On Friday, hours after esports betting and sportsbook operator Rivalry Corp. (TSXV: RVLY) announced that it would materially scale back its business while it evaluates strategic options, the company laid off all of its staff currently under contract.
It is unclear precisely how many employees were affected by the layoffs, but according to LinkedIn, Rivalry Corp. employed approximately 51-200 employees; other sources suggest that the company employs anywhere between 50 – 100 employees.
The news was first revealed by a former employee who noted that “…the company decided to terminate the contracts of all employees.”
The Esports Advocate reached out to management at the company on Friday and will update this article should they respond.
On Friday, Rivalry announced it was implementing “substantial cost reductions, including a significant workforce reduction and reduced operating expenditures.” The company added that it “has paused player activity on its platform and is facilitating player withdrawals in the ordinary course.” The company also said it would be exploring opportunities to sell its assets, suggesting that a total shutdown of the business was in the cards.
Rivalry Corp. wholly owns and operates Rivalry Limited, which offers regulated online wagering on esports, traditional sports, and casino games. The company holds an Isle of Man license and an internet gaming registration in Ontario and operates an online casino games portal.