One of Ontario’s sports betting sites posted Q3 data that provides some information about their new crypto token project. The sportsbook has made a few changes and is hoping to improve on the numbers from Q3. The Q3 report provided some information about how Rivalry plans to make those improvements.
Rivalry Reveals Numbers for New Token in Q3 Report
Rivalry Reveals Numbers for New Token in Q3 Report
Highlights
- Important details about Rivalry’s new token
- Numbers from the third quarter of 2024
- Rivalry’s changes to the betting site
Rivalry’s third quarter report revealed $3 million in deferred revenue from new token
Rivalry sportsbook revealed some numbers for their new crypto token in their third quarter (Q3) report, claiming the token delivered $3 million in deferred revenue during Q3. By picking up NUTZ on Rivalry, bettors on the sportsbook can earn Rivalry tokens.
“Our native token continues to create a strong level of alignment with players and act as a cornerstone of our crypto-first and HVP strategy”, Rivalry co-founder Steven Salz said.
The Rivalry token is a new and unique addition to the sportsbook that requires users to connect their crypto wallets, a feature that isn’t available on all betting sites.
With Rivalry tokens, bettors on the sportsbook can bet on sports, Esports, the casino, boost their bets, and buy merchandise. According to Rivalry’s report, nearly one third of Rivalry’s high value players connected their digital wallet and engaged in the pre-release NUTZ farming program.
“The pre-release of NUTZ, previously known as Rivalry token, has demonstrated its ability to grow our crypto market share, attract higher-value players, enhance retention, and create long-term engagement loops across our offerings,” Salz said.
Through NUTZ, Rivalry is aiming to offer an experience that is focused on the customer to continue creating lasting player loyalty, increased wallet share, regular betting, and “generate higher average player revenue profiles.”
Rivalry updating betting site to help improve numbers
Rivalry recently updated its betting site. Rivalry added more sports to bet on, live streams on the sportsbook, updated registration flow, a new VIP program, redesigned the casino experience and more. The sportsbook has also worked on rebranding its product and marketing channels.
“This work was done to better attune ourselves to an evolving online gambling market where cryptocurrency has become the global payment method of choice, and to align our offering with the experiential expectations of the players driving this industry-wide shift. These initiatives were set in motion during the second quarter alongside the announcement of Rivalry Token, and I’m proud to say we are emerging out the other side of this undertaking as a fundamentally leaner company, and better positioned for growth,” Salz said.
Numbers for the rest of the betting site
The sportsbook also posted numbers for the rest of the betting site in their Q3 report. The betting handle — amount of money wagered — in Q3 was “down modestly sequentially” at $79.9 million. The casino was responsible for 62 per cent of the betting handle.
“Adjusted revenue in Q3 2024, inclusive of $3.0 million in deferred revenue for NUTZ, was $6.0 million. Net Revenue was $3.0 million in Q3 2024.” 40 per cent of net revenue was from the casino.
According to the report, average net revenue per user reached all-time records in Q3. Average net revenue per user rose by 51 per cent compared to Q2 2024 and by 70 per cent compared to the average over the last three years “since launching the initial set of new product features in October.”
Kahfeel Buchanan graduated from Toronto Metropolitan University’s journalism program. When not reading, writing, or covering sports, he likes to drink coffee, watch movies, and more. He has years of sports writing and journalism experience. From covering basketball games at Toronto Metropolitan University for the school paper to writing about sports betting, he has published a ton of sports stories throughout his time as a journalist. His work doesn’t end there, Kahfeel wrote a bunch of opinion stories on the Toronto Raptors during his early years as a sports writer, once writing about Fred VanVleet making the NBA All-Star team months before his first All-Star selection in 2022. He works hard to give readers quality journalism and great stories.
