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Rivalry is set to enter the crypto gambling segment with the introduction of Rivalry Token, a native crypto token on the blockchain.

The Rivalry Token has been designed to enhance functionality, economics, and user experiences across the company’s product suite, it said.

The token’s launch, expected in the second half of 2024, is part of several initiatives aimed at positioning Rivalry in the crypto gambling market and serving its core audience of bettors aged 30 and under.

Earlier this year, the company revealed ambitious expansion plans for 2024.  

“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 Rivalry co-founder and CEO Steven Salz.

“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.

Player engagement

Rivalry Token will be integrated across Rivalry’s offerings, from sportsbook to casino, with a view to enhancing the customer experience end-to-end.

Users can earn tokens through activities such as betting and referring friends. These tokens can be used to boost odds, participate in jackpots, and more, with further details still to be announced.

The token will also be available on various crypto exchange platforms, trading under the ticker $RVLRY.

Rivalry Token aims to create a new dynamic between players and the house, rewarding every sports wager and casino spin, win or lose, with a decentralised asset that can accrue value alongside player activity on Rivalry, the operator said.

The company expects this to drive increased player engagement, loyalty, and advocacy by aligning economic incentives and enabling customers to participate in product success.

Pre-farming campaign

Rivalry has launched a pre-farming campaign, allowing users to accumulate an interim currency through site activity and social media engagement, which will convert to Rivalry Token during the token generation event in H2 2024.

Tokens will also be distributed to all Rivalry accounts based on historical activity.

Additionally, Rivalry said it would soon support more cryptocurrencies on its platform, allowing users to bet with Bitcoin, Ethereum, Dogecoin, and other major cryptocurrencies.

Following the official launch, Rivalry Token will be available for players to use across all of Rivalry’s active markets, except in Ontario and Australia.

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