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Rivalry Reports Q2 2025 Results Highlighting Record Unit Economics, Structural Efficiency, and Strategic Progress
Rivalry Corp. (the “Company” or “Rivalry”) (TSXV: RVLY), an internationally regulated sports betting and media company, today announced financial results for the three and six-month period ended June 30, 2025 (“Q2 2025”). All dollar figures are quoted in Canadian dollars unless otherwise noted.
Q2 2025 marks Rivalry’s second full quarter operating under its restructured business model initiated in late 2024, centered on efficiency, improved player monetization, and deeper operational discipline. The Company’s results continue to demonstrate the impact of this shift, with record net revenue per player, reduced expenses, and a significantly narrowed net loss.
“We’ve rebuilt Rivalry into a lean, high-performance engine,” said Steven Salz, Co-Founder and CEO of Rivalry. “Player monetization is at all-time highs, the product is stronger than ever, and we’re doing more with less.”
Key Highlights
- Net revenue in Q2 2025 increased 24% sequentially to $1.6 million, up from $1.3 million in Q1 2025, despite a declining expense base and completely flat marketing spend.
- Operating expenses declined 62% YoY to $3.6 million, down from $9.5 million in Q2 2024, reflecting substantial cost reductions and improved operational focus.
- Net loss narrowed 59% YoY to $2.19 million, down from $5.37 million in Q2 2024, and improved sequentially from $2.99 million in Q1 2025.
- 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.
- Run-rate monthly operating expenses remain approximately $600,000 USD, consistent with the Q1 2025 press release.
Adjusted Operating Metrics
As with Q1 2025, a meaningful portion of Q2 2025 expenses were non-recurring or non-operational, including annual audit costs, regulatory fees, and legacy vendor payments from prior periods. On a run-rate basis:
- Adjusted G&A expense1 was $1.7 million, compared to the reported $2.5 million.
- Adjusted Technology and Content expense1 was approximately $440,000, versus $854,000 reported.
These adjustments reinforce that Rivalry is operating increasingly closer to breakeven on a structural basis, with the Q2 2025 reported net loss largely a function of historical payables and costs from prior quarters.
Record Player Economics
Performance improvements continued in Q2 2025, with record-high player monetization across multiple dimensions. These gains were driven by an improving product, high value player segmentation, enhanced onboarding, retention, and engagement improvements across the platform.
- Net revenue per player increased 49% quarter-over-quarter, 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 increased 28% quarter-over-quarter, following a 175% increase in Q1 from historical levels.
- Deposit frequency per player climbed 22% quarter-over-quarter, compounding earlier gains, up 115% from historical levels in Q1.
Strategic Review and Operational Focus
Rivalry’s previously announced evaluation of strategic alternatives (the “Strategic Review”) remains ongoing. The Company continues to explore a range of potential outcomes aimed at maximizing shareholder value. There is no assurance regarding the timing or results of the Strategic Review.
As part of the Strategic Review, Rivalry is focused on:
- Normalizing the cost base to the aforementioned run rate by resolving non-recurring liabilities and payables from prior periods.
- Activating a controlled growth strategy, supported by high marketing efficiency and a 1.5-month Customer Acquisition Cost payback average observed throughout 2025.
- Targeted cost optimization, with additional reductions being assessed for H2 2025.
“This Strategic Review is about enabling growth from a fundamentally stronger base,” said Salz. “We’ve rebuilt the engine. Now we’re focused on unlocking its full potential.”
The post Rivalry Reports Q2 2025 Results Highlighting Record Unit Economics, Structural Efficiency, and Strategic Progress appeared first on Gaming and Gambling Industry in the Americas.
Compliance Updates
New channelization assessment from the Gambling Authority confirms Sweden’s problem
BOS – the Swedish Trade Association for Online Gambling – comments the assessment of the channelization rate for 2024 in Sweden that the Swedish Gambling Authority (SGA) presented today: https://www.spelinspektionen.se/nyhetsarkiv/kanaliseringsgrad-pa-den-svenska-spelmarknaden-2024/
The assessment in summary:
The Gambling Authority estimates that channelization in the Swedish competitive gambling market is 85%.
This is a decrease of 1 percentage point from last year’s estimate of 86%.
Fewer sources have been used for this year’s assessment. H2 Gambling Capital is now excluded and therefore does not contribute to the estimate of 85%. H2GC recently adjusted its estimate for Sweden down from 91% to 72%.
The estimate of 85% should be compared with the state’s channelization target for a long-term sustainable gambling market: at least 90%.
Gambling verticals such as betting and online casino have also been measured individually. They show large differences. Betting, including the popular betting on horse racing in Sweden, is estimated to have a channelization rate of between 92-96%. Online casino is estimated to have a channelization rate of between 72-82%.
Five main reasons are given as motivations for gambling unlicensed, including a better selection of games on the unlicensed gambling market and having disconnected oneself from licensed gambling on Spelpaus.se.
The SGA will present an estimate of the channelization rate on the Swedish gambling market once a year.
