Hyperion sniper rifles have low rate of fire; they start with low initial accuracy which increases while aiming and resets when players stop aiming. This makes them poor weapons for hipshooting or quick-scoping. Otherwise Hyperion sniper rifles have excellent accuracy and almost no recoil while aiming.
Competition uses the Vladof barrel, which gives it a higher fire rate and higher magazine size compared to other Hyperion sniper rifles.
The variants of this weapon in Borderlands: The Pre-Sequel commonly spawn with Hyperion's new-style materials and prefixes which are the same as in Borderlands 2.
In addition to the Competition, a variant of this weapon exists in Borderlands: The Pre-Sequel as the Fast Turnaround, made by the "old" Hyperion.
The Competition is obtained randomly from any suitable loot source.