Rivalry Sets Sights on Crypto in 2024 Growth Plans

Esports-focused gambling platform Rivalry has big plans for crypto and blockchain integration in 2024, according to details shared during a recent earnings update.

Co-founder and CEO Steven Salz revealed the company is exploring major developments in the crypto space this year, as part of an overall product roadmap focused on innovation and entertainment.

“The coming year promises new and innovative product releases starting in Q2 and continuing throughout 2024,” Salz said. “Apart from new products, original games and proprietary features, we have focused on amplifying the overall entertainment value of our core product to provide a tailored, differentiated experience for tech-savvy next-gen customers.”

Details on specific crypto and blockchain products were not shared, but Salz expressed confidence in Rivalry’s path for 2024. The company likely aims to leverage crypto and blockchain technology to better engage with its core demographic of young esports and gaming fans.

The earnings update also highlighted Rivalry’s preliminary 2023 fourth-quarter and full-year financials:

• Betting handle reached $423.2 million, up 82% year-over-year
• Revenue grew 34% to $35.7 million
• Gross profit jumped 66% to $16.2 million
• Marketing spend declined 15%
• Total player sign-ups now exceed 2 million

Rivalry said Generation Z represents an increasing proportion of its user base. The regulated betting platform offers online wagering on esports, sports and casino games. Its licenses include Isle of Man, Australia and Ontario.

With crypto and blockchain moves brewing and strong growth momentum from 2022 carrying into the new year, Rivalry appears poised to further boost its reputation as a top destination for digital-native bettors in 2024 and beyond.