Canada
Rivalry Reports Q1 2025 Results Highlighting Strengthened Unit Economics, Operating Leverage, and Strategic Progress
Rivalry Corp., an internationally regulated sports betting and media company, announced financial results for the three-month period ended March 31, 2025 (“Q1 2025”). All dollar figures are quoted in Canadian dollars unless otherwise noted.
Q1 2025 was the first full quarter operating under Rivalry’s restructured model, following a company-wide transformation that began in Q4 2024. This included a strategic shift toward high-value users, deep cost rationalization, significant product upgrades, and tighter execution across every layer of the business. The result is a streamlined, modernized operating model with materially improved performance and long-term leverage.
“This quarter marks the full emergence of Rivalry 2.0 – leaner, sharper, and structurally stronger,” said Steven Salz, Co-Founder and CEO of Rivalry. “We’ve rebuilt the foundation of the business around high-efficiency acquisition, high-value users, and a proprietary product – and we’re already seeing the impact. Rivalry today is not just a leaner version of itself – it’s a fundamentally different company built for scalability.”
Key Highlights
- Net revenue of $1.3 million, consistent with the preliminary results announced on April 16, 2025. While temporary sportsbook margin variance impacted topline outcomes, underlying KPIs continued to improve and validate the strength of Rivalry’s rebuilt model.
- Operating expenses decreased 58% year-over-year to $4 million in Q1 2025, down from $9.6 million in Q1 2024.
- Net loss reduced by 43% to $3.0 million in Q1 2025 from $5.2 million in the prior-year quarter.
- A meaningful portion of Q1 expenses were non-recurring or non-operational in nature, including annual audit costs, regulatory fees, and legacy payables from prior periods. The Company’s adjusted marketing spend during the quarter was approximately $175,000, materially lower than the reported figure due to these factors.
- Average Customer Acquisition Cost payback across H1 2025 was approximately 1.5 months, reflecting improved funnel conversion, higher player value, and stronger retention – all achieved under constrained spend conditions.
- Q2 2025 set new all-time records across key user economics1:
- Net revenue per player increased 49% versus Q1 2025, and was 210% higher than the historical average prior to the Q4 2024 transformation.
- Wagers per player rose 7% quarter-over-quarter, and nearly 300% above the pre-rebuild average.
- Average monthly deposits per player in Q1 2025 were over 175% higher than the historical average. In Q2 2025, this increased a further 28%.
- Monthly deposit frequency per player in Q1 2025 was up 115% over the historical average, and rose another 22% in Q2 2025.
- Ongoing improvements in VIP identification, segmentation, and servicing, driven by Rivalry’s proprietary Business Intelligence (“BI”) tools and Customer Relationship Management (“CRM”) infrastructure, further contributed to gains in deposit behavior and overall player value.
These improvements reflect the effectiveness of Rivalry’s strategic overhaul – including product modernization, in-house BI tooling, optimized segmentation, and CRM systems that support higher-value customer behavior and lifecycle retention.
Streamlined Operations
Rivalry’s breakeven net revenue is now approximately $600,000 USD per month, down from more than $2 million USD per month a year ago, based on current run rate operating expenses, with further cost optimizations planned in Q3 2025. The rebuilt business is operating on a structurally lower fixed-cost base with proven user economics and performance-ready infrastructure.
“We’ve created an operating model that is not only lean and disciplined, but also high-leverage,” Salz added. “This is a structurally better business than it was a year ago. The team is tighter, the product is stronger, and the KPIs are outperforming – all with limited capital deployment. The engine is rebuilt.”
Strategic Review & Outlook
Rivalry is actively exploring strategic alternatives aimed at maximizing shareholder value. As part of this ongoing process, the Company is also evaluating non-dilutive capital options as part of broader strategic initiatives to accelerate growth. These are intended to complement the broader review and enable Rivalry to fully capitalize on the performance capacity of its rebuilt model.
As the Company progresses into H2 2025, key initiatives include:
- Deployment of a new promo engine, enabling more dynamic and cost-efficient bonus structures.
- Casino-led engagement mechanics, including lootboxes, missions, and summer campaigns to drive offseason activation.
