In Q3 2025, Rivalry reported its third consecutive quarter of sequential net revenue growth, maintaining momentum from its operational restructuring that started in late 2024.
Compared to $1.6m (£1.1m) in Q2 2025 and CAD$1.3m (£698,000) in Q1 2025, the esports and sports betting platform’s net revenue increased 19% sequentially to CAD$1.93m (£1.03m) in Q3 2025.
The company also made significant strides in cost management and profitability improvement.
Operating expenses declined 58% year-over-year to CAD$3.52m (£1.98m), down from CAD$8.47m (£4.5m) in Q3 2024. Meanwhile, its net loss improved 67% year-over-year to CAD$1.96m (£1.05m) compared to CAD$5.89m (£3.16m) in Q3 2024.
Transformation Strategy Delivers Record Player Economics
According to Rivalry, its Ontario market hit a record-breaking three months on every key metric.
Over the past 12 months, Ontario has grown from under 20% of company net revenue to nearly 40% in Q3 2025. This growth in a regulated market directly supports the company’s long-term durability strategy.
Player economics continued reaching new highs throughout the quarter. Net revenue per player surpassed the previous all-time record set in Q2, ending Q3 approximately 36% higher.
Wagers per player rose 7% quarter-over-quarter, while average monthly deposits per player increased 24%.
These gains build on the foundation laid in Q1 2025, when average monthly deposits per player had already surged 175% compared to before the October 2024 overhaul.
Steven Salz, Co-Founder and CEO of Rivalry, commented on the results: “Q3 2025 reflects the continued momentum we’ve built throughout the year. We increased revenue for the third straight quarter, reduced costs again on a year-over-year basis, and materially improved our loss profile.”
After the quarter wrapped up, Rivalry pulled in CAD$4.26m (£2.28m) via a private deal while also sorting out $12.53m (£6.7m) in existing debt through an agreement.
The firm pushed back the deadline for its leftover secured convertible debt to late 2028, while skipping interest payments till the end of 2026.
Salz added: “Rivalry is emerging from its transformation as a leaner, sharper, and more resilient business. We have rebuilt the engine, proven its performance, and strengthened the balance sheet.”
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