Rivalry

What Rivalry does

Rivalry Corp. is an internationally regulated online sports betting and iGaming operator headquartered in Toronto, Canada, with operating subsidiary Rivalry Limited licensed in the Isle of Man since 2018. The company runs a single unified platform offering sportsbook wagering on more than 40 traditional and esports categories, an online casino vertical, and fantasy products, distributed via a self-serve website targeting digital-native consumers under the age of 30, who account for roughly 80% of active users. Its proprietary, internally developed technology stack underpins differentiated assets including the Casino.exe interactive gaming platform, in-house games Rushlane and Cash & Dash, the Casino Races competitive feature, and NUTZ, a native cryptocurrency token designed to connect the platform with Web3 users and their wallets.

Revenue is generated from betting handle and gross gaming revenue across licensed markets in Ontario, the Isle of Man (international), and Australia, with operations spanning more than 20 countries. The company's go-to-market is product-led and community-led, combining crypto-first payments, a VIP rewards program tied to NUTZ, and disciplined marketing with an approximately 1.5-month customer acquisition cost payback reported in H1 2025. Rivalry went public on the TSX Venture Exchange in October 2021 under the ticker RVLY, with secondary listings on OTCQX (RVLCF) and the Frankfurt Stock Exchange (9VK).

Following a Q3 2024 organizational realignment that cut headcount by roughly 50% and a Q3 2024 major product overhaul, the company reported three consecutive quarters of sequential net revenue growth in 2025, reduced operating expenses by 58% year-over-year in Q3 2025, and improved its net loss by 67% year-over-year. In 2025 the company completed multiple private placements totaling roughly C$11 million in gross proceeds and a debt restructuring that eliminated C$12.53 million of indebtedness. In early 2026 Rivalry announced a significant reduction in operating activity, paused player activity on its platform, and began evaluating strategic alternatives; in April 2026 four board members and three executives including the three founders resigned, and in May 2026 the Ontario Securities Commission issued a Failure-to-File Cease Trade Order due to missing 2025 audited financial statements.

Name

Rivalry

Legal name

Rivalry Ltd.

Website

https://rivalrycorp.com

Company type

Public

Founded year

2018

Operating status

Operating

Headcount range

51–100 employees

Short description

Rivalry Corp. is a Toronto-headquartered, publicly listed online sports betting and iGaming operator, serving digital-first under-30 consumers across 20+ countries via a proprietary platform with sportsbook, casino, and crypto-native NUTZ token features.

Ownership category

akta.pro rank

Product category

Online Sports Betting & iGaming

NAICS

Gambling Industries (7132), Other Gambling Industries (713290), Other Gambling Industries (71329)

SIC

Services-Miscellaneous Amusement & Recreation (7990), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Payments, Wallets & Cashiering for Sports Betting (MPAEACAG)

akta.pro secondary industry

Cross-Border Payments & FX for Gaming (MPAEALAH)

Keywords

• Online sports betting
• Esports wagering
• Online casino gaming
• Crypto gambling platform
• Digital sportsbook operator

Headquarters

HQ city

Douglas

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Sports Betting: Online sportsbook offering wagering on sports and esports with fixed odds. Revenue generated from betting handle and gross gaming revenue. Q1 2024 net revenue margin of 58.5%. Q3 2025 net revenue of $1.93 million, representing 47% growth since start of 2025.
2. Casino/iGaming: Online casino offerings including slot games, table games, and proprietary in-house games. Casino accounted for 62% of betting handle and 40% of net revenue in Q3 2024.
3. NUTZ Token: Native cryptocurrency token generating deferred revenue. Drove $3.0 million in deferred revenue in Q3 2024 through pre-release farming program. Expected to launch in 2025.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels5 records

Core offering

Rivalry operates an internationally regulated online sports betting and iGaming platform offering wagering on esports, traditional sports, fantasy, and casino gaming to digital-native, under-30 users. The platform is delivered through a wholly owned, internally developed technology stack and features crypto-first payments, a native cryptocurrency token (NUTZ), proprietary in-house games (Casino.exe, Rushlane, Cash & Dash), and a VIP rewards program. The company generates revenue primarily from a margin on betting handle across sportsbook and casino verticals.

