Rivalry Parts Ways with Nearly 30 Employees

Earlier this year, Rivalry, the globally licensed sportsbook and industry underdog built to revolutionize the betting and entertainment sector, announced its intention to continue growing by securing new business-to-business (B2B) licenses and expanding its crypto options. The move signaled the company’s plan for expansion and the scaling up of its operations.

Yet, in an unexpected turn of events, Rivalry parted ways with nearly 30 of its employees. As announced by the company’s CEO and co-founder, Steven Salz, who was interviewed by NEXT.io, Rivalry has taken the tough decision to lay off 29 of its talented employees.

The executive explained that the layoffs are part of a strategic review of the company’s operations. Salz explained: “As Rivalry continues to prioritize areas where we are finding the most customer success and return on invested capital, we have come to realize that the roles needed for our future are different from those that brought us here today.”

“As we continue to make strategic shifts at Rivalry with an eye toward the future, we have unfortunately made the difficult decision to part ways with some of our talented colleagues this week.“

Steven Salz, co-founder and CEO at Rivalry

The Company Is Ready to Help the Employees Affected by the Layoff

Over the last few years, Rivalry has made changes to its operations ahead of planned expansion. The company entered the iGaming sector a few years ago and as noted, eyed expansion into the B2B vertical.

In the words of Salz, Rivalry will “continue to narrow” its focus. He added that while the company will grow in certain verticals, it will also consider “scaling back specific aspects of our strategy and reshaping our teams around that.”

“To impacted employees: we deeply respect you and your incredible contributions to Rivalry,“

added Salz

Considering the tough decision to part ways with more than two dozen employees, Rivalry vowed to help them find new employment. The company’s employees affected by the layoff agreed to have their name, position, LinkedIn profile and background information shared.

Ultimately, this is expected to help the workers find new employment faster. The list disclosed by the company reveals that a number of Rivalry employees from Brazil, Canada, the United States and the Philippines, among other countries, have been affected.

Rivalry thanked its employees for their dedication and hard work. The company also agreed to discuss the qualifications of the workers affected by the layoffs with companies that may consider adding them to their team.