Betting and gaming group Rivalry made its debut in cryptocurrency and blockchain this week by announcing the launch of its ‘Rivalry Token’, for use across its platform.
The native crypto token is planned for launch across Rivalry’s network in H2 2024, including both its sportsbook and casino offerings. The Canadian firm’s customers will be able to earn tokens through site activity, such as placing bets and referring friends.
Rivalry Token will then be able to be used for boosting odds and participating in chackpots. Rivalry added that this is the first step in its crypto expansion plans, detailing “several to-be-announced crypto exchange platforms” to be traded under the name ‘$RVLRY’.
Steven Salz, Co-Founder and CEO, Rivalry, said: “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.
“Tech-savvy bettors are leading a behavioural shift towards more experiential and crypto-enabled gambling experiences that are taking wallet share from incumbents at an accelerated rate.”
Further down the line, Rivalry plans to accelerate its use of crypto by adding more support for other coins. This will enable users to engage and bet with popular cryptocurrencies such as Bitcoin, Ethereum and DOGE, among others.
Rivalry Token will be made available to the company’s users in all active markets with the exception of Ontario and Australia. The token forms part of Rivalry’s efforts to engage audiences under the age of 30, who the firm believes are more familiar with cryptocurrency.
Prior to the token’s launch, Rivalry has initiated a pre-framing campaign where its customers can accumulate an interim currency via site activity, which can then be converted into a Rivalry Token in H2 2024. Tokens will also be distributed to accounts based on historical activity in a customer loyalty rewards scheme.
Salz added: “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.
“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.”
Rivalry Token’s launch comes at a time of heightened public interest and value in cryptocurrencies, as well as more mainstream regulatory acceptance of digital assets.
In the US, for example, the Securities and Exchange Commission (SEC) approved two crypto ETFs this year, firstly Bitcoin and most recently Ethereum. In the case of Bitcoin, this saw the world’s largest crypto surge in value to record highs.
In addition, crypto betting remains a consistent market, according to recent data from SOFTSWISS. The firm’s Q1 2024 data showed that 25% of igaming operators now offer crypto as a payment option, whilst 24% of the total bet sum that quarter was made in cryptocurrency.
