Rivalry’s Q1 2025 results are in, and the numbers highlight a major shift in strategy. After restructuring last fall, the company now sees improved KPIs and rising engagement. Rivalry Q1 2025 growth shows how a leaner model is impacting user value and operational efficiency.

  • Rivalry reported a 400% increase in net revenue per user per dollar of operating expense versus pre-strategy shift periods. This shows how the company’s leaner model is delivering better cost efficiency. The focus has shifted to doing more with less, and early signs point to progress.

  • Average monthly deposits per player grew by over 175% compared to before October 2024. Even with fewer users, total deposits climbed 36% in February and 12% in March. Rivalry says targeting high-value players is paying off in both engagement and cost control.

  • Deposit frequency also jumped 115% compared to pre-revamp metrics. This signals stronger user re-engagement and supports Rivalry’s updated product and acquisition strategy. The company attributes this uptick to its refined player experience.

  • Betting handle per user reached a new all-time high in March 2025. This continues a five-month trend of record-setting engagement. It suggests the revamped product is encouraging deeper user activity.

  • Gross and net revenue per user also hit record levels in March, normalized for margin variance. This marks the fourth consecutive month of revenue per user growth. The company sees this as evidence of better monetization.

  • Rivalry’s active user base grew 9% in both February and March 2025. This came despite a smaller marketing budget compared to last year. The increase points to organic traction and higher-quality user acquisition.

  • Ontario performance shows promising signs, with ARPPA sometimes exceeding market average by up to 50%. Rivalry has nearly doubled its Ontario ARPPA since the overhaul. Customer acquisition payback now happens within just a few weeks.

  • Q1 2025 net revenue was $1.3 million on a $58.2 million betting handle, with a 2.3% margin. The margin drop is tied to short-term sportsbook volatility, especially from the high-value player segment. On a normalized margin basis, revenue would have covered about 75% of current operating expenses.

  • Rivalry has cut monthly operating expenses by roughly $1.7 million over six months. April 2025 alone saw another $140,000 shaved off costs. This comes from vendor cuts, AI-driven tools, and a more efficient core platform.

  • “User value is up, efficiency is up, and player engagement is the strongest we’ve seen,” said Rivalry CEO Steven Salz. The company remains focused on sustainability and believes its model is showing strong underlying progress.

Key Observations

Net Revenue decreased from $4.5 million in Q1 2024 to $1.3 million in Q1 2025 while the betting handle declined from $94.7 million in Q1 2024 to $58.2 million in Q1 2025. These figures reflect Rivalry’s strategic pivot towards a leaner operational model and a focus on high-value players, which, while resulting in short-term revenue reductions, aim to enhance long-term profitability.

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