Rivalry has reported Q3 net revenue of C$1.9m (£1m) alongside a 58% year-on-year (YoY) decline in operating expenses amid a streamlining of the business.
The Toronto-listed operator said operating expenses were down from C$8.5m to C$3.5m, while net loss shrank from C$5.9m to C$2m during the quarter.
Bosses attributed this to the firm having “delivered consistent improvements in player value, marketing efficiency, cost structure and overall operating leverage”.
Rivalry also noted that net revenue per player hit an all-time high, while wagers per user were up 7% versus Q2.
Deposit frequency per player was likewise up 7% against Q2, while average monthly deposits per player jumped 24%.
The business, which began life as an esports betting operation and has shifted to a crypto- and VIP-focused operator, highlighted that Ontario was a key growth market.
Ontario, which is the only regulated Canadian province, accounts for almost 40% of net revenue as of Q3, up from 20% 12 months ago.
Rivalry said Q3 included “major site-performance upgrades”, new analytics deployments, engagement tools and “increased AI adoption across the team”.
Moving into Q4 and 2026, management added the focus would include the launch of the “fiat-to-crypto on/off-ramp integration” and improve responsible gambling features.
Steven Salz, Rivalry CEO, said: “Player quality and monetisation continue to reach new highs.
“The strategic shift we began last year continues to deliver. Our product is stronger, the funnel is smoother and the economics per user are better than at any point in our history.
“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. The focus now is on executing with precision and unlocking the scale potential of everything we’ve built.”
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VIP-focused operator says it is a “leaner, sharper and more resilient business” ahead of planned 2026 product deployments
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