Rivalry, the Toronto-based sportsbook and igaming operator targeting Millennials and Gen Z, has launched a new crypto product called the Rivalry Token.
The company is looking to take advantage of some behavioral trends behind crypto’s growth among tech-savvy generations, targeting a blockchain-based product to help build market share among digitally native bettors.
“Online gambling is the latest web-based consumer category increasingly disrupted by blockchain technologies with greater speed, access, and functionality than their legacy counterparts,” said Steven Salz, co-founder and CEO of Rivalry. “Tech-savvy bettors are leading a behavioral shift toward more experiential and crypto-enabled gambling experiences that are taking wallet share from incumbents at an accelerated rate.”
Rivalry Token is anticipated to arrive in the second half of 2024, the company said in a statement. It will be built into Rivalry’s sportsbook and casino suite, where users can earn tokens through site activity, which can be used to take part in jackpots and boost odds.
It will also be available on several to-be-announced crypto exchange platforms, trading under $RVLRY.
After the official launch, Rivalry Token will be available for players to use in all the company’s active markets, except for Ontario and Australia.
“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 said. “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.”
The Rivalry statement said the company will soon be adding more support for other cryptocurrencies on its platform, allowing players to bet with Bitcoin, Ethereum, Dogecoin, and other cryptocurrencies.
In the short term, users can now begin accumulating an interim currency through site activity and soon social-media activity, which will be converted into Rivalry Token in the second half of this year. The company is also looking at a reactivation opportunity by distributing tokens to all Rivalry accounts based on historical activity.
Those betting with crypto are now estimated to account for one-quarter of global betting handle, according to Tim Heath, a general partner with Yolo Investments, covering igaming and emerging tech sectors. Heath made those comments on a NEXT.io podcast in January.
More details on how players can use the tokens will be detailed in the future, the company said in the statement.
