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Rivalry Reports Full-Year 2024 Results as Strategic Turnaround Takes Hold, Operating Loss Narrows, and Efficiency Improves

Operating expenses reduced 17%, net loss narrows, and foundational rebuild positions Rivalry for a leaner, more efficient, and financially disciplined 2025
Rivalry Corp. (the “Company” or “Rivalry”) (TSXV: RVLY), an internationally regulated sports betting and media company, announces its financial results for the fiscal year ended December 31, 2024.
While Rivalry’s 2024 financials reflect only the earliest signals of its company-wide restructuring, the foundational work – most of which began in the second half of 2024 – is now beginning to show results in 2025. The Company narrowed its net loss, reduced operating expenses by 17%, and entered the new year leaner, more focused, and closer to breakeven.
“We made hard decisions last year – rebuilding the product, cutting costs, and refining our approach to players – and those changes are beginning to show signs of positive impact,” said Steven Salz, Co-Founder and CEO of Rivalry. “The latter half of 2024 set the stage, and we’re encouraged by the progress seen so far in 2025.”
FY2024 Highlights
- Net revenue of $13.6 million, compared to $16.2 million in 2023.
- Operating expenses decreased 17% to $32.2 million, down from $38.8 million.
- Net loss of $22.4 million, compared to $23.8 million.
- Deferred revenue of $4.1 million related to pre-sales of Rivalry’s on-platform crypto token.
- Year-end cash of $2.7 million, with materially lower run-rate operating expenses entering 20251.
Organizational Rebuild & Operating Leverage
Rivalry spent the latter part of 2024 and into Q1 2025 executing a comprehensive overhaul across its cost base, product, player strategy, and operational structure. With most changes now implemented, early signs of progress are emerging. Highlights include:
- Lean operating model, with breakeven net revenue now approximately $600,000 USD/month, down from over $2 million USD/month a year ago. Further reductions to operating costs are planned in Q3 2025 to lower the breakeven point even more.
- Restructured VIP program and onboarding, improving retention and monetization from high-value players.
- Expanded casino product, improving baseline stability through missions, races, and progression-based systems.
- Platform upgrades enhancing site speed, responsiveness, and conversion.
- Crypto-native infrastructure overhaul, including a rebuilt cashier, improved user experience (“UX”), and token-ready architecture to support long-term on-chain growth.
These efforts have driven early improvements across the Company’s core key performance indicators in 2025:
- Net revenue per active user and wagers per user at record levels (excluding customary outliers).
- Deposit growth in nearly every month from November 2024 through June 2025, despite minimal marketing spend.
- Monthly new first-time depositors (FTDs) up approximately 40% since January 2025 on flat monthly spend. Average payback on cohorts acquired during this period was approximately 1.5 months, highlighting improved customer acquisition efficiency.
2025 Momentum and Execution
In the first half of 2025, Rivalry continued executing against its strategic turnaround, with a focus on increasing player value, tightening operational efficiency, and accelerating near-term revenue drivers. Key initiatives included:
- Loyalty Program v2: Building on the success of the end-2024 launch, the next iteration of Rivalry’s on-site loyalty program is in development, designed to deepen progression, improve engagement, and anchor major campaigns throughout Q3 2025.
- New Promo Engine: Launching this summer, the rebuilt system introduces immediate-match deposit offers and new promo types, integrated directly into onboarding and reactivation flows to lift first time deposits and retention.
- Customer Relationship Management (“CRM”) and Always-On Optimization: Active performance reviews of core flows, geo-targeted reactivation campaigns, and structural upgrades to improve output across the customer lifecycle.
- VIP & High-Value-Player Activity: Fully structured outreach live across geos, with segmentation, high-touch CRM, and LTV-based targeting to reactivate high-value-players.
- Cashier & Site Speed: Continued improvements to platform speed, including faster load times, and reduced friction in cashier UX.
- Ongoing UX Improvements: Consistent updates across the site aimed at visual polish, design coherence, and front-end responsiveness to deliver a cleaner, more reliable user experience.
These initiatives have laid a foundation entering the second half of 2025. The focus now is on maintaining momentum, tightening execution, and scaling revenue through improved player economics and operational leverage.