Product overview

Rivalry is a single unified platform offering internationally regulated online sports betting and iGaming. The core platform encompasses sportsbook (esports, traditional sports, fantasy betting) and casino gaming verticals, supported by proprietary in-house products including the interactive gaming platform Casino.exe and games like Rushlane and Cash & Dash. The platform is differentiated by its crypto-native approach, featuring NUTZ, a native cryptocurrency token that acts as a nexus between Rivalry, Web3, and gamblers. Additional offerings include a VIP rewards program connected to NUTZ for player retention, and a crypto-first payment integration for deposits and withdrawals. The company targets under-30 digital-first users with 80% of active users in this demographic.

Differentiator

Problem solved

Functional benefit

Brands

• Casino.exe: Interactive gaming platform featuring casino games
• NUTZ
• Casino Races
• Rushlane
• Cash & Dash

Products and services

• Rivalry Online Sportsbook & iGaming Platform Internationally regulated online sports betting and iGaming platform offering wagering on esports, traditional sports, fantasy, and casino gaming to digital-first, under-30 users; built on a wholly owned, internally developed proprietary technology stack and operating in 20+ countries.
• Sportsbook Sports betting product offering wagers on esports, traditional sports, and fantasy betting, with over 40 sports, embedded live streams, and match statistics.
• Casino Casino gaming vertical featuring a redesigned experience with new content, Casino Races, and jackpots for competitive player engagement; casino accounted for 62% of betting handle and 40% of net revenue in Q3 2024.
• Casino.exe Interactive gaming platform within Rivalry's casino vertical offering unique proprietary gambling experiences designed for digital-native users.
• Rushlane In-house developed proprietary casino game, part of Rivalry's proprietary content portfolio.
• Cash & Dash In-house developed proprietary casino game, part of Rivalry's proprietary content portfolio.
• NUTZ (formerly Rivalry Token) Native cryptocurrency token acting as a nexus between Rivalry, Web3, and gamblers, designed to grow crypto market share, attract higher-value players, enhance retention, and create long-term engagement loops.
• Casino Races Interactive feature within the casino vertical allowing players to compete against one another and earn rewards based on their wagering activity.

Quantifiable outcome

• Net revenue per player increased 49% in Q2 2025 vs Q1 2025, and was 210% higher than historical average prior to Q4 2024 transformation
• +6 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature5 records

Scale indicators12 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Stake.com: Stake.com is a crypto-first online sportsbook and casino targeting similar digital-native users globally. Both Rivalry and Stake differentiate via cryptocurrency integration and target under-30 demographics with similar product offerings.
• Rollbit: Rollbit is a crypto casino and sportsbook platform with a native token (RLB) that mirrors Rivalry's NUTZ approach. Both serve crypto-native gamblers with sportsbook and casino verticals on a tokenized platform.
• BC.Game: BC.Game is a crypto casino and sportsbook operating globally with proprietary games and crypto payments, directly comparable to Rivalry's crypto-first product strategy and target audience.
• Roobet: Roobet is a crypto casino and sportsbook targeting younger, digital-native users with proprietary in-house games — closely mirroring Rivalry's Casino.exe and in-house game portfolio.
• Thunderpick: Thunderpick is an esports-first crypto sportsbook and casino, directly comparable to Rivalry's esports betting heritage and crypto payment integrations for digital-native users.
• Sportsbet.io: Sportsbet.io is a crypto-friendly sportsbook and casino operated by mBet Solutions, offering similar product mix to Rivalry including esports, traditional sports, and casino with cryptocurrency deposits.

Broad incumbents

• DraftKings: DraftKings is a US-listed online sportsbook and iGaming operator with massive scale in North American regulated markets — directly competitive with Rivalry in Ontario and a benchmark for the broader digital gambling industry.
• FanDuel (Flutter Entertainment): FanDuel, owned by Flutter Entertainment, is one of the largest online sportsbooks in North America. It competes with Rivalry in Ontario and represents the dominant scaled player in the same category.
• Pinnacle: Pinnacle is a long-established online sportsbook with strong esports coverage and a sharp-money positioning, comparable to Rivalry's sportsbook and esports betting heritage at much larger scale.

Regional players

• PointsBet: PointsBet is an Australian-rooted online sportsbook with North American operations, comparable to Rivalry in product mix (sportsbook + iGaming) and target regulatory footprint (Ontario, Australia, Isle of Man).

Market position

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/rivalryglhf
• Facebookfacebook.com/rivalryglhf

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds9 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Rivalry