Rivalry announces another round of layoffs

Monday, October 14, 2024 12:07 PM
Photo:  Rivalry (via Instagram)
  • Ontario
  • Mark Keast, CDC Gaming

Toronto-based Rivalry has announced more layoffs, as part of the company’s restructuring to support growth into new areas like crypto. The company says they have laid off 28 employees. In July, Rivalry announced the layoffs of 29 people.

“Rivalry recently completed a company restructuring, affecting 28 of our talented colleagues as we continue to shift our teams, resources, and focus on a new strategic path we are heading on,” said Steven Salz, Co-Founder and CEO of Rivalry.

“We are finding increased leverage, product-market fit, and return on investment from our expansion into crypto and emphasis on high-value players. Despite the opportunities being created for Rivalry, it’s clear these shifts mean rethinking parts of our strategy and team that can build on the momentum we’re experiencing and become a profitable, category-defining gambling brand.”

With a new direction that’s more deeply rooted in crypto and adjacent technologies, along high-value players, while doubling down on their digital-first audience, Rivalry has highlighted overlaps in their operation, recalibrating parts of their strategy and team to position them more competitively as they embark down these new roads.

In August, Rivalry released their second quarter 2024 results (ended June 30), reporting a 22 percent year-over-year decrease in betting handle ($87.8 million for Q2 2024).

Gross gaming revenue was $7.4 million for the quarter, a 12 percent decrease from Q2 2023. Net revenue was $4.7 million in Q2 2024, a 22 percent increase from Q2 2023.

A highlight for the company there was in the crypto arena – Rivalry Token delivered $1.7 million in additional revenue in the quarter, with the company focusing on expansion efforts there in Q3.

Rivalry announced in May that the native cryptocurrency would be integrated across their entire product suite. That’s expected to launch in the second half of the 2024 fiscal year.

Prior to the release customers have been able to engage with Rivalry Token by connecting their digital wallets, earning rewards through on-site activity, creating more engagement that is driving upticks in site activity.