Rivalry eyes crypto expansion in 2024

Toronto-based Rivalry said crypto would be a ‘material development’ this year.

Gen Z focused sportsbook and igaming operator Rivalry has revealed plans to expand support for cryptocurrency and crypto-enabled technologies this year.

The regulated, Toronto-based, platform announced its plans to delve deeper into crypto during an earnings call for investors on Friday (April 5).

“The year ahead is rife with new, innovative product releases arriving in Q2 and continuing throughout 2024,” Rivalry co-founder and CEO Steven Salz said.

He said the company was about to embark on “two of the most material developments to our business model since launching Rivalry in 2018”, one being the addition of a B2B vertical and the other being “exploration and development within the crypto ecosystem”.

Salz continued: “I have never had more confidence in our product roadmap and what Rivalry is building this year. Apart from new products, original games, and proprietary features, we have been working to dial-up the overall feel and entertainment value of our core product to provide a tech-savvy, next generation customer with a tailored experience that is well-differentiated within the larger sports betting marketplace.”

The platform also revealed its preliminary fourth quarter and year-end 2023 financial results on the call, with betting handle reported to be $423.2m in 2023, up 82% year-over-year (YoY), while revenue was $35.7m, up 34%.

The operator reported gross profit of $16.2m, up 66% YoY. It’s marketing spend was down by 15% over the same period.

Meanwhile, total player registrations exceeded two million, with Gen Z making up an increasing proportion.

The betting and media company offers fully regulated online wagering on esports, traditional sports, and casino, with a focus on what it called “the next generation of fans”, or millennials, Gen Z and the generations coming up behind them.

It has held an Isle of Man license since 2018, and holds a sports bookmaker license in Australia and an internet gaming registration in Ontario. It is currently in the process of obtaining additional country licenses.

Rivalry’s sportsbook is built on a proprietary tech stack and features a variety of originally developed products geared for millennial and Gen Z fans including Same Game Combos, an esports parlay product, original casino games, and an interactive casino platform, Casino.exe.

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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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