Rivalry, a prominent sportsbook and iGaming operator targeting Gen Z, has announced the upcoming launch of Rivalry Token, a native crypto token designed to enhance functionality, economics, and user experience across its product suite. The token is set to debut in the second half of 2024, aligning with Rivalry’s commitment to innovation in online betting and its core audience of bettors under 30.
The Rivalry Token will be integrated within Rivalry’s diverse offerings, including its sportsbook and casino platforms. Users will be able to earn tokens through activities such as betting and referring friends. These tokens can then be used to boost odds, participate in jackpots, and more, with additional details to be announced. The token will also be available on several crypto exchange platforms under the ticker $RVLRY.
This initiative aims to create a new dynamic relationship between players and the house, where every sports wager and casino spin, win or lose, is rewarded with a decentralized asset. Rivalry expects this token to significantly enhance player engagement, loyalty, and advocacy by aligning economic incentives and enabling customers to actively participate in the platform’s success.
Rivalry has launched a pre-farming campaign, allowing users to accumulate an interim currency through site activity and social media, which will be converted into Rivalry Tokens during the token generation event in H2 2024. Additionally, tokens will be distributed to all Rivalry accounts based on historical activity, rewarding loyal customers and creating reactivation opportunities for inactive users.
Furthermore, Rivalry plans to increase support for other cryptocurrencies on its platform, including Bitcoin, Ethereum, and Dogecoin. This expansion will enable Rivalry to tap into the growing market of crypto gamblers, estimated to account for up to a quarter of the global betting handle.
After the official launch, Rivalry Token will be available for use in all active markets except Ontario and Australia.
The company will release more information about Rivalry Token in the coming months, including details on commercial partners and token economics.
“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 Steven Salz, Co-Founder and CEO, Rivalry. “Tech-savvy bettors are leading a behavioural shift towards more experiential and crypto-enabled gambling experiences that are taking wallet share from incumbents at an accelerated rate.”
“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 added. “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.”
