Rivalry continues winding down as board members resign

(AsiaGameHub) –   In an investor update today, Ontario-based operator Rivalry disclosed the resignation of four board members.

Two of these executives also exited their CTO and COO positions, and interim CFO Demi Abidogun-Benson has also resigned from the operator. This follows a February statement regarding a “significant reduction in operating activity”.

The company cited “recent performance volatility” as the reason. Rivalry informed investors at that time that it was considering strategic alternatives for its assets and operations.

This initiative involved significantly reducing its workforce and drastically cutting operating costs.

It stated at the time: “The company has paused player activity on its platform and is facilitating player withdrawals in the ordinary course.”

The four board members resigning this week are: Stephen Rigby, Steven Isenberg, Ryan White, and Kevin Wimer.

Rivalry did not offer further updates on these changes, including plans for potential replacements in the short or long term.

In February, as it began its current strategic review, Rivalry mentioned it was negotiating with third parties about potential transactions.

“However, in light of recent performance volatility, the board has determined to materially reduce the scale of operations while assessing whether a strategic transaction or other alternative can be advanced,” it noted.

“Given the company’s reduced operating scale and the ongoing evaluation process, there can be no assurance that any strategic alternative will be completed or that operations will continue in their current form,” the operator stated.

Rivalry’s prior strategic review

The wind-down process succeeded a previous strategic review in 2025, intended to “support its long-term growth and expansion plans”. At that stage, Rivalry hired XST Capital Group, a boutique investment bank focused on the digital gaming sector, to look into sale possibilities.

“This review is a natural step in assessing how we can best create long-term value for our stakeholders while continuing to enhance our world-class gaming platform,” CEO Steven Salz commented at the time.

Rivalry had also secured a senior unsecured loan with a principal amount of $650,000 from an existing senior lender during that period.