Rivalry CEO and Co-Founder Steven Salz told investors on Friday that the company has “completely rebuilt every core element of our product” as it looks to lean more heavily into the cryptocurrency side of online gaming.

Rivalry’s product overhaul, which was completed this week, included a new crypto-first cashier and a strategic rebrand to better target crypto gamblers and digital-first players, as well as a major sportsbook revamp, a redesigned casino offering and a comprehensive VIP rewards program. “This is effectively the entire product rebuilt,” said Salz, who said everything was done in about 90 days.

“Q3 was the most decisive period in Rivalry’s history,” Salz told investors on a company earnings call on Nov. 29. “It was marked by a complete product overhaul, major organizational realignment and a substantial reduction in operating expenses. This work was done to better tune ourselves to an evolving online gambling market where cryptocurrency has become the global payment method of choice and to align our offering with experiential expectations of the players driving this industry wide shift.”

Salz also championed the company’s NUTZ crypto token, formerly known as Rivalry Token, telling investors it has proven to grow the company’s crypto market share, attract higher-value players, and enhance retention and long-term engagement. The company said internal data shows that crypto wallet-connected players are generating 200% more revenue than the average non-crypto Rivalry player.

The Toronto-based company is confident that its “evolved product set alongside a more mature digital-first rebrand” will accelerate its position as a global crypto-native operator and enable the business to capture high-value players.

Salz also noted that as part of the operational shift, Rivalry reduced its staff headcount by 50% through layoffs in July and October, which he called two “workforce rationalizations.” Salz added that he, Chief Technology Officer Ryan White and Chief Operating Officer Kevin Wimmer have all taken a voluntary 100% pay cut to help propel the changes. Salz subsequently reduced his own salary by another 50%.

Rivalry posts record net revenue per user, handle falls sequentially

Salz suggested the changes are already paying dividend.

He noted on the call that from the start of October until the end of November, Rivalry’s average net revenue per user hit an all-time record, up 51% compared to the 2024 year-to-date average until the end of September. The company did not disclose the dollar amount.

The company’s Q3 financial report shows that handle for the quarter sat at nearly $80 million, down “modestly” quarter-over-quarter. Adjusted gross revenue totaled $6 million, half of which was deferred revenue for NUTZ.

Total revenue for the quarter was $3.0 million. Year-to-date, that figure is $12.1 million, down 8% year-over-year. Rivalry said the decline was primarily a result of a reduction in marketing spend and an increasing mix of casino betting handle. Casino accounted for 62% of betting handle and 40% of net revenue in Q3.

Salz had announced on the Q2 earnings call in late August that Rivalry is exploring starting to license its gaming content to other operators.