Recent reports indicate that Arsenal F.C., one of the biggest teams in the English Premier League, inked a deal and partnered up with CashBet. The US-based sports betting operator, CashBet is a platform that offers sports betting as well as eSports betting markets and online casino games.
The recently announced deal became public on the same day, January 24, when CashBet launched CashBet Coin. This marks the first and only complete cryptocurrency-based iGaming platform. Arsenal will thus become the first professional football club that partners up with a particular cryptocurrency.
CashBet Coin is an iGaming crypto-currency that can be used to pay on CashBet iGaming applications. CashBet intends to use the currency to benefit from the popularity and far-reaching influence of Arsenal. This would ultimately benefit both the club and the bookie, especially with the immense support Arsenal enjoys all over the globe.
The agreement enables CashBet to advertise during Arsenal’s Premier League home games inside the Emirates Stadium in London. The California-based operator, however, did not disclose the value of the deal.
New Crypto Currency, New Partner
Vinai Venkatesham, Arsenal F.C.’s CCO, commented on the new partnership, saying they are glad to have CashBet as partner. He continued saying Arsenal is pleased to welcome and work together with their new partner. This also includes the launch of the new currency.
Dr. Mike Reaves, CEO and founder of CashBet, also commented on this deal. He stated that the ICO for CashBet Coin aims to concentrate on a global market. This includes a multi-billion dollar industry with an endless selection of software providers, tons of iGaming content, casino operators as well as players.
Reaves continued by saying CashBet is delighted to partner up with Arsenal, one of the most popular football clubs. He concluded his comments saying this partnership will help build the CashBet brand and engage audiences in a purposeful way.
This deal is the result of an increasing concern that was expressed by business regulator and leading companies in the industry. They predict that unregulated crypto currencies expose consumers and their savings to potential risks.
Problems with Crypto Currencies
The Guardian, one of the most reputable daily newspapers in Britain, informed the public in a warning issued by the Financial Conduct Authority. In 2017, the financial regulatory agency warned customers in the UK of the possibility that they might lose all their money if they invest in Bitcoin.
The Guardian continued its report by stating the FCA didn’t make any comments regarding the promotion Arsenal intends to do for crypto currencies. However, a spokesperson for the FCA mentioned the regulatory agency plans to conduct an audit on the developments. This audit will affect the ICO, the initial coin offering, and could also include further regulatory actions against the operator.
On their part, CashBet is glad to have secured a partnership with Arsenal. The Guardian concluded its report by affirming that CashBet will use the partnership to target the global iGaming market. The main focus is on software providers, operators and players.