English Football Giant Arsenal FC Lands an ‘Official Cryptocurrency Partner’
Arsenal Football Club has signed a sponsorship deal with CashBet.
CashBet Coin (CBC) is designed specifically for iGaming and will become the default cryptocurrency on the CashBet platform. The ERC20 will be launched during the company's Initial Coin Offering (ICO). Pre-sales at the ICO started yesterday.
CashBet, Oakland, California-based gaming company, Arsenal footballers on their website. The company claims to be the only mobile-first platform for interactive real-money, social and skill-based gaming. The platform offers casino and sportsbook features among others.
The deal with the sports giant will provide stadium advertising during the Premier League Arsenal games at the Emirates Stadium. The Premier League boasts a global reach of over 600 million homes, with a typical match watched live by nearly 80 million people worldwide. Arsenal were the third club to win in England in 2016-17, behind Manchester United and Manchester City.
A tiered club with thirteen league titles and a record thirteen FA Cups, Arsenal would be the most popular football team in China. They are also very popular in Southeast Asia, with an online merchandise store dedicated to serving the region. The store lists Malaysian Ringgit prices in Indian rupees, Thai baht, Vietnamese dong and Singapore dollars.
The agreement with CashBet Coin is a first in the world of cryptocurrency. While gaming agencies have long been important sponsors of sports clubs, and although CashBet is regulated by the UK's Gambling Commission, ICOs are unregulated. Ernst & Young recently reported that of the $ 3.7 billion invested in country offices in 2017, 10% was lost or stolen.
By joining Emirates Airlines, Gatorade, Puma and Vitality Insurance, CashBet hopes to benefit from the exposure of its Arsenal partnership. Arsenal would have 142 million fans around the world, making it the fifth largest base of football fans in the world.
They have a Chinese version of their website and a site dedicated to North American fans. They are also gaining popularity in Asia and Africa. It remains to be seen whether CashBet's foray into sports sponsorship will pave the way for other cryptocurrency players to do the same. It will also be interesting to see if other clubs follow and embrace the blockchain community.
With the current controversy surrounding ICOs, this may be a move that will help give legitimacy to the tainted image of initial coin offerings.