Latest News
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.
Latest News
Win Systems to showcase the future of connected gaming at the Southern Amusement & Entertainment Expo

Win Systems, a leading provider of technology for the gaming and entertainment industry, will participate in the Southern Amusement & Entertainment Expo (SAEE), which will take place on August 19–21 in Georgia, USA. This event, a benchmark for the distributed gaming market in the region, will serve as the ideal platform for Win Systems to showcase its comprehensive and cutting-edge ecosystem of solutions.
At SAEE Expo, the company will present WIGOS One, a flexible and scalable casino management system that can be seamlessly adapted to the specific requirements of the distributed gaming market in Georgia. WIGOS One enables operators to monitor and manage multiple venues and gaming terminals under a single, centralized platform, allowing real-time tracking of player activity, integration of loyalty and bonusing programs, and access to advanced analytics for strategic decision-making. The system supports the transition from anonymous play to a fully connected environment, enhancing operational control and opening new opportunities to boost player engagement and retention.
Additionally, Win Systems will present Win Up Wallet, a secure mobile solution that allows players to connect to gaming machines, access rewards, and manage their funds directly from their smartphones — eliminating the need for physical tickets or cash. In line with its digital-first approach, and in partnership with LoopPay, the company will also introduce a feature that enables players to redeem their winnings digitally through gift cards, without requiring TITO tickets or kiosks, while still offering the option to redeem traditional physical gift cards.
“We’re excited to bring our latest innovations to the SAEE Expo,” said Hunter Kampf, Country Manager USA & CANADA. “Georgia is a strategic market for distributed gaming, and WIGOS One precisely meets its unique requirements. Our connected solutions will enable operators to simplify management, reduce operational costs, and strengthen relationships with their players through real-time data and seamless digital tools.”
With a focus on integration, data-driven decision-making, and digital transformation, Win Systems continues to lead the way in offering robust and scalable solutions for today’s dynamic gaming landscape. The company’s presence at SAEE underscores its strong commitment to the U.S. distributed gaming market and its ongoing efforts to support local operators with the most advanced tools available.
Latest News
Inspired Launches V-Play Football Brazil with EstrelaBet via the Altenar Sportsbook

Inspired Entertainment, Inc., a leading B2B provider of gaming content, technology, hardware, and services, is pleased to announce the launch of V-Play Football Brazil with EstrelaBet, a leading Brazilian gamingtech company. The integration is powered by Altenar, a leading sportsbook platform provider for licensed operators around the world.
This launch marks an exciting new chapter in Inspired’s expansion across Brazil delivering its market-leading Virtual Sports content to a local, LATAM focused operator. V-Play Football Brazil, designed specifically to capture the flair, passion, and energy of Brazilian football, provides fast-paced betting action with high-frequency, ultra-realistic match simulations.
“We’re thrilled to bring V-Play Football Brazil to EstrelaBet’s customers,” said Brooks Pierce, President and Chief Executive Officer of Inspired. “Brazil has a deep-rooted passion for football, and our latest Virtual Football product is tailor-made for that audience. This launch with EstrelaBet, through Altenar’s dynamic platform, represents a powerful combination of cutting-edge technology, local insight, and premium virtual content. It’s a major milestone in our commitment to growth in Brazil.”
EstrelaBet, known for its strong brand presence in Brazil and innovative approach to player engagement, continues to invest in new ways to enhance its sportsbook offering. V-Play Football Brazil is now available at estrela.bet.br, optimized for desktop and mobile platforms, as well as the Android app.
“Inspired’s V-Play Football Brazil delivers the quality, authenticity, and excitement that our players expect,” said Fellipe Fraga, CBO (Chief Business Officer) at EstrelaBet. “The launch of this product aligns perfectly with our mission to offer customers a dynamic and differentiated sports betting experience. We’re excited to bring Brazilian fans a product that feels made just for them.”
The launch was made possible through Altenar, whose scalable and flexible sportsbook platform supports operators across more than 30 countries.
“We are proud to power this exciting launch between Inspired and EstrelaBet,” said Antonis Karakousis, Director of Operations at Altenar. “Inspired’s V-Play Football Brazil is a perfect match for the Brazilian market, and this rollout exemplifies Altenar’s ability to support rapid integration and localization of best-in-class content. We look forward to seeing strong engagement and performance from this partnership.”
Gaming
Avalanche and Helika Launch New Gaming Accelerator – Applications Now Open

The Avalanche Foundation and Helika, a leading provider of technical and creative solutions for the video games industry, have officially launched their joint video game accelerator program and opened applications for the first cohort.
The newly announced strategic partnership is designed to engage both Web3-native studios and traditional game developers exploring blockchain integration. The accelerator aims to identify and support the next generation of studios building at the frontier of blockchain-based gaming.
The program is focused on product interaction and is designed to discover, support, and fast-track promising studios and projects building on the Avalanche blockchain. It will provide selected projects with unparalleled access to resources, mentorship from industry leaders, technical support, activations, and funding opportunities for qualifying or top-performing teams.
The accelerator is open to seasoned teams building high-quality, engaging experiences across platforms, from mobile to desktop and everything in between. Projects with prior traction or cross-platform aspirations are especially encouraged to apply.
The program will run for 3 months, with virtual onboarding and IRL showcases planned across major gaming and blockchain events.
What selected teams get:
Funding & Resources: $25,000 in initial support and up to $125,000 in additional funding for qualifying or top-performing teams.
Expert Guidance: Mentorship from game veterans, blockchain experts, and industry leaders through group sessions and 1:1 consultations.
Analytics Support: Comprehensive analytics solutions to track performance, improve retention, and optimize monetization strategies.
Blockchain Integration: Dedicated assistance for integrating with the Avalanche blockchain and optimizing technical performance.
Community & Growth: Activations with partner communities and platforms and support in player acquisition, community building, go-to-market strategies.
Helika Advisory Access: Access to specialized experts from Helika’s network for tailored support.
Ecosystem Access: Direct connection to a vibrant network of developers, investors, publishers, and Web3 enthusiasts.
Showcase Opportunities: A final Demo Day event to present games to investors, publishers, and ecosystem partners.
“We are excited to partner with the Avalanche Foundation to create a world-class accelerator for Web3 gaming. Avalanche’s robust and scalable infrastructure makes it an ideal environment for innovative game development. Studios need tools that work, data that matter, and real support from people who understand what it means to build in this space — this accelerator provides all of that, plus a direct line into a powerful Web3 ecosystem,” said Anton Umnov, Founder and CEO of Helika.
“Avalanche is focused on the long game. There’s no shortage of flashy ideas. What’s missing is the support that helps studios turn those ideas into real, playable, scalable games. Avalanche has long been the go-to chain for speed and innovation, and now we’re channeling that energy into the future of gaming, supporting teams who understand the nuance of player experience, community building, and long-term value creation,” said Parker Heath, Ava Labs Gaming Partnerships Lead.
Avalanche plays host to a vibrant lineup of video games, including Off The Grid and Maple Story Universe, all pushing the boundaries of what’s possible in blockchain-powered play. Thanks to its customizable Avalanche L1s, lightning-fast transaction speeds and low fees, developers can tailor unique environments for their games without compromising on user experience.
Helika has become a cornerstone for modern game studios, equipping developers with real-time insights into player behavior, on-chain economies, and engagement metrics. From Proof of Play and Parallel to Nexon, Ubisoft, and Com2Us, Helika’s platform is shaping how developers build, balance, and scale their games in real-time. This accelerator takes that impact further by embedding support into the earliest stages of development when it matters most.
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