provides the Company with additional flexibility to continue pursuing its strategic initiatives to maximize long-term stakeholder value.
Update Regarding Management Cease Trade Order
The Company is providing this update on the status of a management cease trade order granted on May 1, 2025 (the “MCTO“) by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“). On May 2, 2025, the Company announced that there would be a delay in the filing of its annual financial statements, management’s discussion and analysis and related CEO and CFO certificates for the fiscal year ended December 31, 2024 (collectively, the “Annual Filings”), as required under applicable Canadian securities laws (the “Default Announcement“). On June 18, 2025 the Company further announced that it expects to file its unaudited financial statements and management’s discussion and analysis for the three months ended March 31, 2025 and related certifications (collectively, the “Q1 Filings“) on or prior to July 14, 2025. Although the Annual Filings have now been filed, the OSC has advised the Company that the MCTO will remain in place until the Q1 Filings have been completed.
The Company advises that: (i) there have been no material changes to the information contained in the Default Announcement; (ii) it intends to continue to comply with the alternative information guidelines of NP 12-203; and (iii) except as previously disclosed, there are no subsequent specified defaults (actual or anticipated) within the meaning of NP 12-203.
The MCTO will remain in effect until the Company is no longer in default with respect to its filing requirements and the OSC lifts the cease trade order.
New partnership to see Asia’s leading aggregator expand with operator across Paraguay, Chile and Mexico
Zenith, Asia’s premier iGaming platform provider, has today announced a new partnership with Jugamax, one of Paraguay’s leading operator brands.
Through this new partnership, Zenith will deliver an expanded gaming experience to Jugamax’s players across LatAm via ONEAPI, its award-winning game aggregation platform.
Zenith’s latest deal is expected to be the first of many in LatAm with 2025, with Asia’s leading aggregator already delivering its services to 500 global operators and over 50 million players.
This collaboration will provide Jugamax with seamless access to more than 10,000 top-quality game titles from 150 studios across the operator’s key markets including Chile, Mexico and Paraguay.
Through Zenith’s single, easy-to-integrate solution, Jugamax can now tap into a world-class library of slots, live casino and instant games, each designed to drive both engagement and retention – empowering Jugamax to scale rapidly as it continues its expansion across LatAm.
Jugamax’s integration with ONEAPI will also enable the operator to benefit from faster onboarding, dedicated technical support and access to exclusive rates for leading studios.
This partnership reflects Zenith’s ongoing commitment to providing operators with scalable, efficient and high-performing solutions tailored to the unique intricacies of markets across the LatAm region.
Commenting on the new partnership, Karina Moral, Senior Business Development Manager at Zenith, said: “Partnering with Jugamax marks an exciting step in Zenith’s expansion across LatAm. Their local expertise combined with our powerful aggregation platform will create new opportunities for growth, innovation, and player engagement in Paraguay, Chile and México.
“We already have a global reputation as an award-winning Asia aggregator and we have big plans to expand across LatAm in 2025 and beyond, with a tailored suite of product designed for the exact needs of local players.”b
MGM Yonkers Inc., a subsidiary of MGM Resorts International, submitted its commercial casino license application to the New York Gaming Commission and the Gaming Facility Location Board, with a $2.3 billion proposal to transform its historic Empire City Casino site into a commercial casino and entertainment destination. The development plans have been thoughtfully curated to achieve the maximum benefits for the State of New York, City of Yonkers and surrounding counties, while also meeting the needs of the local community.
MGM Yonkers’ plans include the full renovation and expansion of Empire City Casino’s existing gaming areas, an expansive high-limit lounge and the addition of a state-of-the-art BetMGM Sportsbook offering retail sports betting. The plan also envisions the addition of a 5000 person maximum capacity entertainment venue and accompanying meeting space which will welcome a variety of A-list and local performances with the design flexibility to accommodate special events, local graduations, and other community needs.
