The sports betting industry is growing at an unprecedented pace, attracting players and operators to participate. Sports clubs worldwide have already recognized a big potential in crypto sports sponsorships to enhance customer experience.
While betting enthusiasts look for regular engagement, teams and sports clubs strive to provide innovative solutions and meet their expectations. The increase in the number of crypto sponsorships and the introduction of the latest fan tokens, non-fungible tokens (“NFTs”), and similar projects may be just the ticket. The industry is growing rapidly, and learning more about such agreements seems logical.
Cryptocurrency companies are turning into the largest advertisers and sponsors in the sports betting industry. And because they are ready to engage new audiences, sports leagues have also accepted crypto to increase revenues.
Cryptocurrency sports sponsorships are the perfect way of taking the business to the next level while getting more attention from both consumers and investors. Crypto companies see potential in the sports betting sector that connects crypto with gambling sites that accept crypto as a deposit method.
Any crypto-friendly company can look for an appropriate sponsorship, with the sports betting sector being the best way for it. Sponsoring a small local club increases brand awareness, promotes brand loyalty, and backs the local community. Finding such deals requires getting in touch with local clubs and paying them a sponsorship fee. This will help them in covering the main costs for equipment and facilities. At the same time, crypto companies will get the right to promote their brand for a small fee.
Many leading sports clubs and crypto operators have already signed deals, some of which are listed below:
People can implement Bitcoin and alternative cryptocurrencies as payment methods. Sports bettors worldwide can now purchase tickets, while clubs can pay players’ salaries and transfer costs. Sports clubs and leading companies also utilize blockchain technologies for secure ticket exchange markets.
One of the perfect examples of this practice is a Turkish football club, Harunustaspor, that became the first in the world to purchase a player with Bitcoin. Omar Faruk Kiroglu (22 years old) got 0.0524 in Bitcoin (£385) and ₺2,500 (£470) following the deal with the local club back in 2018.
Other examples are international providers of payment services, Wirex and Epayments, that allowed fans to purchase FIFA World Cup 2018 tickets with Bitcoin, Litecoin, and Ethereum. At the same time, Kaliningrad hotel Apartments Malina enabled customers to book and pay for their stay with Bitcoin.
Apart from different benefits to both consumers and operators, crypto sports sponsorship brings some reputational and financial risks. You should take these things into account before any engagement in such investments:
Are cryptocurrencies appropriate sponsors of sports clubs based on public opinion? Many government organizations have conducted questionnaires to find out what people think about these agreements.
According to the YouGov Direct poll from 2021, 11% of US adults believe sports sponsorships make cryptos more reliable, but a majority (58%) consider that such deals don’t bring any special credibility. However, sports fans regard these deals as more important. About 16% of NBA fans in the US are likely to believe sports sponsorship deals make crypto platforms more credible.
Public opinion in Great Britain is similar to that in America, with 12% of adults considering that sports sponsorships legitimize crypto brands. The greatest acceptance is among Super League Rugby fans (18%), followed by Formula 1 (15%), Premiership Rugby (14%), and Premier League fans (14%).
Interestingly, Americans and Brits believe other industries are more appropriate for sponsors. Both believe sectors like tourism, travel brands, technology, telecommunication, and automakers are a better fit than crypto sponsors.
One thing is sure, crypto sponsorships with leading sports betting brands benefit all parties. Crypto players take advantage of sponsorships by accessing new platforms and enjoying the integrity of products and services.
On the other hand, sports betting companies associate themselves with crypto brands to attract new audiences and younger generations. This contributes to wider recognition and overall success. Finally, crypto brands get the opportunity to fuel customer acquisition with leading sponsorship deals hoping they would work better than alternative marketing strategies.
All in all, cryptocurrencies continue to improve the sports betting industry while boosting regular growth. With the further recognition of blockchain payments, we can expect even more deals between sports teams and crypto companies, shaping the future of both industries.
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