Rivalry announces launch of native token

The Rivalry Token is scheduled for launch in the second half of 2024.

Gen Z focused igaming and sports betting operator Rivalry has announced the forthcoming launch its native Rivalry Token.

From today users can begin accumulating an interim currency through site activity, and eventually social media, which will be converted into Rivalry Token during a token generation event scheduled for the second half of 2024.

Tokens will also be distributed to all Rivalry accounts based on historical activity, rewarding loyal customers. The operator hopes this will create a substantial reactivation opportunity for churned users.

The Toronto-based operator is yet to reveal which blockchain the Rivalry Token will be built on but has said it is intended to increased functionality, economics, and user experience across its product suite.

Entering the ‘crypto ecosystem’

Rivalry also plans to add greater support for crypto more generally, allowing users to bet with Bitcoin, Ethereum, Dogecoin, and other major cryptocurrencies.

The company has been teasing a new, more crypto-focused direction since April, when co-founder chief executive Steven Salz told investors the company was about to embark on “two of the most material developments to our business model since launching Rivalry in 2018”, one being “exploration and development within the crypto ecosystem”.

The Rivalry Token represents one of several forthcoming initiatives designed to position Rivalry within the crypto gambling market.

“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 Salz.

“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.”

Salz said Rivalry was well-positioned to access the growth opportunity in crypto, citing the platform’s proven product set, a brand emersed in internet culture, and digitally native users.

“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,” he added.

Users will be able to earn tokens through site activity such as betting and referring friends, which can be used on Rivalry to boost odds and participate in jackpots. The company has said there will more functionality detailed in the future.

There are also plans to launch Rivalry Token on crypto exchanges, trading under $RVLRY. Again, there timescale for this is yet to be revealed.

The firm said Rivalry Token will create a new dynamic relationship between player and house where every sports wager and casino spin is rewarded with a decentralized asset that can accrue value alongside player activity on Rivalry.

The company expects the token to drive a meaningful increase in player engagement, loyalty, and advocacy.

Everywhere, except Ontario and Australia

For regulatory reasons, Rivalry Token will not be available in Ontario or Australia, but players in all the company’s other active markets will have access to the new crypto features.

Rivalry operates in more than 20 countries and has held an Isle of Man license since 2018. It also holds a sports bookmaker license in Australia and an internet gaming registration in Ontario.

A spokesperson for Rivalry told Crypto Gambling News that the operator has “been working closely with regulators in [its] markets throughout this process and having positive discussions about both Rivalry Token and cryptocurrencies broadly”.

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Written by Hannah

Hannah is editor of CryptoGamblingNews.com and has almost 15 years experience in journalism, including reporting on law, TV, gambling, crypto and alternative finance. She is particularly interested in the future of money, the transition of gambling from 'vice' industry to mainstream entertainment and the application of blockchain technology to wider society.

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