The Isle of Man-based esports betting company Rivalry have announced that they are to introduce a cryptocurrency service for their customers to use when making payments and withdrawing funds.
To facilitate the implementation of cryptocurrency transactions on their platform, Rivalry have teamed up with the UB-based Bitcoin exchange CoinCorner in order to facilitate the addition.
The Covid-19 pandemic has been the catalyst for a number of sweeping changes in the esports betting industry, most notably seeing a massive growth in the number of people now engaging with betting on esports. Many companies have used the time and extra funds generated from this to make changes to their set up and Rivalry are no exception.
Cryptocurrency – The future of esports betting?
While traditional forms of payment are still mainly prevalent in the betting industry as a whole, within the esports community, which tends to have a younger demographic, the notion of using cryptocurrency services for many different forms of online transactions, including funding a betting account, is far more acceptable to Millennials.
Given that Cryptocurrency, in a parallel with the esports betting industry, has emerged as a niche market and become far more mainstream, now seems an opportune time for a company like Rivalry to offer crypto payments to its customers.
Speaking about the deal, the CEO of Rivalry, Steven Salz, commented:
“Our integration with CoinCorner has allowed us to offer Bitcoin as a payment option to our players and further simplify the payment experience. It’s partnerships like these that help us evolve the betting experience for a new cohort of bettors that think and behave differently.”
Similarly, the Business Development Manager at CoinCorner Sam Tipper observed:
“Since I joined CoinCorner in 2019, we’ve been making huge strides in assisting businesses across multiple industries to accept Bitcoin – preparing them for the new reality of a changing payment landscape. This is particularly true for businesses regulated out of the Isle of Man, like Rivalry, who cater to a global market.”
Who are CoinCorner?
CoinCorner is a UK-based Bitcoin exchange which specialises in working with businesses to adapt their payment models to include cryptocurrency payments on their platform. Their expertise stretches across many different industries, from the retail and services sector to the gambling industry.
Will Rivalry Customers Adopt Bitcoin Payments?
The move is thought by many in the esports industry to be a shrewd one by Rivalry. While betting with Bitcoin and other cryptocurrencies remain less stable than standard currency, there is evidence that this instability is actually a draw for users, many of whom hope their initial investment will grow in value over time.
Of course, this is a double-edged sword and it is equally feasible than an investment will decrease in value over time too. However, the fact that this cash can then be used to fund esports betting will certainly appeal to your esports betting enthusiast who tends to be someone who is more used and a willing adopter of such technology, compared to older gamblers.