Cashbet, a company that describes itself as a cryptocurrency based iGaming platform has become the first cryptocurrency company to sign a sponsorship deal with a major soccer league club. Announcing the deal, Vinai Venkatesham, the Chief Commercial Officer of Arsenal welcomed Cashbet as a partner to the club saying “We are looking forward to working with Cashbet as they launch their cryptocurrency”.
Cashbet says the company intends to become the biggest cryptocurrency gambling company and already has images of some Arsenal players and the club’s crest on their website. It is likely that Arsenal’s Emirates stadium shall be decorated with some of the Cashbet’s publicity materials as part of the deal.
Cashbet, was established in 2012 in California and launched an Initial Coin Offering on Wednesday, the day the deal was signed with Arsenal. They are hoping to raise $70 million in the crowdsale which is likely to have a high publicity due to the involvement of the North London Premier League club.
Emirates Airlines are still partners of the club and have been the company with the sponsorship deal on Arsenal shirts. There are speculations that Cashbet had an agreement with the club to sponsor half of the shirts. The deal which was made for an undisclosed amount would have the Casbet ICO advertised in the 60,000 capacity Emirate stadium with Cashbet designated as the official blockchain partner of the club.
Gambling companies are not strange to FA events, though recently, a change in policy has seen their presence as sponsors minified. The country’s football governing body last year ended sponsorship deals with gambling companies in a policy shift.
The UK financial watchdog, the Financial Conduct Authority had earlier issued a warning in September that investments in digital currencies are risky. The Authority said that people should be aware that they may lose their investments to scams which are not uncommon with ICOs. Volatility is another issue associated with digital tokens.
Earlier, Mike Reaves, the CEO of Cashbet expressed excitement at the deal which he said was targeted at positioning Cashbet as a true global leader in the gambling industry and as a company that meets the needs of operators, content providers and users.
This is not the first time the sporting community is partnering with a cryptocurrency company or an ICO. Last year, Floyd Mayweather advertised the ICO of a Florida-based startup Centra. Another boxer, Roy Mcdonald had a deal with DASH to wear the crypto company’s brand before a title bout in January 2018, in a deal that he was paid 330 DASH, which was worth more than $370,000. Earlier, Dogcoin had sponsored the Jamaican bobsled team in order to raise public awareness for the coin. Potcoin also was the sponsor of North Korean adventure by Dennis Rodman.
With the deal between Arsenal and Cashbet, it is obvious that more crypto company-sports deals are going to to witnessed in 2018 as this partnership as this mutually beneficial partnership goes mainstream.
Photo Credit: Sunday Express