Despite what it naysayers keep peddling about it, the fast-growing acceptance of cryptocurrency industry is now expanding towards professional sports arena, attracting world-shaking sponsorship deals.
Arsenal football club has signed a sponsorship deal with the USA cryptocurrency CashBet, which will see the Premier League club promote the firm's initial coin offering (ICO) at the 60,000-seat Emirates stadium.
CashBet Coin will be advertised at Arsenal's Emirates Stadium, and CashBet can use Arsenal's brand to promote the new tokens.
Arsenal have welcomed their first cryptocurrency partner, announcing a partnership with CashBet Coin, an iGaming cryptocurrency. The agreement was reached between the two in advance of CashBet Coin going on sale to the public.
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CashBet is looking to leverage on the popularity of Arsenal and the power of the English Premier League, being the league with one of the most massive followings worldwide, with every game watched live by roughly 80 million football fans globally. Worth noticing that the industry of online gambling remains lucrative for investors after reported $43 billion market revenue past year.
CashBet, which now hosts 450 different mobile games, has boasted a 515 percent revenue boost and a 770 percent player increase since 2015. "Additionally, the associated technology initiative will be far more scalable and cost-efficient on a per transaction basis than current blockchain-based casino software".
Dr. Mike Reaves, CEO and Founder of CashBet, added: "With our ICO for CashBet Coin, we are actively targeting a global, multi-billion dollar marketplace of iGaming content providers, operators and players".
The ICO pre-sale is scheduled to begin on January 24, 2018 at 5:00PM GMT and close on February 20th.