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Crypto firms invest $170M in Premier League sponsorships

Crypto firms invest $170M in Premier League sponsorships

GrafaGrafa2024/10/08 00:30
By:Isaac Francis

As Premier League clubs face a future ban on front-of-shirt gambling sponsorships by mid-2026, cryptocurrency companies are stepping in to fill the revenue gap.

According to a Bloomberg  report, crypto firms have committed $170 million in sponsorship deals for the 2024/25 season, marking a record-breaking investment.

Several top clubs have already secured major crypto partnerships.

For instance, Kraken is sponsoring Tottenham Hotspur, Atlético Madrid, and RB Leipzig.

Manchester City extended its deal with OKX, securing a $70 million partnership through 2026.

Crypto.com is also making its mark, sponsoring UEFA’s Champions League until 2027.

This surge in crypto sponsorships reflects a significant shift in the Premier League’s revenue landscape, particularly as clubs prepare for the ban on gambling ads.

In the previous season, eight teams earned a collective $80 million from gambling sponsors.

According to Daniel McDonagh of Charles Russell Speechlys, crypto firms are stepping in to fill the void left by gambling restrictions.

Some see this as an effort to improve the digital asset industry's image, following negative attention from the collapses of firms like Three Arrows Capital and FTX.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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