Rivalry, a leading regulated esports and sports betting company, has announced its full-year 2024 financial results, revealing the early success of a comprehensive business transformation aimed at long-term sustainability and profitability.
The report details a narrowing net loss, a sharp reduction in operating expenses, and early signs of improved customer economics, marking what CEO Steven Salz described as “a foundational rebuild” to position Rivalry for leaner, more efficient betting operations in 2025.
Rivalry closes in on breakeven after implementing improvements
In 2024, Rivalry posted net revenue of $13.6 million, down from $16.2 million in 2023, but simultaneously reduced operating expenses by 17 percent from $38.8 million to $32.2 million. The company’s net loss improved to $22.4 million, down from $23.8 million the previous year.
“We made hard decisions last year—rebuilding the product, cutting costs, and refining our approach to players—and those changes are beginning to show signs of positive impact,” said Steven Salz, co-founder and CEO of Rivalry. “The latter half of 2024 set the stage, and we’re encouraged by the progress seen so far in 2025.”
The company has significantly lowered its breakeven revenue point, with monthly breakeven now at $600,000, compared to over $2 million per month a year ago. Further cost reductions are planned for the third quarter of 2025.
Rivalry executed a significant overhaul across its platform infrastructure, focusing on crypto-native systems and user experience improvements, which are already paying off in 2025. According to Rivalry, net revenue per user and wagers per user hit record highs (excluding outliers), while monthly deposit growth has been recorded consistently from November 2024 through June 2025 despite limited marketing spend.
The company has also made strides in tightening its marketing funnel and customer acquisition strategy. Since January 2025, monthly new first-time depositors have increased by approximately 40%, while spending has remained flat.
Turnaround bodes well for esports betters
Rivalry’s turnaround holds significant implications for the esports betting industry, particularly amid a climate of cautious investor sentiment and regulatory complexity. By showcasing measurable improvements in player retention, crypto infrastructure, and cost efficiency, the firm may be setting a precedent for how niche sportsbooks can scale sustainably without the traditional, capital-intensive playbook of larger operators.
The company plans to release its first quarter of 2025 financial results on or before July 14, 2025. Industry observers will be watching closely to assess whether the company can maintain its momentum and potentially chart a new course for profitability in the increasingly competitive esports betting market.
Rivalry has been known for forging several partnerships within the esports industry, including Blacklist International and BOOM Esports in Dota 2 and Filipe “Ranger” Brombilla de Barrios and Gustavo “Baiano” Gomes in League of Legends.
