Rivalry.gg slashes operations after record growth in esports betting
Rivalry.gg, a leading esports betting and gaming platform, is drastically cutting back its operations. The company announced the move on February 13, 2023, after reporting record growth just months earlier. Immediate cost-cutting measures, including major job losses, are now underway to reduce spending.
The decision follows a period of strong performance for Rivalry. In December 2022, the company reported its best-ever results in Ontario, with deposits up by 240% and total wagers doubling compared to the previous year. Before the scaleback, the platform had grown to over 2 million registered users and annual revenues exceeding $100 million, placing it among the top five in North America and crypto-integrated markets.
The company's B2C website is now in maintenance mode and unavailable to visitors. New deposits and bets are no longer accepted, though players can still withdraw funds. Rivalry's Board of Directors confirmed the changes but did not guarantee that operations would continue in their current form.
As part of the restructuring, the company is exploring the sale of assets. Discussions are ongoing, but no details have been released about which assets may be sold or potential buyers.
The scaleback marks a sharp turn for a business that recently expanded its market position. With immediate job cuts and asset sales under consideration, Rivalry's future remains uncertain. The company has not confirmed whether operations will resume or in what form.