Strategic Review
The Company’s previously announced evaluation of strategic alternatives remains ongoing. Rivalry continues to explore a range of potential outcomes aimed at maximizing shareholder value. There is no assurance regarding the timing or results of this review.
Outlook
While the 2024 annual results capture only the early innings of Rivalry’s strategic transformation, the changes made throughout the year have meaningfully repositioned the Company. With a leaner cost structure, stronger product, and increasing revenue efficiency, Rivalry is entering the second half of 2025 with sharper operational discipline and renewed focus.
Additional updates will be provided alongside the release of the Company’s financial results for the three months ended March 31, 2025, which are expected to be released on or prior to July 14, 2025.
Unsecured Loan
The Company also announces that it has secured a US$475,000 principal amount senior unsecured loan from its existing senior lender, maturing on September 30, 2025, with an interest rate of 10% per annum (the “Loan”). The Loan reinforces the Company’s senior lender’s support for the Company’s ongoing strategic review process and provides the Company with additional flexibility to continue pursuing its strategic initiatives to maximize long-term stakeholder value.
Update Regarding Management Cease Trade Order
The Company is providing this update on the status of a management cease trade order granted on May 1, 2025 (the “MCTO“) by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“). On May 2, 2025, the Company announced that there would be a delay in the filing of its annual financial statements, management’s discussion and analysis and related CEO and CFO certificates for the fiscal year ended December 31, 2024 (collectively, the “Annual Filings”), as required under applicable Canadian securities laws (the “Default Announcement“). On June 18, 2025 the Company further announced that it expects to file its unaudited financial statements and management’s discussion and analysis for the three months ended March 31, 2025 and related certifications (collectively, the “Q1 Filings“) on or prior to July 14, 2025. Although the Annual Filings have now been filed, the OSC has advised the Company that the MCTO will remain in place until the Q1 Filings have been completed.
The Company advises that: (i) there have been no material changes to the information contained in the Default Announcement; (ii) it intends to continue to comply with the alternative information guidelines of NP 12-203; and (iii) except as previously disclosed, there are no subsequent specified defaults (actual or anticipated) within the meaning of NP 12-203.
The MCTO will remain in effect until the Company is no longer in default with respect to its filing requirements and the OSC lifts the cease trade order.
The post Rivalry Reports Full-Year 2024 Results as Strategic Turnaround Takes Hold, Operating Loss Narrows, and Efficiency Improves appeared first on Gaming and Gambling Industry in the Americas.
Broadway Gaming
Broadway Gaming Announces Leadership Transition as COO Becomes CEO

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Broadway Gaming, a leading provider of online bingo and casino, today announced the appointment of Mark Cleary as its new Chief Executive Officer, effective immediately. Founder and outgoing CEO David Butler will assume the role of Executive Chairman.
The leadership transition marks a key milestone in Broadway Gaming’s growth journey, positioning the company for its next phase of scale and strategic development.
“Mark is a deeply respected leader who has helped shape the success of Broadway Gaming,” said David. “This transition has been carefully planned, and I have full confidence in his ability to lead the company forward. As Executive Chairman, I’ll continue to be actively involved in driving our long-term vision, partnerships and potential mergers and acquisitions.”
Mark has served as COO since 2018, overseeing operations, compliance, payments and HR. Under his leadership, Broadway Gaming has expanded its footprint across key markets and delivered sustained growth and engagement.
“I’m honoured to take on the CEO role and lead an exceptional team,” said Mark.
“Broadway Gaming has an exciting future ahead, and I’m committed to building on the strong foundations that David has laid to deliver even greater value for our players, partners, and people.”
Broadway Gaming will continue to focus on innovation, customer experience, and responsible gaming as core pillars of its long-term strategy.
The post Broadway Gaming Announces Leadership Transition as COO Becomes CEO appeared first on European Gaming Industry News.
Belatra
Week 40/2025 slot games releases

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Here are this weeks latest slots releases compiled by European Gaming
PG Soft, a world-class digital mobile games company, is inviting players on a magical ride with its latest release, Majestic Empire. Set amidst desert sands, this 5×6 video slot features Big Symbols and Increasing Multipliers as intrepid explorers seek the treasures buried in the Majestic Empire.
