Rivalry completes non-brokered private placement of $3.32m

The company’s net revenue per user climbed to an all-time high during the third quarter of 2024, increasing by 51% as compared to the average of the trailing 2024 period.

Rivalry has announced that the company has completed its non-brokered private placement of units, including over 22 million units sold in connection with the offering, amounting to $3.32m. 

The company stated that it intends to use the proceeds from the offering for corporate development and general working capital purposes. Rivalry also launched its new crypto token feature for users during 2024, and said it is currently in the process of obtaining additional gaming licenses.

On November 29, 2024, Rivalry released its financial results from the third quarter of 2024, including a handle that reached $57m and an adjusted gross revenue of nearly $4.3m. 

“Over this period we have completely rebuilt every core element of our product, intentionally designed to service crypto-native users and high value players. We’ve also undergone a comprehensive rebrand, and significantly drawn down marketing spend associated with our prior strategy.” Rivalry Co-Founder and CEO Steven Salz said. 

“On an organizational level, we reduced our headcount by 50% through two workforce rationalizations and adjusted our performance culture, resulting in a more robust and higher output organization, with measurable output climbing over 200%.”

Good to know: Rivalry announced that Kejda Qorri will transition out of her role as CFO, with Demi Abidogun-Benson set to assume the role of Interim CFO on August 16

Rivalry launched the new token “to add increased functionality, economics, and user experiences across the company’s product suite, continuing Rivalry’s track record of innovation in online betting.”

The company’s net revenue per user climbed to an all-time high during the third quarter of 2024, increasing by 51% as compared to the average of the trailing 2024 period, and by 70% as compared to the trailing three-year average since launching the initial set of new product features in October.

Kirk Geller

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