Rivalry Corp. has reported improved financial results for the second quarter of 2025, reflecting progress under its restructured operating model introduced in late 2024.
The Toronto-based betting and media company said its renewed focus on efficiency, player monetization, and operational discipline led to record net revenue per player, reduced expenses, and a significantly narrower net loss.
“We’ve rebuilt Rivalry into a lean, high-performance engine,” Rivalry Co-Founder and CEO Steven Salz said. “Player monetization is at all-time highs, the product is stronger than ever, and we’re doing more with less.”
Rivalry Corp. wholly owns and operates Rivalry Limited, a fully regulated online betting and media platform offering esports, traditional sports, and casino wagering to the digital generation, with a global workforce across more than 20 countries.
Rivalry’s financial performance in the second quarter
Rivalry posted net revenue of $1.6 million in Q2 2025, up 24 percent from $1.3 million in Q1, despite maintaining flat marketing spend. Operating expenses fell sharply, down 62 percent year-over-year to $3.6 million from $9.5 million in Q2 2024.
The company’s net loss narrowed 59 percent year-over-year to $2.19 million, compared with $5.37 million in the same quarter last year, and also improved from $2.99 million in Q1 2025.
Customer acquisition efficiency also improved, with an average payback period of about 1.5 months across the first half of 2025. Meanwhile, run-rate monthly operating expenses remained steady at roughly $600,000, consistent with prior guidance.
The company emphasized that the reported net loss was influenced by non-recurring or historical expenses, such as audit costs, regulatory fees, and legacy vendor payments.
Record player performance metrics
Net revenue per player climbed 49 percent quarter-over-quarter and was 210 percent higher than the average before its 2024 business transformation. Wagers per player rose seven percent from Q1 and nearly 300 percent compared to pre-rebuild levels.
Deposits also increased significantly, with average monthly deposits per player up 28 percent quarter-over-quarter, following a 175 percent jump in Q1. Deposit frequency per player climbed 22 percent sequentially and more than doubled versus historical averages.
These gains, the company said, stemmed from an enhanced product, more effective player segmentation, and improvements in onboarding, retention, and engagement.
Rivalry’s ongoing Strategic Review remains a priority as it explores potential outcomes to maximize shareholder value, whille continuing cost optimizations into the second half of 2025.
Published: Sep 9, 2025 03:45 am