Rivalry CEO Steven Salz Steps Down Amid Restructuring

Jonathan Rodriguez

Written by: Jonathan Rodriguez

Published: Thu Jul 09, 2026, 10:00 am ET

Read Time: 4 minutes

Rivalry CEO Steven Salz Steps Down Amid Restructuring

industry

Rivalry has entered another period of uncertainty after co-founder Steven Salz resigned as chief executive officer. 

The leadership change comes as the Canadian esports betting operator continues restructuring its business and evaluating strategic alternatives. Salz will remain on Rivalry's board of directors despite stepping down from the company's top executive role.

The announcement follows months of challenges for one of the best-known brands in Canada online sportsbooks and Canada online casinos. Rivalry suspended its gaming operations earlier this year while pursuing options that could include a sale of the company or its assets. 

At the same time, the operator has faced regulatory and financial hurdles that have affected its standing with investors.

Steven Salz Resigns as Rivalry CEO Following Executive Departures

Salz's resignation marks the latest step in Rivalry's ongoing operational transition. The company has remained dormant since suspending gaming operations in February 2026 while it explores strategic alternatives. 

Against that backdrop, the leadership change reflects the company's continued restructuring rather than an unexpected departure. Salz will continue serving as a member of Rivalry's board of directors.

Earlier this year, the company announced the departures of several senior executives and directors as part of its operational transition. Those exits included:

  • co-founder and Director Steve Isenberg
  • co-founder and Chief Technology Officer Ryan White
  • co-founder and Chief Operating Officer Kevin Wimer
  • Director Stephen Rigby
  • Interim Chief Financial Officer Demi Abidogun-Benson

Those resignations left Salz as Rivalry's sole remaining board member and C-suite executive. His decision to step down as CEO now leaves the company without an active chief executive while it continues reviewing strategic alternatives.

Rivalry has stated that its restructuring efforts remain focused on preserving shareholder value. The company also continues evaluating potential transactions that could support its future.

Rivalry Spent Two Years Restructuring Its Business

Rivalry spent much of 2024 and 2025 attempting to stabilize its operations after mounting financial pressure.

The company reduced its workforce by roughly half while streamlining operating expenses. It also shifted its focus toward cryptocurrency users and higher-value digital customers.

In addition, Rivalry redesigned its sportsbook and casino platform to improve user engagement and profitability. Management hoped those changes would create a leaner business capable of generating sustainable long-term growth.

The company also launched a formal strategic review during 2025 to examine possible financing opportunities, partnerships, or a sale.

Although Rivalry reported improved performance within Ontario gambling and reduced annual losses during its restructuring, those gains proved insufficient to restore long-term stability. 

As a result, the operator suspended gaming operations in February 2026 while continuing its review of strategic options.

TSX Venture Exchange Downgrades Rivalry to Tier 2

Rivalry's leadership changes coincided with another setback after the TSX Venture Exchange transferred the company from Tier 1 to Tier 2, effective June 30, 2026.

The downgrade reflects Rivalry's failure to meet the exchange's Tier 1 listing requirements. Although the company remains listed, Tier 2 status generally applies to smaller or earlier-stage issuers that no longer satisfy the higher financial and operational standards required for Tier 1.

Meanwhile, Rivalry's shares remain suspended after the Ontario Securities Commission issued a cease-trade order in May 2026. The regulator acted after the company failed to file its audited 2025 financial statements and related regulatory documents.

Before trading can resume, Rivalry must:

  • File all outstanding financial disclosures.
  • Obtain the revocation of the Ontario Securities Commission's cease-trade order.
  • Successfully complete the TSX Venture Exchange's reinstatement review.

Meeting those requirements would allow the company to seek the reinstatement of trading. However, there is no confirmed timeline for that process.

Rivalry Leaves a Lasting Mark on Ontario's Regulated Market

Rivalry became one of the early digital-first operators to establish a presence after Ontario launched its regulated online gaming market in 2022. The company built its reputation by targeting esports fans and younger bettors through a distinctive brand and proprietary products.

Its sportsbook and Canada online casinos offerings featured a design that appealed to internet-native audiences. Rivalry also introduced innovative products, including its retro-inspired Casino.exe platform, which helped differentiate the brand from larger competitors.

Despite those innovations, industry analysts believe Rivalry struggled to achieve the scale needed to compete with global gaming companies that invested heavily in marketing, technology, and customer acquisition.

Experts have also pointed to the company's repeated strategic pivots, including its expanded cryptocurrency focus and casino growth strategy, as efforts to find a sustainable business model. 

While those initiatives reduced costs and improved some operating metrics, they ultimately failed to overcome the financial challenges facing the operator.

Steven Salz's departure marks another significant chapter for Rivalry as it continues searching for a path forward. 

The company's future now depends on completing its regulatory obligations and determining whether a restructuring or strategic transaction can return the business to stability.

Jonathan Rodriguez
Jonathan Rodriguez

Jonathan is an avid basketball fan, and is often looking forward to the next upcoming NBA season when not checking players' stats during games. He also likes to keep his ears on the ground for the latest rumblings in the online casino industry.

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