Rivalry has released its financial results for the third quarter of 2024, showcasing major strategic shifts and performance highlights. The company is leaning heavily into a crypto-first approach, aiming to capture high-value players while reducing operational costs. Below are the key updates from the report – all figures in Canadian dollars.

  • Financial highlights: Betting handle reached $79.9 million, while adjusted revenue hit $6.0 million, including deferred token revenue. Marketing spend was scaled back, reducing costs by 30% year-over-year. Cash reserves were bolstered by a $3.0 million private placement.
  • Rivalry Token’s success: Rivalry Token generated $3.0 million in deferred revenue, showing strong acceptance among players. Crypto wallet-connected users now produce 200% more revenue than non-crypto players. Retention rates for token users are 30% higher, indicating long-term engagement potential.
  • Operational realignment: The company cut operating expenses by 50%, creating a leaner organizational structure. Workforce reductions and revised performance goals have boosted productivity by 200%. These changes are expected to help Rivalry reach profitability sooner.
  • Product overhaul: Rivalry introduced a revamped sportsbook with 40 new sports, live streams, and better usability. Casino enhancements include more content and interactive features like Casino Races. A crypto-first cashier system enables faster and more flexible payments.
  • VIP program launch: A new VIP rewards program includes cashback, free spins, and daily rewards to retain high-value players. The program encourages consistent engagement, increasing wallet share from loyal users. VIP features are integrated with the Rivalry Token strategy for better scalability.
  • Rebranding strategy: Rivalry is rolling out a digital-first rebrand to align with the crypto gambling market. The updated branding focuses on crypto-savvy users and high-value players. Marketing efforts will resume in December alongside the revamped product set.
  • Future outlook: Rivalry anticipates further gains from its crypto-focused strategy and product innovations. Plans include expanding token offerings, increasing casino content, and improving player acquisition tools. A new Telegram-native product will be launched to enhance user engagement.