25 Jan Arsenal Football Team Partners With Cryptocurrency in World First
UK football team Arsenal has announced that it has partnered with new cryptocurrency CashBet Coin (CBC) in what is the first-ever deal of its kind. The premier-league football team is the sixth-wealthiest in the world, having reeled in revenues of $597.1 million USD equivalent in the 2016-17 season. In short, this is a big deal for CashBet and for cryptocurrency in general.
CashBet is a world first in itself. Claiming to be the world’s only complete, crypto-ready iGaming platform, it aims to merge the growing world of mobile betting with cryptocurrency in a seamless way. Around since 2012, it is already established, having traded millions of GBP with its tens-of-thousands-strong user base.
CashBet Coin today launched its hotly-anticipated ICO with a 20% discount on the initial token price of $0.50 USD. It will end on Tuesday 20th February 2018 at 5 PM GMT and aims to raise at least $40m equivalent. The public sale is beginning on March 20th at the same time. As usual with ICOs, early investors can purchase CBC with a discount of 10% in the first 24 hours and 5% the day after that. CEO and founder of CashBet, Dr. Mike Reaves, said that the company is ‘”targeting a global, multi-billion dollar marketplace of iGaming content” with today’s ICO launch.
According to CashBet, online gambling is a $43B USD industry, adding that “mobile real-money gaming is the fastest growing segment of the online gaming market”. By adding a cryptocurrency into the mix, CashBet aims to turn online gambling on its head. Teaming up with one of the largest sports teams in the world, let alone the UK, has been a good start. Plus, with the cryptocurrency market currently in dire straits, partnering with a new industry could provide the rejuvenation it badly needs.
So what will the CBC/Arsenal partnership actually entail? Exposure, mostly. In a statement, Arsenal said: “The partnership will help CashBet Coin build global brand awareness through our exclusive digital and social media platforms, and through the creation of bespoke content with our players.”
Though Arsenal is the first football team in the world to announce an official cryptocurrency partner, it is not the first time that cryptocurrency has been involved in sport. Starting next season, fans of the Dallas Mavericks will be able to purchase tickets with Bitcoin (BTC) and Ethereum (ETH), according to a tweet earlier this month by team owner Mark Cuban.
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