Rivalry expands into crypto gambling with Rivalry Token, a native token on the blockchain launching in H2

Sports betting and iGaming operator Rivalry has announced the launch of Rivalry Token, a native crypto token on the blockchain. Rivalry Token seeks to add "increased functionality, economics, and user experiences across the company's product suite," according to the Toronto-based firm.

The launch of Rivalry Token, anticipated to arrive in H2 2024, represents one of several initiatives to expand Rivalry's footprint in the crypto gambling market and better serve its core audience of 30-and-under bettors, the business explained.

"Online gambling is the latest web-based consumer category being increasingly disrupted by blockchain technologies with greater speed, access, and functionality than their legacy counterparts," said Steven Salz, Co-Founder and CEO, Rivalry.

"Tech-savvy bettors are leading a behavioral shift towards more experiential and crypto-enabled gambling experiences that are taking wallet share from incumbents at an accelerated rate."

Rivalry's Steven Salz

Rivalry Token will be integrated within Rivalry's product suite, including sportsbook, casino, and more, with built-in properties "to enhance the customer experience from end-to-end."

Users can earn tokens through site activities such as betting and referring friends, which can be used on Rivalry to boost odds, participate in jackpots, and more. Rivalry Token will also be available on to-be-announced crypto exchange platforms, trading under $RVLRY.

According to the Gen Z-oriented operator, Rivalry Token creates "a new dynamic relationship between player and house where every sports wager and casino spin, win or lose, is rewarded with a decentralized asset that can accrue value alongside player activity on Rivalry."

The company expects its token will drive a meaningful increase in player engagement, loyalty, and advocacy by establishing "more positive economic alignment and enabling customers to actively participate in product success."

"Rivalry is well-positioned to access the growth opportunity in crypto with a proven product set, a brand entrenched in internet culture, and a captive audience of digitally native users that are driving this economic renaissance," Salz added.

"The launch of Rivalry Token, alongside a broader expansion into cryptocurrencies, strengthens our product-market fit among an under-30 audience and positions us competitively to capture a meaningful share of this fast-growing segment of the market."

Along with the announcement, Rivalry has launched a pre-farming campaign where users can begin accumulating an interim currency through site activity and eventually social media which will be converted into Rivalry Token during the token generation event in H2 2024.

Additionally, tokens will be distributed to all Rivalry accounts based on historical activity, rewarding loyal customers and creating a reactivation opportunity for churned users.

Rivalry also said it will soon be adding greater support for other cryptocurrencies on its platform, allowing users to more easily bet with Bitcoin, Ethereum, Dogecoin, and other major cryptocurrencies.

"This will enable Rivalry to access a fast-growing audience gambling with crypto that is estimated to account for up to one-quarter of global betting handle," the company stated.

Following the official launch, Rivalry Token will be available for players to use on Rivalry in all of the company's active markets excluding Ontario and Australia. The company will release more information about Rivalry Token throughout the coming months, including commercial partners, token economics, and more.

The company had already hinted at the development of a crypto-betting product in a letter to shareholders unveiled earlier this month. "The shift in consumer behavior and the signal from our users is clear – interactive, volatile, and crypto-infused product experiences will set a precedent for how the next generation gambles online," Salz stated at the time.