Rivalry highlights crypto strategy and cost savings efforts in Q3 report
iGaming and sportsbook operator Rivalry Corp reported Q3 2024 results marked by a sharp organizational overhaul, increased focus on a crypto-first strategy, and significant cost reductions. While the company noted revenue was down, Rivalry expressed optimism that the overhaul will provide “an operating footprint that presents a much smaller gap to profitability to close.”
The company posted a betting handle of CAD 79.9 million ($56.90 million) in the quarter. Adjusted revenue, including CAD 3.0 million ($2.14 million) in deferred revenue from its crypto-native token, NUTZ, reached CAD 6.0 million ($4.18 million), while net revenue was CAD 3.0 million.
Marketing expenses were trimmed by 30% year-over-year to CAD 2.0…
