Toronto-headquartered iGaming firm Rivalry has paused all its player activity worldwide and laid off a large percentage of staff after its board approved “a significant reduction in operating activity.”
In a press release on Friday, Rivalry stated that it was evaluating strategic alternatives such as a sale, while its website is advising customers to withdraw their remaining account balances before March 31.
The sports betting, iCasino, and e-sports firm said it was engaged in talks with “third parties regarding potential transactions,” and was mulling alternatives such as deals at asset or corporate level, and restructuring.
there can be no assurance that any strategic alternative will be completed”
Yet Rivalry warned: “….there can be no assurance that any strategic alternative will be completed or that operations will continue in their current form.”
The global pause will affect Rivalry customers in Ontario, Australia, Southeast Asia, and Latin America.
Rivalry’s demise was precipitated by its pivot into cryptocurrency in 2024 that required what CEO and Co-Founder Steven Salz said was a complete rebuild that ultimately led to job and pay cuts. The company claimed to have turned the corner in December, reporting a record quarter in Ontario, and three back-to-back quarters of revenue growth.
The claim rang hollow because despite Rivalry’s net loss improving by 67% in 2025, as of December last year, it was still reportedly almost $2m “in the red.”
Rivalry has stated it will update its customers “if and when material developments occur.”
