Betting platform Rivalry launches RVLRY token in Web3 expansion

Sportsbook and gaming operator Rivalry today announced the Rivalry Token (RVLRY) a native crypto token designed to augment functionality and user engagement within its suite of products. The token’s launch, expected in the latter half of 2024, marks a strategic move to solidify Rivalry’s position in the crypto-gambling sphere and cater to its primary demographic of bettors under 30.

“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 of Rivalry. “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.”

The Rivalry Token will be embedded within the company’s offerings, including sportsbook and casino services, incentivizing users with rewards for betting, referrals, and more. A pre-farming campaign is already underway, allowing users to collect an interim currency that will be converted to Rivalry Token at the time of the launch.

Furthermore, Rivalry is broadening its cryptocurrency support, preparing to embrace Bitcoin, Ethereum, Dogecoin, and other major cryptos, thereby tapping into a rapidly expanding segment of the betting market.

Diving into Web3

Salz told Crypto Briefing that the RVLRY token is “one part of a larger strategic push into Web3,” which will allow Rivalry to incorporate new technology into the online gambling experience and create a product that feels more native for users who prefer using cryptocurrencies.

“This includes adding greater support for popular cryptocurrencies on Rivalry and more that we’ll share in the future. Rivalry has been built from the bottom up to serve a digitally native user engulfed in internet culture – this is the demographic that also happens to be leading this economic renaissance with crypto,” he added.

Moreover, Rivalry’s CEO explains that moving closer to Web3 is “an organic compliment” to the company, and he believes this will resonate with a significant portion of Rivalry’s core audience and ultimately allow them to deliver a better experience for a customer cohort that was born on the internet.

The usage of RVLRY in Rivalry’s existing products will be clearer once its tokenomics are made available, although Salz did not reveal an estimated date for that.

“We plan to continue incorporating Rivalry Token more deeply into our existing product experience with greater utility and delivering more value to customers over time,” he concluded.

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