Rivalry faces leadership shake-up amid operational transition
Toronto-based gaming company Rivalry confirmed that co-founder and CEO Steve Saiz is now the sole remaining board member and C-suite executive following a wave of high-level resignations.
In recent months, five executives and board members have stepped down, leaving Saiz as the company’s last senior leader. Rivalry had already announced major operational cutbacks, including suspending all play in Ontario as it reassessed its future direction. The company said it will provide further details “as appropriate.”
Saiz co-founded Rivalry in 2017, positioning the brand to target Millennial and Gen Z audiences through esports, sports betting, and casino offerings. Before Rivalry, he served as Director at LootMarket, an in-game item marketplace, and PlayVIG, a platform for video game challenges and achievements. Saiz also competed in esports tournaments over a decade ago, including Major League Gaming events, which shaped his interest in the industry.
Operational overhaul
Ontario’s iGaming market is governed by a strict two-tier regulator framework: the Alcohol and Gaming Commission of Ontario (AGC), which sets the rules and registers operators. Meanwhile, iGaming Ontario (iGO) manages commercial agreements.
Rivalry halted Ontario operations in February, citing an “ongoing operational transition.” Earlier, the Canadian operator revealed that it had suspended player activity and laid off a substantial portion of its workforce while exploring strategic alternatives, including a potential sale, according to Canadian Gaming Business.
The company has also admitted that it is looking at several options, including a full or partial sale to a larger operator or investor, asset-level transactions, such as selling its sportsbook or casino platform separately, and restructuring or hibernation to preserve capital until market conditions improve.
Over the last few years, industry consolidation has sped up with larger firms obtaining niche operators to expand into esport and digital-first markets. Rivalry’s esports focus could make it an attractive target. Its public listing and prior fundraising rounds demonstrate investor interest, but the leadership shake-up may prompt stakeholders to view a sale as the most viable path forward.
Operations have also paused in other jurisdictions, including the Isle of Man. Deposits and balances are being returned to customers, while nearly half of Rivalry’s staff have been laid off or possibly more, according to media reports.
The retreat is striking given Ontario’s booming betting market, where competitors are expanding aggressively. Rivalry’s crypto-first strategies and heavy marketing spend in a volatile sector now leave its future hinging on whether it can secure a buyer or restructure successfully.
Over the past two years, Rivalry’s restructuring has included a stronger focus on cryptocurrency integration, a rebranding to target high-value, digital-first players, revamped sportsbook and casino offerings, the launch of a comprehensive VIP rewards programme, workforce reductions, and executive pay cuts.
Financial performance
Despite the turbulence, Rivalry reported strong momentum before its February announcement. It stated that it had a 240 per cent year-on-year increase in deposits in Ontario, a 100 per cent year-on-year increase in wagers, achieved three consecutive quarters of revenue growth, and a 58 per cent year-on-year reduction in operating expenses.
Still, the company closed 2025 with a net loss of nearly CAD 2 million, though this represented a 67 per cent improvement compared to the end of 2024.
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