Rivalry Corp, a sportsbook and igaming operator for Gen Z, has announced its financial results for the three-month period ended March 31.
The company also announced Rivalry Token, a native cryptocurrency token that will act as a nexus between Rivalry, Web3 and gamblers.
“Our first quarter results saw a return to growth with sequential increases in betting handle, gross gaming revenue and net revenue,” said Steven Salz, co-founder and CEO of Rivalry.
“We are also very encouraged by the improvement to net revenue margin experienced in the quarter, hitting an all-time record, proving our strategy is delivering results and representing a meaningful improvement as compared to the average levels experienced throughout 2023.
"Additionally, interest in our original casino content continues to build, unlocking B2B revenue opportunities that we are keen to detail more fully in the near future.
“Today we also announced a decisive move to more deeply tap into the significant global crypto gambling market through Rivalry Token.
'This represents a meaningful strategic step for Rivalry, complementing our existing approach which focuses on a generation that grew up immersed in gaming and internet culture and now extending that reach to the crypto community.
The Venn diagram of Gen Z, gamblers, gamers and crypto enthusiasts or crypto curious has an extremely high degree of overlap that we are uniquely positioned to access.
“Alongside this announcement, we have also released an overhaul of our homepage, a more fulsome crypto wallet experience and adjusted the onboarding experience for new users to materially reduce friction while maintaining compliance.
"Together, this represents a meaningful effort to access a higher value crypto gambling cohort, adding more depth and reach to Rivalry’s global network.
"This comes at an opportune time, as momentum in crypto gambling has been building among our target audience and they’ve been gravitating towards it.
"By expanding our product offering into this segment, it positions us to compete and win as we innovate product and gain access to this higher value customer cohort.”