- Geographic reactivations and enhanced CRM, focused on high-value player segmentation and deeper lifecycle engagement.
- Further operating cost reductions in Q3 2025, aimed at lowering the breakeven point and increasing flexibility.
Rivalry’s transformation over the past three quarters has positioned the business with a distinct set of structural advantages: a deeply aligned and experienced team, proprietary technology and BI systems, strong regulatory licenses in Ontario and the Isle of Man, and a globally recognized brand with demonstrated reach. These strengths now form the basis of a highly scalable and differentiated operator in the global online gambling market.
“Rivalry today is a high-performance engine – structurally rebuilt, road-tested, and positioned to scale,” said Salz. “We’re focused on unlocking the next chapter of growth, and the strategic review process is designed to support that path.”
The post Rivalry Reports Q1 2025 Results Highlighting Strengthened Unit Economics, Operating Leverage, and Strategic Progress appeared first on Gaming and Gambling Industry in the Americas.
Acquisitions/Merger
Petroglyph Development Group Completes Acquisition of Great Canadian Casino Vancouver
Petroglyph Development Group (PDG), a wholly owned corporation of Snuneymuxw First Nation, and Great Canadian Entertainment (Great Canadian) confirmed the successful closing of PDG’s acquisition of Great Canadian Casino Vancouver in Coquitlam, B.C. This transaction follows PDG’s recent acquisition of Chances Maple Ridge, marking another significant milestone in the Nation’s expanding portfolio of gaming and hospitality assets in British Columbia.
Snuneymuxw respectfully acknowledges the Kwikwetlem First Nation, on whose territory Great Canadian Casino Vancouver operates. The Nation looks forward to establishing a meaningful and lasting relationship with the Kwikwetlem people as PDG assumes stewardship of the property.
“The completion of this acquisition reflects the sustained effort and vision of Snuneymuxw people across generations. We are building an economy that is ours, one that funds our priorities, honours our responsibilities to neighbouring communities and creates opportunity for our people long into the future,” said Chief Michael Wyse, Xum’silum, Snuneymuxw First Nation.
Great Canadian Casino Vancouver is one of Metro Vancouver’s most established entertainment destinations, offering gaming, dining and live entertainment, including The Show Theatre.
“Building the Snuneymuxw economic portfolio is grounded in a vision of sustainable, self-determined growth and in the belief that meaningful economic development is built on strong Nation-to-Nation relationships. Operating on Kwikwetlem territory is a responsibility we take seriously, and we look forward to building a partnership that reflects that,” said Erralyn Joseph, President of PDG.
First announced on December 19, 2025, this is the fourth transaction completed between the two companies. With the addition of Great Canadian Casino Vancouver, PDG’s gaming portfolio now includes Casino Nanaimo, Elements Casino Victoria, and Chances Maple Ridge, establishing its position as the largest Indigenous-owned gaming operator by revenue in Canada.
“This transaction is another milestone in our ongoing collaboration with Petroglyph Development Group and the Snuneymuxw First Nation, and we’re grateful for another successful closing. With this representing our fourth completed transaction with PDG, it speaks to the trust and confidence we have built together. I’d like to thank everyone from our respective teams for their hard work, and I look forward to seeing the properties thrive under PDG’s leadership,” said Matt Anfinson, Chief Executive Officer of Great Canadian.
For PDG, the closing marks the latest step in a period of sustained and strategic growth.
“We are building a diversified, sustainable portfolio, while continuing to deliver real benefits for the communities where we operate. Great Canadian Casino Vancouver has long been an important part of the Coquitlam community, and that will not change,” said Ian Simpson, Yaatqumtun, Chief Executive Officer of PDG.
McMillan LLP acted as legal counsel to Great Canadian. McCarthy Tétrault LLP served as legal counsel, and KPMG Corporate Finance Inc. acted as financial advisor to PDG. The transaction has received all required regulatory approvals and all closing conditions have been satisfied.
The post Petroglyph Development Group Completes Acquisition of Great Canadian Casino Vancouver appeared first on Americas iGaming & Sports Betting News.
