Rivalry hails ‘crypto-infused’ paradigm shift in igaming

Rivalry's latest letter to shareholders has offered a tantalising glimpse of its crypto-focused strategy for the future.

Toronto-based igaming operator Rivalry has emphasised the role that crypto will play in its future product suite, in a letter to shareholders today.

The Gen Z focused platform revealed its plans to expand support for cryptocurrency and crypto-enabled technologies during an earnings call for investors on April 5.

“Soon, we will reveal plans for a crypto-enabled product set to enhance alignment between Rivalry and its users, increase network effects, and generally deliver a consumer experience that lives on the internet of 2024,” co-founder and chief executive Steven Salz said today.

“Interactive, volatile, and crypto-infused product experiences will set the precedent for how the next generation gambles online,” he added.

The crypto gambling shift

Salz told shareholders that crypto wagers are estimated to equate for up to one quarter of global betting handle. That figure is up 30% on last year and expected to continue to grow.

He positioned the gaming industry as on the precipice of a crypto gambling boom, likening it to the transition of gambling from land to online in the 90s.

“There is high overlap between Gen Z, gamers, gamblers, and a fast-growing audience of over 420 million crypto users worldwide organically aligned with our audience and brand. And we believe that more than half of this audience globally is already wagering with crypto,” Salz said.

As well as the massively enhanced focused on crypto-related products, Salz flagged a strategy to license Rivalry’s existing IP.

“The year ahead is poised to be one of our most ground-breaking, with a myriad of innovative product releases across all of Rivalry’s verticals, adding more dimension to our business, operations, and addressable audience, and building on our competitive moat as the market leader in Gen Z betting entertainment,” he said.

Rivalry’s numbers

According to the latest update, Rivalry recorded $423.2m in betting handle in 2023, up 82% from the previous year.

Similarly, gross gaming revenue and net revenue both rose by 34% and 66% respectively, while the introduction of higher margin products released in the second half of the year, such as Same Game Combos and Quick Combos, were “continuing to improve overall sportsbook hold and guide Rivalry closer to profitability”.

The letter said the operator would be looking to broaden its total addressable market, with expansion into new geographies and the pursuit of more licenses.

Rivalry’s casino segment already makes up half of its overall business but Salz flagged clear plans to expand it, alongside plans to double down on its audiences’ favourite sports, such as basketball and soccer.

Looking for your next crypto casino? Check out Mega Dice or FortuneJack!

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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