Arsenal sign sponsorship deal with cryptocurrency CashBet
Arsenal have become the first sporting club to sign a deal with a cryptocurrency provider, as they partner with the US based firm CashBet.
The value of the deal was not disclosed, but it will see CashBet’s initial coin offering (ICO) promoted at Arsenal’s stadium, the Emirates.
CashBet will also use Arsenal’s badge and images of Arsenal players on its website throughout its ICO.
The firm hopes to raise between $40 and $70m through the sale of CashBet Coins, which will be priced at 50 cents. The ICO will begin on 24th January 2018, when the CashBet Coin will be launched.
CashBet is a modular and cryptocurrency ready platform that enables sports betting, mobile games and many other forms of gambling. The firm was founded in 2012 and is licensed for real-money gaming and betting.
Speaking about the deal, Vinai Venkatesham, chief commercial officer at Arsenal, said:
We are pleased to welcome CashBet Coin as our partner. We are looking forward to working with CashBet Coin as they launch their new cryptocurrency.– Vinai Venkatesham, chief commercial officer at Arsenal
Blockchain technology already disrupting online gambling industry
The partnership between a major sporting club and a cryptocurrency is the first of its kind. However, it comes amidst a backdrop of criticism and speculation about the real world value of cryptocurrencies, largely Bitcoin.
While investing in the alternative currencies is currently thought of as risky at best, there are no doubts about the utility of the technology that enables them – Blockchain or Distributed Ledger Technology (DLT) – which could revolutionise the way we gamble online.
Through its decentralised nature, Blockchain is already threatening to disrupt the industry, by providing a completely transparent, secure, and confidential gambling environment. In a further boost, Gibraltar recently became the first jurisdiction to introduce regulatory framework and a licence for gambling firms that use Blockchain technology.
These opportunities have led not only to a number of crypto-enabled online betting platforms to appear, but also a number of cryptocurrencies specific to the platforms to be created as well.
CashBet is far from the only cryptocurrency issuing an ICO to be used in conjunction with online gambling then. LetBet became the most recent operator to announce an ICO for their token, LetBet coin (LBT). The crowdsale will begin in February after a pre-sale starting at the end of January.