08:00 AM EST, 11/29/2024 (MT Newswires) -- Rivalry (RVLY.V), a sportsbook and iGaming operator, on Friday reported a slightly wider loss as revenue dropped.

The company, which has just completed a major revamp and staff reduction, reported a net loss of $5.9 million, or $0.09 per share, compared with last year's loss of $5.64 million, or $0.09 per share.

Net revenue fell to $2.95 million, from $3.96 million. The decrease was due to a drawdown in active marketing spend as Rivalry undertook a significant organizational overhaul and repositioning in the third quarter, the company said.

Rivalry also said it has raised $1.05 million in the second tranche of its non-brokered private placement. The company issued 6.98 million units at $0.15 each. Rivalry may complete one or more additional closings, for aggregate gross proceeds of up to US$3.0 million.