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Arsenal Football Club Partners with CashBet ICO
English Premier League Football Club ‘Arsenal’ has partnered with ‘CashBet’ an iGaming platform provider for its upcoming ICO. CashBet is a Californian online gaming business formed in 2012 specifically for i-Gaming.
It aims to raise $40-$70 million by getting investors to buy CasBet coins which can then be used to bet on its various online games. The ICO presale will end in Feb 20, 2018unless hard cap is reached before the date. The public sale will be held from March 20 to April 27, 2018.
What’s the deal?
As part of the deal, CashBet will assume the “exclusive” position of “Official Blockchain Partner” and see its ICO promoted to the Arsenal’s 60,000 seat Emirates stadium.
In brief, the agreement will see company’s new crypto token being advertised at Arsenal’s Premier League home games at the Emirates stadium in London, also CashBet can use the Arsenal brand across its ICO promotions. The agreement has been made for an undisclosed sum of money.
CashBet CEO and founder Dr Mike Reaves said in a press release, “With our ICO for CashBet coin, we are actively targeting a global, multi-billion dollar marketplace of iGaming content providers, operators and players. We are delighted to do so in partnership with one of the world football’s true giants in Arsenal, enabling us to build our brand and engage this audience in a meaningful way”.
Reaves added that, “Introduction of the token will enable operators to solve major problems facing cryptocurrency based casinos – Speed, Trust & Cost”
Worldwide Sports & Blockchain Partnerships
Arsenal & cashBet is one of its kind deals because no other football club has ever taken such an unlikely step of partnering with an ICO for official sponsorship. However, this is not the first time that a major sports team has collaborated with cryptocurrency provider.
Partnerships between sporting entities and virtual currencies appear to be quickly proliferating worldwide. In Dec 2017, Bitcoin Suisse begin a three-year sponsorship of Danish hockey team Rungsted Seier Capital.
In late December 2017, Dash announced its partnership with top-ranked welterweight MMA fighter and cryptocurrency advocate, Rory Macdonald ahead of his title shot. He received around 330 Dash worth $370,000 in exchange for wearing Dash-branded clothing and for mentioning cryptocurrency in interviews & on social media.
There were efforts made by Dogecoin to raise funds for Jamaican Bobsled team. Potcoin worked for sponsorship of Dennis Rodman’s North Korean adventures.
ICO’s have become an extremely popular way for businesses to raise money following the surge of various cryptos.
David Gerard, whose book "Attack of the 50 Foot Blockchain" warns about the risks of investing in crypto-currencies recently said, “Arsenal fans who might be encouraged to see CashBet Coins as a new way of betting need to be cautious. Crypto-currencies are less regulated than regular betting shops and it's a lot harder to get actual pounds back out again."
However, Arsenal’s Chief Commercial Officer Vinai Venkatesham was positive about the deal and in a press release said, “We are looking forward to working with CashBet coin as they launch their new crypto-currency.”