Toronto-based online gaming, betting and esports operator Rivalry Corp. is reviewing “strategic alternatives” to support its long-term growth and determine the best path forward.

The company announced on Monday that its board of directors has initiated the review. Rivalry has engaged XST Capital Group, an investment bank focusing on the digital gaming sector, as advisors throughout the process.

Rivalry did not suggest any ultimate decisions that could arise from the review, but it said in a release that it will assess various options to position it for “continued growth and innovation.”

The board stressed that it is committed to “prudent” corporate governance and optimizing the company’s market position.

Rivalry co-founder and CEO Steven Salz called the initiative a “natural step in assessing how we can best create long-term value for our stakeholders while continuing to enhance our world-class gaming platform.”

Rivalry undergoing big changes

The company currently offers betting across sports, esports, casino and fantasy in Ontario, as well as worldwide via its Isle of Man licence.

Late last November, Salz told investors 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 completed a product overhaul last fall which included 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.

Salz said at the time 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. He previously announced in August that Rivalry was exploring licensing its gaming content to other operators.

As part of the operational shift, Rivalry reduced its staff headcount by 50% through layoffs in July and October, before Salz, Chief Technology Officer Ryan White and Chief Operating Officer Kevin Wimmer all took a voluntary 100% pay cut. Salz subsequently reduced his own salary by another 50%.

Since the start of 2025, Rivalry has kept the changes coming. In early January, it debuted a tiered VIP program that allows players to earn points as they wager, and just two weeks ago, it launched its rebranded Rivalry Partners affiliate marketing program.

Looking for profitability

Though Rivalry has not yet published its financial results for the last quarter, for the first nine months of 2024, it reported net revenue of $12.1 million CAD and a net loss of $16.5 million CAD. Revenue was down and loss was up year-over-year for the comparative period.

The company ended January to September 2024 with an accumulated deficit of $110.5 million CAD.

On Monday, Rivalry’s senior management also confirmed that the company has obtained a $650,000 USD ($932,000 CAD at the time of writing) unsecured loan from its existing senior lender, which is set to mature in late September.