BOS Secretary General Gustaf Hoffstedt comments: “With this assessment, the SGA confirms that Sweden’s major problem in the gambling market is online casino. It is unacceptable that around a quarter of all online casino gambling is leaking out of the licensed market. It is equally unacceptable that this has been accepted by political decision-makers for half a decade, since the channelization has also been low in previous assessments, without effective regulatory measures being taken.
Later this month, gambling investigator Marcus Isgren’s proposal to change the scope of the Gambling Act will be presented. It is a welcome change in the law that will criminalise almost all unlicensed gambling in Sweden. But anyone who understands the gambling market knows that the elephant in the room is that the licensed market is so tightly regulated that it does not appear attractive enough in the eyes of the consumer. Without a review of, for example, the total ban on bonuses and other loyalty programs, next year’s channelization assessment from the SGA will also be a disappointment.”
The post New channelization assessment from the Gambling Authority confirms Sweden’s problem appeared first on European Gaming Industry News.
SPRIBE adds yet another superstar MMA athlete to its growing roster of Aviator brand ambassadors as number of monthly players surpasses 60 million
SPRIBE, the company behind the world’s number one crash game, Aviator, has signed yet another knock-out brand ambassador deal, this time with Armenian UFC lightweight, Arman Tsarukyan.
Under the deal, Arman will promote Aviator to his fans around the world, taking part in several high-profile campaigns over the coming 12 months.
Arman is one of the most feared athletes in the UFC’s lightweight division, where he’s ranked number two, but with aspirations to dethrone current champion Ilia Topuria.
Arman is the perfect Aviator brand ambassador with his explosive fighting style matching the thrill ride the game offers to the more than 60 million people who play it every month. These players place more than 400,000 bets per minute across more than 5,500 online casino sites worldwide.
Arman joins a growing roster of Aviator brand ambassadors, including fellow UFC athletes Alex Pereira, Johnny Walker and Merab Dvalishvili.
These partnerships have been signed as part of a wider deal with the UFC, which created a brand ambassador fund as well as putting the Aviator logo inside the world-famous Octagon at Fight Night and Pay Per View events.
Giorgi Tsutskiridze, Chief Commercial Officer at SPRIBE, said: “Our partnership with the UFC is proving to be hugely successful, allowing us to join forces with its superstar athletes and prize fighters such as Arman Tsarukyan.
“Arman is one of the hottest talents in the UFC pool right now, and it’s only a matter of time before he gets his shot at the lightweight division title.
“This is what makes him such a great ambassador for Aviator, and we look forward to working closely with Arman on some knock-out campaigns over the next 12 months.”
Arman Tsarukyan, UFC athlete and Aviator brand ambassador, added: “I am very selective about the products I partner with, but when it came to being an ambassador for Aviator, I couldn’t refuse.
“Nothing beats the thrill of stepping into the Octagon on Fight Night, but strapping in a taking flight with Aviator comes close.
“The SPRIBE team has some great campaigns in the works, and I’m looking forward to spreading the word about Aviator to my fans across the world.”
The post UFC lightweight, Arman Tsarukyan, becomes Aviator ambassador appeared first on European Gaming Industry News.
At the Peru Gaming Show in June, strategic partners Merkur Gaming and Spintec entered a new chapter in their partnership in Latin America. The two companies signed a distribution agreement for Colombia and Peru, marking an important milestone in their collaboration. Their united presence at the show highlighted the strength of this alliance, which continues to deliver considerable advantages to their already winning cooperation across the region.
Spintec’s debut appearance this year was a highlight of Merkur Gaming stand at Jockey Plaza in Lima. The Slovenian specialist in Electronic Table Games (ETGs) featured an impressive range of products that combined innovation, reliability, and performance. Their Karma and Charisma product lines were the big showstoppers with their unbeatable combination of innovation and reliability. These products are gaining traction and popularity all over the world for a very good reason: they are fully engaging and attractive to look at, while also being extremely dependable.
And the quality of Spintec’s portfolio is already delivering measurable results in the region. The renowned research company Eilers & Krejcik recognized Spintec as the top-performing ETG supplier in South America in their April 2025 Latin America Game Performance Report. This achievement propels the partnership in Peru and Colombia even further. It not only underlines the seamless integration of Merkur’s powerful regional presence with Spintec’s technological leadership in ETGs but also serves as a testament to the importance of companies’ growing strategic alliance.
“ETGs are a valuable and strategic addition to Merkur’s already robust product portfolio,” said Dominik Raasch, Management Board Member, Merkur Games. “Our partnership with Spintec is built on a shared vision of delivering excellence, innovation, and value to our customers. The joint market presence we are creating in Latin America is only the beginning.”
Goran Sovilj, Global Sales Director at Spintec, echoed the sentiment: “Our collaboration with Merkur Gaming continues to deepen, and we’re proud of what we’ve achieved together. With their strong local teams, infrastructure, and sales support, we are perfectly positioned to take the leading role in the ETG market in Latin America, and beyond.”
As the companies continue to strengthen and widen their strategic alliances in the region, their commitment to joint innovation, market leadership and next-level gaming experiences grows even further. The optimism is based on past achievements, but also on a very positive outlook towards future growth.
The post Spintec Strengthens its Partnership with Merkur in Colombia and Peru appeared first on Gaming and Gambling Industry in the Americas.
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