Rivalry Reduces Operations in Esports Sector

Esports betting and sportsbook operator Rivalry Corp. has announced a significant scaling back of its operations as it explores strategic options for the future.

In a recent statement, Rivalry revealed that its Board of Directors has approved a major reduction in business activities while it evaluates various strategic alternatives concerning its assets and operations.

The company is currently in talks with third parties about potential transactions but noted that due to recent fluctuations in performance, the Board has decided to significantly downsize operations while considering whether a strategic deal or other outcomes can be pursued.

Effective immediately, Rivalry is implementing substantial cost-cutting measures, which include a significant reduction in its workforce and a decrease in operating expenses. Additionally, the company has paused player activity on its platform and is facilitating withdrawals as usual.

Rivalry is exploring a variety of potential alternatives, which may involve asset-level transactions, corporate deals, restructuring initiatives, or other strategic outcomes. However, it has cautioned that there is no guarantee that any strategic alternative will be finalized or that operations will remain unchanged.

Rivalry Corp. fully owns and operates Rivalry Limited, which provides regulated online betting on esports, traditional sports, and casino games. The company holds a license from the Isle of Man and an internet gaming registration in Ontario.