Toronto-headquartered gaming and esports company Rivalry picked out its growth in Ontario as a highlight of its financial performance last quarter.
Reporting a third consecutive quarter of revenue growth in its results for the three months ended Sept. 30, in which its operating expenses fell 58% and net loss improved by 67% year over year, the firm said that its operations in Ontario’s regulated market achieved their best quarter ever across all core KPIs.
While the company did not offer any further details on its Ontario-specific numbers, it did disclose that over the last 12 months, Ontario has grown from representing under 20% of the company’s net revenue to close to 40% in Q3 2025. The province continues to grow as a share of the business.
Overall, Rivalry’s net revenue reached $1.93m in Q3 2025, rising from $1.6m in Q2 and $1.3m in Q1. The company noted that equates to 47% since the start of the year. However, operating expenses are still nearly double revenue, despite falling from $8.47 million to $3.52 million year over year. Its net loss is just under $2 million, although that is a considerable improvement in the $5.89 million it was in Q3 2024.
Rebrand and revamp paying off, says Rivalry
Rivalry offers online casino and online sports betting under iGaming Ontario’s oversight, and is also a licensed gaming operator in jurisdictions including Australia and the Isle of Man. It says it is in the process of obtaining additional country licenses.
The company has undergone a significant shift in recent times, revamping its product, strategy, cost base and operational structure and conducting several rounds of layoffs throughout the process. The changes, which included a rebuilt loyalty program, new promotions and various other user experience upgrades, broadly reflected an increased focus on crypto-native gaming and catering to high-value players.
Q3 2025 net revenue per player set a new record, ending the quarter approximately 36% higher than the previous all-time high set in Q2. Net revenue per player increased 49% quarter-over-quarter in Q2, and was 210% more than the historical average prior to the Q4 2024 company transformation. Wagers per player rose 7% quarter-over-quarter to nearly 300% above the pre-rebuild average, and average monthly deposits per player increased 24% quarter-over-quarter.
“Q3 2025 reflects the continued momentum we’ve built throughout the year,” said co-founder and CEO Steven Salz. “We increased revenue for the third straight quarter, reduced costs again on a year-over-year basis and materially improved our loss profile. Alongside the completion of our financing and debt restructuring post-quarter, Rivalry enters its next chapter on a stronger, more sustainable foundation.
“Rivalry is emerging from its transformation as a leaner, sharper, and more resilient business. We have rebuilt the engine, proven its performance, and strengthened the balance sheet. The focus now is on executing with precision and unlocking the scale potential of everything we’ve built. Player quality and monetization continue to reach new highs. The strategic shift we began last year continues to deliver. Our product is stronger, the funnel is smoother, and the economics per user are better than at any point in our history.”
More changes coming
Rivalry promised morw changes in the coming months, including launching jackpots within its revamped casino experience, rebuilding its responsible gambling features and fully rolling out a new homepage and bonuses page.
The company said that its priorities for the end of 2025 and into 2026 include continuing disciplined marketing expansion and further enhancing its product and onboarding features.
