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Rivalry will launch its in-house crypto product, Rivalry Token, in H2 2024 as the esports-focused operator looks to expand its presence in the crypto gambling market.

The token will be integrated into the firms sportsbook, online casino and more, which the operator has claimed will improve the player experience from end-to-end.

Rivalry Tokens are earned through placing bets and referring friends, with the token then used on the Rivalry site to boost odds and participate in jackpots.

Further options to use the token are set to rolled out in the future.

Regardless of the outcome of the bet, players are rewarded with the tokens, which it has said will accrue value over time.

Per a statement, Rivalry said it expects its token will drive a meaningful increase in player engagement, loyalty, and advocacy by establishing more positive economic alignment and enabling customers to actively participate in product success.

Prior to its launch, players will be able to accumulate an interim currency through site activity and in the future social media, which in turn will be converted into Rivalry Token once it launches in H2 2024.

Existing Rivalry customers will be given tokens based on past activity, with loyal customers being rewarded as well as creating a substantial reactivation opportunity for churned users.

Rivalry Token will be available in the operators active markets outside of Ontario and Australia, with Rivalry also planning to add support for other cryptocurrencies such as bitcoin, dogecoin and ethereum.

The token will also be available on soon to be announced crypto exchange currencies under the trading title $RVLRY.

Steven Salz, Rivalry co-founder and CEO, commented on the token launch, saying it will capture a meaningful share of the market.

Salz said: 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.

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.

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, he added.

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Rivalry to launch its own cryptocurrency in H2 2024 - EGR Global