Esports sportsbook Rivalry rolls out cryptocurrency payments

Isle of Man licensed betting platform, Rivalry, announced Tuesday that it has become the latest esports-focused sportsbook to adapt to changing player preferences by supporting payments through Bitcoin.

COVID-19 has, in many cases, served as an accelerant to slow-burning changes in consumer behavior and preferences. Most notably: the meteoric rise of esports betting. "While many operators were left scrambling to adapt to the overnight demand, a select few, such as Rivalry, were perfectly positioned to capitalize on the pandemic pivot. Much like cryptocurrencies, esports betting is proving to be anything but a fad," the company said in the announcement.

Their average esports bettor is in their twenties —an early adoptor and digital native that is no stranger to Bitcoin, but maybe less so to traditional betting mechanics and terminology. This brings new opportunities for operators to reshape and reimagine the betting experience.

"Our integration with CoinCorner has allowed us to offer Bitcoin as a payment option to our players and further simplify the payment experience," said Rivalry CEO Steven Salz. "It’s partnerships like these that help us evolve the betting experience for a new cohort of bettors that think and behave differently." 

UK Bitcoin exchange, CoinCorner, has seen business appetite adjusting to accommodate the recent rise in demand for online banking and payment methods, with an uptick in businesses keen to introduce Bitcoin payments as a way to gain competitive advantage by opening up to new markets, receiving cheaper fees and no chargebacks.

"Since I joined CoinCorner in 2019, we’ve been making huge strides in assisting businesses across multiple industries to accept Bitcoin —preparing them for the new reality of a changing payment landscape," said Sam Tipper, Business Development Manager at CoinCorner. "This is particularly true for businesses regulated out of the Isle of Man, like Rivalry, who cater to a global market."

"While the gambling industry debates on the staying power of esports as a profitable betting market, operators like Rivalry are adapting with ease and transforming the betting experience to meet the needs of an evolving user base," the statement concluded.