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Rivalry has recently let go of 29 employees as part of a restructuring effort to reorganise teams and facilitate its new expansion into product categories and audience segments.
Steven Salz, the CEO and co-founder of Rivalry, explained that the company is focusing on areas that show customer success and a return on investment.
This shift in focus has led to the realisation that future roles are different from those that were previously required.
In light of this change, Rivalry had to make the decision to say goodbye to 29 talented colleagues as part of their company restructuring.
Looking ahead Rivalry plans to concentrate on areas where they can excel and achieve success, which includes refining their strategy and restructuring teams.
Originally concentrating on esports betting, Rivalry has gone through a transformation since its inception in 2017.
The company expanded into iGaming in 2022 and has now become a gaming platform.
This year, Rivalry announced plans to enter the B2B sector in an effort to explore new revenue opportunities and broaden its market reach.
In May, the company revealed its intentions to step into the world of cryptocurrency gambling by introducing the Rivalry Token, a currency, to blockchain technology.
Salz is of the opinion that utility tokens based on cryptocurrency have the potential to transform customer and brand loyalty within the gambling sector.
He stressed that cryptocurrency isn’t a passing trend, citing industry reports showing that crypto bets now account for 25% of betting activity.
He also predicted that this market share will keep growing as older demographics phase out.
On LinkedIn, Salz posted a list containing the names, job titles, and contact details of some employees affected by the changes, inviting new employers to reach out.
Salz expressed; “As we make moves at Rivalry with an eye on the future we’ve had to make decisions about parting ways with some talented colleagues this week.
To those impacted, your contributions to Rivalry are greatly valued.”
Salz mentioned that affected employees have been given the choice to be included in the list and emphasised their support in finding opportunities.
