Rivalry Is Interested in B2B Licenses and More Crypto Options

In February, the globally licensed sportsbook and industry underdog built through the love of gaming and internet culture, Rivalry, announced plans for a strategic expansion as a result of the success recorded by its in-house online casino. 

Now, the company that wishes to “establish the future of betting entertainment for the next generation of consumers and inspire them to win” has expressed its intention to secure business-to-business licenses while also expanding its options in terms of cryptocurrency. 

The fresh announcement follows the equally successful releases of its in-house games as well as the increasing demand for cryptocurrency from players.

Refining the Product Suite

As explained by chief executive officer Steven Salz, Rivalry wants to refine its product suite in the following year by attempting “two of the most material development(s) since launching Rivalry in 2018.”

The big plans were discussed during the operator’s analyst call with a focus on esports after the publication of its fourth-quarter financial report. 

The new commitment towards a B2B expansion naturally comes after the release of the Cash and Dash game which enjoyed an “incredible” response from players. 

The CEO explained that the impact of their new in-house “has created a tangible B2B opportunity” for their games vertical, which has opened a new line of revenue for the business showing great potential for global scale.

Salz further confirmed they were looking to launch their B2B operations in both gray and regulated markets, with an expected debut in regulated markets by the end of the current year.

Rivalry might access gray market opportunities “more near term,” possibly “at some point in H2.”

“Uniquely Suited” to Tap Into Crypto Ecosystems

The operator is also interested in greater support for cryptocurrency payments while at the same time further extending its offering for crypto users.

According to the CEO, helped by their audience that is mostly made of Gen Z users, the cryptocurrency ecosystem has already reached an “inflection point.” This makes them “uniquely suited” to tap into more crypto options and “meaningfully enrich the user experience.”

The fact that the crypto technology is at a much more advanced stage now than it was “a few cycles ago” is expected to speed up Rivalry’s planned integration.

Rivalry’s preliminary full-year 2023 results disclosed a betting handle of C$423.2 million, which marked an 82% YoY rise compared to the 2022 figure and led to further revenue and gross profit growth.

Revenue went up 34% compared to 2022, at C$35.7 million. Gross profit went from C$9.8 million to C$16.2 million.