Rivalry, the leading sportsbook and iGaming operator for digital-first players, today shared preliminary key performance indicators and revenue figures for the three months ended March 31, 2025, underscoring the success of its strategic transformation and path toward sustainable, profitable growth.

Betting handle in Q1 2025 was $58.2 million , and net revenue $1.3 million, for a net revenue margin of 2.3%. This compares to Rivalry’s full-year 2024 net revenue margin of 4.4%, with the Q1 2025 margin variance largely attributable to short-term fluctuations in sportsbook hold.

This was amplified by the Company’s strategic pivot toward high-value and VIP players – segments that offer significantly greater long-term value but naturally introduce more short-term variability in margin performance as they scale.

Q1 2025 marks the first full quarter under Rivalry’s revamped operating model, following significant changes to product offerings, organizational structure, cost management, and user acquisition strategies. Underlying KPIs show improved unit economics, deeper engagement, and structural momentum toward long-term sustainability.

Revenue in the quarter was lower than prior periods – a result of Rivalry’s deliberate shift to a leaner, more efficient model – creating a stronger foundation that the Company is now building on. The shortfall also reflected temporary variance in sportsbook hold, amplified by a strategic focus on high-value and VIP players. The Company believes that these segments drive significantly greater long-term value but can introduce short-term volatility as they scale.

Operational Efficiency Up 400%: In Q1 2025, Rivalry generated over 400% more net revenue per user per dollar of operating expense as compared to its average before the strategic overhaul. This marks a significant leap in cost efficiency and operating leverage, validating the impact of recent changes.