Rivalry CEO: Crypto operators a “train that can’t be stopped”

Rivalry co-founder and CEO Steven Salz has described the rise of crypto casinos as a “train that can’t be stopped” following the release of the operator’s in-house Rivalry Token.

Taking to LinkedIn following the release of the token, which users can acquire through placing bets and referring friends to the platform and then use to boost odds and participate in jackpots, Salz laid out his bullish view on the subject.

The CEO suggested there had been a shift in the prevalence of crypto-first operators that were targeting an “entirely different generation and psychographic”.

Salz also championed the speed and security of cryptocurrency, as well as the capabilities of Web3 native firms to remain live despite regulatory restrictions across the globe.

He said: “These products are growing in number and popularity. Many of them explicitly advertise ‘anonymous play’ and have web traffic mostly coming out of highly regulated markets like the US and in the EU.

“And the challenge is, especially in regulated markets, these products are often better than the regulated ones.

“Without having to adhere to a strict regulated regime, customers experience less friction to get into the experience they want, payments are faster, the product is more diverse and generally more innovative. They have no marketing restrictions and are therefore fully unencumbered to share value propositions however they please.

“As the mature cohort of customers increasingly age out in these markets, market share is only going to accelerate toward this kind of operator, or those that are above board but understand how to execute within this meta,” he added.

While Salz said the introduction of the Rivalry Token would improve the group’s “competitive position” in the market, he noted the importance of “not crossing lines of legality as a regulated operator, that’s also publicly traded, and one with certain standards we hold ourselves to”.

The Canadian also laid out his thoughts on how regulators will need to shift perceptions of crypto operators as the market continues to change.

Salz said authorities were becoming increasingly less required as a “gating system for operators to exist within their market” as he implored bodies to engage rather than blacklist such companies.

He argued for regulators to be an “accelerant” and work with crypto firms while also further deepening understanding of Web3 technologies.

“It should be clear by now that the customer success this technology enables, when deployed effectively, is unmatched,” Salz said. “And improved customer success is something that operators and regulators can align on, or certainly should.

“By operating from this lens and acknowledging that it can work within a gambling regulatory framework (it already exists in some), crypto and Web3 technologies become an enabler, and way to win, not a bogeyman.”