Get ready to pull off the ultimate score with Realistic Games’ new slot, Art Heist. The stakes have never been higher, as players must navigate a high-tech security system and outwit Bob the eagle-eyed guard to secure the priceless art and escape with the loot! Played across a 5×3 reel set, this stylised crime caper, brought to life with a sleek, 1930s-inspired art style, follows a crew of daring thieves on their museum heist.
Red Rake Gaming takes its iconic Million 7 series to the next level with the launch of Million 777 Coins, a game that enhances the player experience by combining the classic series dynamics with exciting new features. With MillionWays, players can enjoy up to 1 million ways to win on each spin, ensuring excitement and big win opportunities at all times.
Inspired Entertainment, Inc., is delighted to announce the launch of three new online and mobile slot titles across the UK and Malta iGaming jurisdictions: Pharaoh’s Bigger Big Money, Big Fishing Net Fortune and Cops ‘n’ Robbers Grand Chance. With distinctive themes and proven mechanics, each game is built to engage players and maximize performance for operators.
MGA Games expands its catalog with the launch of a new casino slot in the .com markets on September 29, blending mystery, magic, and engagement. The Explosive Wizard Cat is a 5×3 slot with 10 paylines, a Money symbol, and a system of progressive Free Spins that increase with the accumulation of Wilds. It also includes the option to buy Free Spins, a highly valued feature among online casinos.
The Wild West just got a lot more entertaining with FBMDS’ newest slot game release – Desert Gold. The most recent spins game joining the Online Casino Game Changer’s Titan Series is a 6×5 tumble slot that transports players into a wild journey of rivalry, fortune and survival in the desert.
Million Games is proud to announce the launch of Halloween Queen, a mystical new slot where expanding Wilds, progressive symbol upgrades, and enchanted Free Spins combine to create a night of supernatural excitement. Set against the backdrop of a haunted village under moonlight, Halloween Queen is a 5×3 high volatility slot with 10 paylines, offering players the chance to win up to 2,000x their bet.
Relax Gaming, the iGaming aggregator and supplier of unique content, is heading to the trading floor in Bacon Bankroll, a sizzling Wall Street themed slot where stacked symbols, split wins and static jackpots offer plenty of potential to bring home the bacon in style. This medium volatility 5×3 slot can sees wilds lands on reels two to five to help form winning combinations while high-paying symbols can appear as split symbols, creating lines of up to ten symbols at once.
ELA Games invites players to join its latest vibrant world of music, colour, and explosive rewards with Piñatas Festival! This exciting title brings lively celebrations to the reels, where every spin can turn into a full-blown fiesta. The Piñatas Festival features a multitude of elements, including both the base game and bonus rounds, in a 5×3 and 10-payline format.
DEGEN Studios is bringing the fight to the reels. Load up and get ready for a highly volatile showdown in the heart of a turf war. Choose your side, grab your gear, and prepare for chaos in Wild Gangs, now live through Yggdrasil’s distribution network. Wild Gangs challenges players to hold their own and prove their worth in a gritty battle for street supremacy.
TaDa Gaming has released its latest slot, Fortune Hook Boom. Following on from earlier release Fortune Hook, the new title benefits from an explosive new feature, as players have the chance to hook a fortune when the game goes “boom”. And this three reels, five rows and 10 fixed paylines slot could go “boom” with any spin!
BGaming turns up the heat with the launch of its innovative new slot, Clucking Hell. Co-created with Perfect Position, a studio within BGaming publishing service, the game invites players to embrace the chaos in a terrifying farm full of demonic animals ruled by a lightning-struck chicken.
Stakelogic is raising a glass to its latest release, Beer Mania, a high-spirited slot that blends multipliers, instant cash wins, and two different Free Spins features into a taproom takeover like no other. With 5 reels, 3 rows and 20 win lines, Beer Mania is designed to keep the rewards flowing.
Push Gaming introduces a brand-new twist on progression-based gameplay in Masked Mayhem, a fresh, action-packed release designed to engage players with thrilling new features and expanding potential, as well as its new Push Actions category. Continuing its expansion into innovative slot experiences while staying true to its hallmark style, Masked Mayhem delivers dynamic, mid-high volatility gameplay with an entirely new mechanic designed to enhance long-term engagement across a wide range of player types.
