Crypto sponsorships for English football clubs have been skyrocketing lately, with more partnerships underway in the coming season. Bloomberg in its report highlights that cryptocurrency companies have invested a record-breaking nearly £130 million ($170 million) on partnerships for the Premier League 2024–25 season.
With more collaborations frequently announced throughout the season, that number is probably going to rise even further. The inflow of cryptocurrency funds into English football comes on the back of fading gambling revenue.
Gambling Advertisement Restrictions Give Rise To Fading Revenue
Restrictions over gambling sponsorship for English football clubs have tightened over the past year giving rise to a lacunae for others to fill. Gambling revenue usually served as a vital money stream that may soon disappear.
Insider sport highlights that compared to the previous season, Premier League supporters are seeing almost three times as much gambling advertising.
Football fans are constantly exposed to gambling advertisements on TV, radio, and social media throughout live match broadcasts and news coverage, according to a University of Bristol study.
This year, almost three times as many gambling messages were recorded in a single weekend (almost 30,000) as were observed in the same period the previous year (10,999 messages).
Research showed that the amount of gambling-related communications, such as logos and commercials, increased dramatically during live broadcasts of six Premier League matches this year, from 6,966 last year to 23,690, an astonishing 240% rise.
Crypto Sponsorship Rises In All Sports Alike
Crypto sponsorship has been rising for all sports in the world alike. Usually advertisements from sponsoring sports events leads to good marketing and an influx of a better customer base.
Following this strategy, many crypto companies give huge money for sports sponsorship. A good example of this is Crypto.com. The cryptocurrency exchange platform had previously announced that it has entered into a 3-year-long partnership with UEFA, becoming the first cryptocurrency partner of the UEFA Champions League during the 2024–2027 commercial cycle.
Additionally, Crypto.com is also the official Global partner of F1, having its banners and hoardings displayed all across the racing track.
Even Binance had hopped on a similar bandwagon when it partnered with Cristiano Ronaldo, giving personal trading sessions. The deal aimed at redefining what it means to be a digital fan.