One of the English Premier League’s biggest teams, Arsenal F.C., has reportedly inked a partnership deal with US-based CashBet, a cryptocurrency designed for sports betting, online casino and eSports.
Via the deal, which was announced on January 24, the same day as CashBet Coin was due to be launched, the professional football club based in Highbury, London reportedly becomes world football’s first team to partner with a cryptocurrency.
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The iGaming cryptocurrency, which can be used on apps powered by CashBet and iGaming sites, hopes to benefit from Arsenal’s extensive reach as a football club which receives global support.
Per the agreement, the California-based CashBet Coin will be advertised during Premier League home games inside the Emirates Stadium.
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The value of the deal was reportedly undisclosed.
Commenting on the new partnership, CCO for Arsenal, Vinai Venkatesham, 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,” according to the Evening Standard.
Also commenting on the deal, Founder and CEO for CashBet, Dr. Mike Reaves, said: “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 world football’s true giants in Arsenal, enabling us to build our brand and engage this audience in a meaningful way.”
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The deal comes as a growing number of business leaders and regulators express concern regarding the potential dangers to consumers who risk their savings in unregulated virtual currencies.
According to British daily newspaper The Guardian, the Financial Conduct Authority, a financial regulatory body in the United Kingdom, warned consumers in 2017 that if they invested in Bitcoin, they should be prepared to lose their money.
The Guardian reports that the FCA waved comment on the decision by Arsenal to promote a cryptocurrency, but that it was pointed out by a spokesman that the regulator was planning to “conduct a deeper examination of the fast-paced developments” of initial coin offerings (ICOs) and if necessary, would take “further regulatory action.”
For its part, CashBet reportedly said that it was pleased to have secured a deal with Arsenal as the company is “actively targeting a global, multibillion-dollar marketplace of i-gaming content providers, operators and players,” as reported by The Guardian.