The rise of cryptocurrencies has reached the Premier League! Arsenal has reached a deal to become the first major football club to promote a cryptocurrency. Cryptocurrencies are becoming very popular recently especially after the big growth that bitcoin and other altoins have seen in the last year or so and despite the fact that most have dropped back now to the pre “boom” levels.
Arsenal announced an agreement on back in January 2018 with US gambling company CashBet to promote the firm’s own digital token, CashBet Coin at Arsenal’s home games.
This cryptocurrency can only be used on the gambling companies website and app.
Is this the beginning of a new type of sponsorship for PL clubs?CashBet is just another gambling company that agrees a sponsorship with a premier league club but there is a difference compared to all the rest. Despite the fact that is a gambling company and offers services like betting, casino and poker games, the specific deal with Arsenal is not about their gambling products. But for their cryptocurrency token/coin.
Some gambling products and especially casino games are a very popular choice for players. For example live casino games have grown massively in popularity and according to bestuklivecasinos.co.uk an authority iGaming site, live roulette is the most popular live casino game.
So instead of promoting one of their popular products, like their casino, Cashbet decided to take a different spin and promote their own cryptocurrency.
Founded in 2012 CashBet says it vision is to become the “undisputed leader” in the crypto gambling market. The company is based in California and plans to raise up to $70m in an initial coin offering (ICO) that began on Wednesday.
The Financial Conduct Authority warned in September that anyone investing in ICOs should be prepared to lose all of their money and said some schemes appearing to sell legitimate digital tokens are fraudulent.
Arsenal has also a long term deal shirt sponsorship with Emirates Airline of course but half of the Premier League’s teams have a shirt sponsorship deal with a gambling company now!