Additionally, three new full-service restaurants and the renovation of existing food and beverage venues will provide high-concept dining options for guests. A parking garage with solar energy arrays and electric vehicle parking spaces are among features that demonstrate MGM Resorts’ strong commitment to sustainability. If MGM Yonkers is awarded a commercial casino license, it anticipates completing all project elements by mid-2029.
“Empire City Casino and Yonkers Raceway have anchored the entertainment and tourism culture in downstate New York for more than a century. Achieving a full casino license will ensure this site will continue to be a cultural and economic force for generations to come,” said Bill Hornbuckle, President and CEO of MGM Resorts International.
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Caesars Entertainment Launches Signature Blackjack Surrender Across Online Casino Platforms in New Jersey
Caesars Entertainment Inc. announced the launch of its second proprietary online casino table game, Signature Blackjack Surrender, which is now live across Caesars’ marquee online casino platforms, Caesars Palace Online Casino, Caesars Sportsbook & Casino and Horseshoe Online Casino in New Jersey. Developed by Empire Creative, Caesars’ in-house games studio, this release follows last month’s successful debut of Caesars Palace Signature Multihand Blackjack Surrender and continues the Company’s momentum in delivering brand-led, best-in-class digital casino experiences.
This latest release further strengthens Caesars’ development and distribution of exclusive in-house iGaming content that reflects the sophistication of its legendary brands. Signature Blackjack Surrender is designed to offer a highly intuitive experience for players who prefer traditional singlehand gameplay, wrapped in the luxurious aesthetic of the various Caesars Palace iconic online gaming brands.
“Signature Blackjack Surrender marks the latest triumph of our in-house developed content, which is becoming a core piece of our online casino foundation. Signature Blackjack Surrender is the perfect complement to Caesars Palace Signature Multihand Blackjack Surrender, which successfully debuted last month,” said Matt Sunderland, Senior Vice President and Chief iGaming Officer at Caesars Digital.
“Every detail in Signature Blackjack Surrender has been carefully crafted to deliver the look, feel, and energy of a live blackjack table. We’re proud to follow up our multihand product with a singlehand version that’s equally refined, intuitive, and brand aligned. This is the next step in building a robust library of Caesars-exclusive games that players can’t find anywhere else,” said Scott Krell, Senior Director of Game Products & Head of Studio at Caesars Digital.
Signature Blackjack Surrender retains the same exciting and innovative features found in Empire Creative’s first release, Caesars Palace Signature Multihand Blackjack Surrender, including:
• Ambidextrous Game Modes – Left and right-handed modes where all players can enjoy a comfortable and ergonomic gaming experience regardless of their dominant hand.
• Brand-Aligned Design – Player-selectable table felts combined with the iconic Caesars Palace laurel wreath.
• Comprehensive Wagering Options – Advanced betting options such as surrender, even money, and insurance, allowing players more choice over their gameplay strategies.
• Customizable Audio Experience – Immersive gaming mechanics tailored to each player’s preferences through eight player-selectable proprietary audio tracks.
• Safety Net – Designed to prevent accidental bets, reducing the risk of making unintended selections during gameplay.
• Voiceover Flexibility – For a personalized experience with a choice between male and female voiceovers for game audio.
Coming soon: Caesars’ first slot title developed in collaboration with Bragg Gaming, Triple Golden Shields, is set to debut later this summer, marking the next evolution in Caesars’ exclusive content roadmap.
Those 21 and older in New Jersey can download the Caesars Palace Online Casino app on iOS or Android, or access the platform on desktop to be the first to enjoy Signature Blackjack Surrender. Caesars Palace Online Casino, Horseshoe Online Casino, and Caesars Sportsbook & Casino are available for players 21 and older in New Jersey, Pennsylvania, Michigan, Ontario, and West Virginia. Each platform offers a dynamic online casino experience with a range of unique games from top providers, Caesars-branded games, and timeless casino classics. Additionally, these platforms seamlessly integrate with Caesars Rewards, the Company’s industry-leading loyalty program, allowing players in the United States to earn Caesars Rewards Credits redeemable for unforgettable experiences at over 50 world-class Caesars destinations across North America.
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