Canada
RESPWNED partners with LOTUS 8 to bring GIRLGAMER festival to Winnipeg in 2026
RESPWNED and LOTUS 8 have signed a partnership to launch the GIRLGAMER Winnipeg Festival in 2026, marking the GIRLGAMER Esports Festival brand’s expansion into Canada.
RESPWNED manages the GIRLGAMER Esports Festival brand, while LOTUS 8 is a Canada-based company focused on event development and partnerships. The companies said they will jointly develop and deliver the Winnipeg event, combining global esports IP management, event production, commercial partnerships, and local execution.
“This partnership represents an exciting milestone for GIRLGAMER as we continue to expand globally and bring our platform to new audiences,” said Tiago Fernandes, Managing Partner at RESPWNED. “Canada is a dynamic and fast-growing Esports market, and we are proud to collaborate with LOTUS 8 to deliver a meaningful and impactful event experience.”
Steven Vuong, representing LOTUS 8, added: “We are thrilled to partner with RESPWNED to bring the GIRLGAMER Festival to Canada. This collaboration reflects a shared vision of building inclusive, high-quality esports experiences while creating strong commercial and community value. Together, we are laying the foundation for a standout event in 2026.”
The GIRLGAMER Winnipeg Festival is planned as a family-oriented event with business networking, brand activations, and community programming, and is expected to include international and local talent. Additional details, including dates, venue, and participating partners, will be announced in the coming months.
The post RESPWNED partners with LOTUS 8 to bring GIRLGAMER festival to Winnipeg in 2026 appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
Canada
RESPWNED and LOTUS 8 to launch GIRLGAMER Winnipeg Festival in 2026
RESPWNED, the company that manages the GIRLGAMER Esports Festival brand, and LOTUS 8, a Canada-based company focused on event development and partnerships, today announced their partnership to the launch of the GIRLGAMER Winnipeg Festival.
The strategic partnership marks a significant step in expanding the GIRLGAMER Esports Festival brand into Canada.
This brings its globally recognized platform for competitive gaming, inclusivity, and industry engagement to a new market.
The GIRLGAMER Winnipeg Festival is envisioned as a family-oriented event, with business networking, brand activations, and community-driven experiences.
Under the terms of the agreement, RESPWNED and LOTUS 8 will work collaboratively to develop and deliver the event, combining their respective expertise in global esports IP management, event production, commercial partnerships, and local market execution.
“This partnership represents an exciting milestone for GIRLGAMER as we continue to expand globally and bring our platform to new audiences,” said Tiago Fernandes, Managing Partner at RESPWNED.
“Canada is a dynamic and fast-growing Esports market, and we are proud to collaborate with LOTUS 8 to deliver a meaningful and impactful event experience.”
Steven Vuong, representing LOTUS 8, added: “We are thrilled to partner with RESPWNED to bring the GIRLGAMER Festival to Canada.
This collaboration reflects a shared vision of building inclusive, high-quality esports experiences while creating strong commercial and community value.
Together, we are laying the foundation for a standout event in 2026.”
The GIRLGAMER Winnipeg Festival will feature a combination of international and local talent, brand partnerships, and programming designed to foster diversity, inclusion, and innovation within the gaming and esports ecosystem.
Further details, including dates, venue, and participating partners, will be announced in the coming months.
RESPWNED LTD
RESPWNED is a United Kingdom-based company specializing in esports IP management, event production, and industry consultancy.
The company manages the GIRLGAMER Esports Festival brand, a global platform dedicated to creating opportunities and visibility for women in gaming and esports.
LOTUS 8
LOTUS 8 is a Canada-based premier esports organization based in Winnipeg, Manitoba. Dedicated to building championship-calibre teams across North America, they are at the forefront of innovation in competitive gaming.
As pioneers in the industry, they have developed the Performance Mindset Mindfulness, a system designed to support mental health in esports.
This holistic approach blends mental wellness practices, meditation, nutrition, fitness, and proper sleep hygiene into their competitive strategy.
The post RESPWNED and LOTUS 8 to launch GIRLGAMER Winnipeg Festival in 2026 appeared first on Americas iGaming & Sports Betting News.
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