Rivalry Sportsbook to Launch Crypto Token in H2 2024

Rivalry, a top sportsbook and iGaming operator for Gen Z, is launching the Rivalry Token, a native crypto token, in H2 2024. This initiative aims to improve functionality, economics, and user experiences across Rivalry’s product suite, solidifying its position in the growing crypto gambling market. The launch targets Rivalry’s core audience of bettors under 30.

Blockchain technology is rapidly transforming online gambling. Steven Salz, Co-Founder and CEO of Rivalry, stated, “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 shifting towards more experiential, crypto-enabled gambling, drawing market share from traditional operators.

Salz further explained, “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 driving this economic renaissance.” The Rivalry Token, along with expanded cryptocurrency support, aims to enhance product-market fit and capture a significant market segment.

The Rivalry Token will be integrated into Rivalry’s sportsbook, casino, and other products. Users can earn tokens through betting and referring friends, which can be used to boost odds and participate in jackpots. The token will be available on several crypto exchange platforms under the ticker $RVLRY.

This new token establishes a dynamic relationship between player and house. Every sports wager and casino spin, win or lose, rewards players with a decentralized asset that can grow in value with player activity on Rivalry. The company anticipates increased player engagement, loyalty, and advocacy, fostering positive economic alignment and active customer participation in product success.

Rivalry has started a pre-farming campaign where users can earn an interim currency through site activity and social media. This currency will convert into Rivalry Token during the token generation event in H2 2024. Tokens will also be distributed to all Rivalry accounts based on historical activity, rewarding loyal customers and reactivating churned users.

Additionally, Rivalry will soon support other cryptocurrencies like Bitcoin, Ethereum, and Dogecoin, making it easier for users to bet with their preferred crypto. This expansion aims to capture a growing audience of crypto gamblers, which could account for up to a quarter of the global betting handle.

After the official launch, Rivalry Token will be available for use in all of the company’s active markets, excluding Ontario and Australia.