Rivalry Corp. has reported accelerating performance in Ontario, describing the province as its core regulated market and a central driver of recent operating momentum. The update follows the completion of the company’s capital restructuring and refinancing in October, which enabled a measured restart of marketing activity after an extended period of cost containment.

Based on results recorded so far in Q4 2025, the company said it is tracking toward its strongest quarter ever in Ontario across handle, gross revenue, and net revenue. Rivalry has already set new internal highs for both active players and newly acquired players during the quarter, even though December figures remain incomplete. Management emphasized that these outcomes have emerged early in the marketing re-acceleration phase, driven by roughly six weeks of incremental spending since the restructuring closed.

Ontario Metrics Show Sharp Increases in Activity

Quarter-to-date data indicate that active players in Ontario are running 28% above Q3 levels. Compared with the same period last year, active players increased by nearly 60%, reflecting continued expansion of the company’s customer base in the province. Deposit activity rose at a faster pace, with total deposits up approximately 240% year over year and deposit counts increasing by 117%.

Wagering volume also showed strong gains, doubling compared with the prior-year period. The company attributed this growth to higher engagement and sustained player retention rather than aggressive promotional campaigns.

Rivalry highlighted that these results were achieved with only a modest increase in marketing investment. Incremental spending in Ontario totaled about $75,000 above the company’s previous run rate, which had remained largely unchanged throughout most of the year prior to the refinancing. Management said the limited scale and duration of the spend underline the efficiency of the current approach.

“These Ontario results are particularly encouraging given the limited duration and scale of the marketing ramp so far,” said Steven Salz, Co-Founder and CEO of Rivalry, in the company’s press release. “We’re seeing record activity and revenue in a regulated market with disciplined, incremental spend, which reinforces the strength and durability of the operating model we rebuilt over the past year.”

Ontario’s Rising Role Within the Business

Ontario has continued to increase its share of Rivalry’s overall revenue mix and remains the company’s primary strategic focus heading into 2026. In earlier financial disclosures covering the three months ended September 30, Rivalry reported that Ontario had grown from contributing under 20% of net revenue over the prior 12 months to close to 40% by Q3 2025.

That earlier quarter marked Rivalry’s third consecutive period of revenue growth, with net revenue reaching $1.93 million, up from $1.6 million in Q2 and $1.3 million in Q1. Over the same period, operating expenses declined sharply year over year, and the company’s net loss narrowed significantly.

Rivalry attributed much of that improvement to a broader operational reset that included product changes, cost reductions, and structural adjustments. The company overhauled its loyalty program, introduced new promotions, and implemented user experience upgrades as part of a strategy aimed at crypto-native gaming and higher-value players. Q3 2025 net revenue per player set a new record, ending the quarter about 36% above the previous high, while wagers per player and average monthly deposits per player also rose on a quarter-over-quarter basis.

“Q3 2025 reflects the continued momentum we’ve built throughout the year,” Salz said at the time. “We increased revenue for the third straight quarter, reduced costs again on a year-over-year basis and materially improved our loss profile. Alongside the completion of our financing and debt restructuring post-quarter, Rivalry enters its next chapter on a stronger, more sustainable foundation.

“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. Player quality and monetization 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.”

Alongside the Ontario update, Rivalry confirmed that it has completed its previously announced non-brokered private placement. The offering, disclosed through multiple announcements between late September and mid-November 2025, generated total gross proceeds of $4.26 million, with no additional funds raised beyond the amounts previously communicated.

Looking ahead, the company said its priorities include scaling marketing initiatives that have already demonstrated clear returns, further improving onboarding and retention, increasing Ontario’s share of total revenue, and maintaining a normalized cost structure. Rivalry also indicated that additional product updates are planned, including casino jackpots, responsible gambling feature improvements, and the full rollout of redesigned homepage and bonus sections as it moves toward 2026.