Rivalry lays Off 29 employees in restructuring phase

Rivalry recently made the decision to restructure its team, leading to the departure of 29 employees.

This move is part of the company’s effort to realign its focus on product categories and target audiences for growth.

Steven Salz, CEO and co-founder of Rivalry, explained that the company is shifting its priorities towards areas that yield customer success and return on investment.

As a result, they have recognized the need for roles moving forward.

In light of this shift, Rivalry has decided to part ways with 29 colleagues as part of their restructuring process.

The company aims to concentrate on areas where they can leverage their skills effectively to gain an edge.

Rivalry, originally known for its focus on being a leading sportsbook, especially in the eSports world, has undergone a transformation since its inception in 2017. The company expanded into the online casino area in 2022 and has now developed into a gaming platform

Furthermore, Rivalry has unveiled plans to enter the B2B sector this year with the goal of exploring revenue streams and expanding its market reach.

In May, the company revealed its intention to venture into the world of crypto gambling by introducing the Rivalry Token, a currency built on blockchain technology.

Salz believes that utility tokens based on cryptocurrencies could bring about a shift, in customer and brand loyalty within the gambling sector.

He stressed that cryptocurrencies are here to stay, citing industry reports indicating that crypto bets now represent a quarter of all betting activities, with projections suggesting this market share will increase as older demographics phase out.

On LinkedIn, Salz shared a list of employees affected by changes at Rivalry, providing their names, roles, and contact details for new opportunities to reach out.

Salz expressed regret over parting ways with some team members and emphasized that it was necessary for Rivalry’s strategic direction.

To those affected, he conveyed respect and appreciation for their contributions to Rivalry and offered support in finding new opportunities.

Salz mentioned that impacted staff have been given the choice to be included in the list and assured them of assistance in their job search.

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