CashBet, a California-based digital gambling site, has secured a deal with British football club Arsenal FC to promote its ICO at the team’s 60,000-seat stadium in London, as reported by The Guardian.
The British Premier League team’s sponsorship deal with the iGaming platform provider is claimed to be the first collaboration between a major sports team and a cryptocurrency provider. The agreement will see the company’s new token, CashBet Coin, being advertised at Arsenal’s Premier League home games at the Emirates Stadium in London, while CashBet can use the Arsenal brand across its ICO promotions.
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 world football’s true giants in Arsenal, enabling us to build our brand and engage this audience in a meaningful way.”
CashBet Coin is intended for use across the company’s gaming platform. The ICO kicked off yesterday at 17:00 UTC, and will end on Feb. 20 at 17:00 UTC unless the hard cap is reached before that date. The company hopes the ICO will raise between $40 million–$70 million.
Reaves explained in a different release that the introduction of the token will enable operators to solve major problems facing cryptocurrency-based casinos: “speed, trust, and cost.”
Integrating blockchain into the CashBet platform will open new markets by “democratizing access” for a new group of users currently underserved by the banks, he continued. Further, the addition of the token is expected to make the platform more scalable and cost-efficient.
The City watchdog, the Financial Conduct Authority warned consumers last year that they should be prepared to lose their money if they invested in Bitcoin.
The FCA declined to comment on Arsenal’s decision to promote a cryptocurrency, but a spokesman pointed out that the regulator was planning to “conduct a deeper examination of the fast-paced developments” of ICOs and would take “further regulatory action” if necessary.