To guide this process, the company has partnered with XST Capital Group LLC, a boutique investment bank specialising in the digital gaming sector.

The Toronto-listed operator said it will explore several options to strengthen its position and drive future growth.

However, it did not specify whether these options could include a sale, merger, partnership, or even a take-private initiative. NEXT.iohas reached out to Rivalry for further comment.

Rivalry said the strategic review reflects the board’s commitment to prudent corporate governance and its ongoing efforts to optimise the company’s market position.

It added that the goal is to ensure Rivalry is best positioned for “continued growth and innovation.”

“We have built a strong foundation in the online gaming sector, delivering an exceptional experience for our players while driving operational excellence,” said CEO and co-founder Steven Salz.

“This review is a natural step in assessing how we can best create long-term value for our stakeholders while continuing to enhance our world-class gaming platform.”

In addition, Rivalry revealed it has secured a $650,000 senior unsecured loan from its current lender.

The loan, with a 10% interest rate and a maturity date of 30 September, provides added flexibility as the company pursues strategic initiatives.

2024 restructuring

Rivalry has faced challenges in recent years, including a major restructuring in 2024, which involved two rounds of layoffs that halved its workforce.

During this period, Salz and other top executives voluntarily reduced or eliminated their salaries as part of cost-cutting measures.

For Q3 2024, Rivalry reported a 25% year-on-year decline in net revenue, falling to C$3m. Its betting handle also dropped by 24.4%, reaching C$79.9m for the quarter.

Founded in 2017 with a focus on esports betting, Rivalry has since expanded into iGaming and, more recently, into cryptocurrency gambling.

A recent milestone in its evolution was the launch of the Rivalry Token, a blockchain-based utility token that was later rebranded as NUTZ.

CEO Salz described Q3 2024 as “the most substantive evolution of our business since founding.”

“We’re confident this entirely rebuilt product set, debuted alongside a more mature, digital-first rebrand, will accelerate Rivalry’s position as a global, crypto-native operator and enable us to capture a high-value player audience,” Salz said at the time.

Rivalry has yet to publish its Q4 2024 results.