Online betting operator Rivalry has confirmed that 28 staff have been made redundant due to company restructuring.
The layoffs come as the operator looks to pivot its focus towards VIP players and cryptocurrency products, with staffing being aligned with this new direction.
Rivalry CEO Steven Salz took to LinkedIn to discuss the company restructuring and attached a document detailing the names and roles of staff members who had been made redundant, alongside their contact details to allow prospective employers to reach out.
In a statement provided to Gaming Intelligence, Salz said: “Rivalry recently completed a company restructuring affecting 28 of our talented colleagues as we continue to shift our teams, resources, and focus around a new strategic path we are heading on.
“We are finding increased leverage, product-market fit, and return on investment from our expansion into crypto and emphasis on high-value players.
“Despite the opportunities being created for Rivalry, it’s clear these shifts mean rethinking parts of our strategy and team that can build on the momentum we’re experiencing and become a profitable, category-defining gambling brand.“
This round of redundancies comes after Rivalry announced in the summer that it had let 29 employees go.
Shares in Rivalry Corp. (TSXV:RVLY) dropped 21.28 per cent to close at CA$0.19 per share in Toronto Wednesday.