Rivalry has stopped all operations on its platform. The Canadian gaming company announced it would pause player activity, issue refunds, and cut staff as it looks for a buyer.
The Toronto-based operator revealed the news on February 14. Its Board of Directors approved major cost reductions. Rivalry says it is now in talks with third parties about potential deals. These could include selling assets, selling the whole company, restructuring, or other options.
This marks a stunning reversal for the company. Just months ago, Rivalry seemed to be turning a corner. The firm completed a full overhaul of its product, brand, and marketing strategy in early 2025. It launched a crypto-first approach and added features for high-value players.
CEO Steven Salz had told shareholders the company was leaner and ready for growth. However, the board now cites recent performance volatility as the reason for the shutdown. In addition, the company warns that there can be no assurance that any strategic alternative will be completed.
Players can still withdraw their funds. The company says it is processing withdrawals normally. Rivalry holds licenses in Ontario through the AGCO and in Australia through the Northern Territory Racing Commission. It also operates in gray markets using an Isle of Man license.
Rivalry first made waves when Ontario’s regulated market opened in April 2022. The company targeted Gen Z users with fresh marketing and an esports focus. Later, it expanded into traditional sports betting, casino games, and fantasy sports.
The company also pushed into crypto gambling. It launched the Rivalry Token in 2024 and even added Solana-based $TRUMP as a payment option. However, crypto betting remains banned in Ontario, limiting where Rivalry could offer these features.
The company had already cut staff twice in 2024. Now it faces an uncertain future as it tries to find a buyer or restructure its business. The coming weeks will determine whether Rivalry survives in its current form or gets broken up and sold piece by piece.
