Toronto-based gaming company Rivalry confirmed on Friday that Co-Founder and Chief Executive Officer Steven Salz is the last remaining board member or C-suite executive at the company.
Five C-level executives and/or board members have resigned from the operator, stripping its leadership back to the bare bones just months after it announced it had significantly reduced operations and suspended all play in Ontario as it evaluates a path forward.
Three of Salz’s co-founders have left the company:
- Steve Isenberg
- Ryan White, who was also Chief Technology Officer
- Kevin Wimer, who was also Chief Operating Officer
Another board member, former Ontario Lottery and Gaming (OLG) President and CEO Stephen Rigby, has also exited, as has interim Chief Financial Officer Demi Abidogun-Benson, who was not on the board.
Those departures leave Salz as the lone remaining board member and C-level executive at the company.
Rivalry said in a press release that it will provide further updates “as appropriate”.
Rivalry stopped all Ontario play in February
The company added that the board and management changes are part of its “ongoing operational transition”.
Less than three months ago, the Canadian sports betting, online casino and esports operator announced that it had suspended all player activity and laid off a significant portion of its workforce as part of a board-approved “significant reduction in operating activity” while its leadership evaluated strategic alternatives such as a sale.
“The company is engaged in discussions with third parties regarding potential transactions,” added a February statement. “However, in light of recent performance volatility, the board has determined to materially reduce the scale of operations while assessing whether a strategic transaction or other alternative can be advanced.”
Two years of big changes at Rivalry
That about-face came after Salz had stressed in several public releases throughout late 2024 and 2025 that Rivalry would benefit in the long term from a major operational shift.
Its overhaul included measures such as leaning more heavily into cryptocurrency, strategically rebranding to better target high-value digital-first players, revamping its sportsbook and redesigning its casino offering and launching a comprehensive VIP rewards program.
As part of that shift, Rivalry slashed its workforce by 50% and several C-suite executives took pay cuts.
In the company’s last public update before February’s announcement, Rivalry reported a record quarter in Ontario, with a 240% year-on-year increase in deposits and 100% increase in wagers, as well as reported three consecutive quarters of revenue growth and a 58% year-over-year reduction in its operating expenses.
While Salz said the strategic moves had made Rivalry “leaner, sharper, and more resilient”, the company ended 2025 almost $2m in the red, although that net loss improved 67% from where it stood at the end of 2024.
No updates on what’s next
At the time that it announced its Ontario shutdown, the company warned that given its reduced operations and the ongoing evaluation process, “there can be no assurance that any strategic alternative will be completed or that operations will continue in their current form.”
No further operational update was offered on Friday.
