With the Vladof barrel, the Competition has a higher fire rate compared to other Hyperion sniper rifles but deals decreased damage. The Competition also has a lower initial accuracy but the increased fire rate enables it to achieve maximum accuracy quickly.
The variants of this weapon in Borderlands: The Pre-Sequel commonly spawns 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.