Canadian Sportsbook Rivalry Introduces Rivalry Token, Its First Cryptocurrency Product
A native Rivalry Token from Rivalry, a Gen Z-focused iGaming and sports betting company, has just launched.
As of June, rivalry users can earn an interim currency through site usage and social media interaction. This money will eventually be turned into Rivalry Token during a token creation event that takes place in the second half of 2024. To reward devoted users, tokens will also be given to all Rivalry accounts based on past activity. The operator anticipates that this will give churned users a significant chance to reactivate.
The Rivalry Token will be constructed on a blockchain that the Toronto-based operator hasn’t yet disclosed, but it has stated that its goal is to improve the functionality, economics, and user experience of all of its products.
Reaching Out to “Crypto Ecosystem”
Additionally, Rivalry intends to expand support for cryptocurrencies in general by enabling users to wager using Ethereum, Dogecoin, Bitcoin, and other well-known digital currencies, making it a standout in the iGaming world as one of the most prominent crypto bookmakers.
Since April, when co-founder and CEO Steven Salz informed investors that the company was going to undertake two of the most material improvements to their business model since launching Rivalry in 2018, one of which is “exploration and development within the crypto ecosystem”, the company has been hinting at a new, more crypto-focused direction.
One of the upcoming projects aimed at positioning Rivalry in the cryptocurrency gaming industry is the Rivalry Token. The next online consumer market to be significantly disrupted by blockchain technology is online gambling. Compared to traditional competitors, blockchain technologies provide faster speed, better functionality, and greater accessibility. Tech-savvy gamblers are driving a behavioral shift in favor of more immersive, crypto-enabled gaming environments, which is rapidly stealing wallet share from established operators.
Rivalry was well-positioned (the first quarter of 2024 saw the company reach a record net revenue margin of $4.5 million, up 51% or $1.5 million from Q4 2023) to take advantage of the cryptocurrency market’s development potential because of the platform’s tested product line, well-known brand, and user base of digital natives. Through on-site activities like betting and friend referrals, users will be able to accrue tokens that they can use on Rivalry to increase their odds and play jackpot games. The business has promised to release additional functionality-related details in the future.
Additionally, Rivalry Token is intended to be listed on cryptocurrency exchanges under the ticker $RVLRY. Once more, the timeline for this is unknown. The company said that Rivalry Token will establish a new, dynamic interaction between the player and the house in which each bet on sports and each spin at the casino will earn a decentralized asset that will increase in value in tandem with player activity on Rivalry. The business anticipates that player engagement, loyalty, and advocacy will all significantly rise as a result of the token.
Available Everywhere, with Exception of Ontario and Australia
Players in all the company’s other active markets will be able to access the new crypto features, although Rivalry Token won’t be available in Ontario or Australia due to regulatory considerations.
Since 2018, Rivalry has maintained a license from the Isle of Man and operates in over 20 countries. Additionally, it’s registered as an online gamer in Ontario and has a sports bookmaker license in Australia. Throughout this process, the operator has been in close communication with regulators in its markets and has had constructive conversations on Rivalry Token as well as cryptocurrencies in general.
