Rivalry Further Shrinks Its Workforce amid Strategic Refocus

Rivalry, a next-gen sports betting and media company, announced that it has laid off 28 employees, including its global marketing director. The new redundancies are a part of a company restructuring, according to EGR.

Another Few Dozen Employees Have Been Dismissed

As reported, the restructuring comes amid Rivalry’s shift toward the crypto betting sector. Earlier this year, Rivalry confirmed that it plans to focus on blockchain opportunities and high-value customers. To that end, the operator is now undergoing major changes that will help it achieve its new goals.

In its financial report for the second quarter of the year, Rivalry announced that it plans to double down on the VIP sector and capitalize on high-value customers. This report also confirmed the company’s cryptocurrency ambitions, which it announced earlier this year.

Rivalry told EGR that it has laid off 28 workers, including Britt Doll, the company’s global marketing director. Doll was promoted to the position in December 2023 and had previously served as the company marketing director for Canada.

The layoffs mirror an earlier round of redundancies that saw the betting company part ways with another 29 employees.

CEO Salz Wants Rivalry to Become a Category Definer  

Rivalry’s chief executive officer, Steven Salz, spoke with EGR on the matter, saying that the new round of redundancies aligns with the company’s ongoing refocus on the crypto frontier and new business strategy.

Salz also told the news outlet that his team is already finding leverage, product-market fit and return on investment from its expansion into the world of crypto and the VIP sector. The CEO concluded that these opportunities are great but also mean that the company must rethink its strategy and restructure its team.

Salz is optimistic that despite impacting 28 of his talented team members, the redundancies will ultimately allow the company to build on the momentum it is experiencing and become a ”category-defining” betting brand.

Rivalry was originally an esports-focused betting brand but eventually expanded its business by launching retro-style iGaming products and a cryptocurrency product. The Rivalry Token has so far been very successful and praised as one of the company’s best ventures.