Belatra, a leading developer of innovative online slots, has reached new heights with its brand-new release, Long Neck Fortune. This latest title from Belatra’s studio places players in the heart of the gritty backstreets ruled by swaggering geese. The 5×5 game sits within a backdrop of graffiti-covered walls and pimped-up cars, setting the stage for a high-stakes hustle.
Play’n GO continues to evolve its Dead series with Fate of Dead Blitzways, a thrilling new take on cascading cluster slots set in the mysterious chambers of Ancient Egypt. Fate of Dead Blitzways
invites players back into the ancient world with a bold new entry in the fan-favourite Dead series.
Evoplay, the award-winning game development studio, has launched Basket Bounty, a charming wheel-based slot filled with fruit, features, and wholesome bonuses. Set in a tranquil orchard bathed in sunlight, Basket Bounty merges classic slot symbols with innovative bonus features.
Celebrate the spirit of freedom and fortune with Diamonds of Liberty, the latest all-American slot from Booming Games! Set against a backdrop of patriotic pride, this 3×3 slot bursts with stars, stripes, and sparkling diamonds. Featuring iconic American symbols like the bald eagle, Uncle Sam’s hat and the Liberty Bell, every spin brings a chance to strike big wins.
Playson, the accomplished digital entertainment supplier, has incorporated a brand-new 3x5x3 reel set to deliver a regal twist to the gameplay in its latest release, Crown Strike: Hold and Win. The unique game field with 15 paylines brings a new dimension to Playson’s iconic portfolio, with the expanded grid now allowing up to five Striking Crown symbols to land on the middle reel only for increased win potential.
Tom Horn Gaming is turning up the heat with its latest release, 243 Chili – a fiery fruit slot that blends vibrant visuals with proven mechanics to boost player engagement and operators’ revenues. Set under the blazing Mexican sun, the reels of 243 Chili burst with colour, bringing together ripe tropical fruits and sizzling chillies.
Having consistently wowed players with its page-turning Book slots, popular software provider Swintt is back in action this month with another exciting chapter in MonyMax Book Hunt – an all-new Egyptian adventure filled with all the series’ favourite features.
The post Week 40/2025 slot games releases appeared first on European Gaming Industry News.
David Mann Chief Executive Officer at Swintt
Swintt unleash the power of Ancient Egyptian tomes in MonyMax Book Hunt

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Sought-after software provider’s latest Book Series slot sees player write a new chapter of rewards with free spins, expanding symbols and wins of up to 5,000x
Having consistently wowed players with its page-turning Book slots, popular software provider Swintt is back in action this month with another exciting chapter in MonyMax Book Hunt – an all-new Egyptian adventure filled with all the series’ favourite features.
A five-reel slot that can be played with either five or ten active paylines, MonyMax Book Hunt sees players embark on another thrilling trip to the Land of the Pharaoh’s where collecting ankhs, sarcophagi and dashing adventurers holds the key to unlocking legendary prizes of up to 5,000x.
Featuring an immersive Egyptian-inspired soundtrack and taking place in front of a backdrop of a golden tomb glistening in the evening sun, MonyMax Book Hunt’s greatest treasures are found in its free spins feature, which is activated by landing three iconic book symbols in any reel position.
To aid players on this literary quest, the slot features two optional enhancements that make triggering the bonus a little easier – the first is an added bet that makes book symbols more likely to the appear, while the second is a “Buy Feature Games” button that grants them instant access.
However they reach the bonus round, players will be awarded with an initial 10 free spins and presented with a new screen where one regular icon will be chosen at random to become an expanding symbol. Should any instances of the selected symbol appear during their free games, they’ll stretch to fill their reel irrespective of position so long as a winning payline can be created.
In this way, players can further increase their chances of landing multiple wins on every spin – and if they’re feeling really adventurous, they’ll even have the option to gamble their total prize in an additional Risk feature, where correctly guessing red or black will see their winnings doubled.
David Mann, Chief Executive Officer at Swintt, said: “Swintt’s Book Series of slots has already proved to be a real page-turner for players – and this month, we’re writing an exciting new chapter in MonyMax Book Hunt. Boasting the same fan-favourite features that have made the franchise such a success and two easy-access bet modes, we’re sure the game will go on to become a big hit with Book veterans and newcomers alike, making it another must-have release for operators.”
The post Swintt unleash the power of Ancient Egyptian tomes in MonyMax Book Hunt appeared first on European Gaming Industry News.
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