In one of the most interesting news updates in the Bitcoin sportsbetting community, English Premier League club Arsenal F.C., signs a shirt sponsorship deal with US-based gaming company CashBet. The deal, which was announced last week, is to see the English team promote a new ICO campaign for the company as it plans to venture out into the cryptocurrency gaming sector.
First Football Giant with a Cryptocurrency Partner
As reported by the Guardian, the sponsorship deal will see CashBet’s new ICO campaign promoted at Arsenal’s Emirates Stadium. The cost for Arsenal becoming the first big football team to get a “cryptocurrency partner” was not disclosed but comes in interesting times where Initial Coin Offerings (ICOs) are being targeted by an increasing number of regulators.
Other specifics of the agreement were likewise not revealed by either party. For now, CashBet is only enjoying increased media coverage and the freedom to use Arsenal’s badge and images from its players to promote its new ICO campaign.
Mike Reaves, CashBet’s CEO and founder, commented on the new partnership by saying that their ICO is “targeting a global, multi-billion dollar marketplace of iGaming content providers, operators, and players”. Thus, the company is excited to be doing this with the help of one of football’s “true giants” as it will allow them to build their brand and get meaningful audience engagement.
Vinai Venkatesham, the Chief Commercial Officer of Arsenal F.C. also gave a comment on the deal and said that the club is happy to introduce CashBet Coin as a partner and that they are looking forward to be working together with CashBet on launching the new cryptocurrency.
Seeking $70 Million from Investors
CashBet was founded in 2012 out of Oukland, California, by a team of veterans from the gaming software industry. Since the company’s launch, their goal has been to create a next-generation, mobile-first monetization platform that can be used for social and mobile betting. The main product of CashBet is thus a mobile-first iGaming platform that the company has licensed under several jurisdictions and equipped with 450 different games.
The CashBet Coin ICO campaign will see blockchain technology incorporated into this platform and hopefully help CashBet become a leader in crypto-gaming software. The original mission of the campaign is to create a platform that fixes the problems that have burdened other cryptocurrency gaming operations like the lack of licensing, expensive and slow transactions, as well as the lack of transparency with operators.
To make it all possible, CashBet is hoping for investments between $40-70 million in its CashBet Coin tokens during the ICO campaign. Each issued coin comes with a price tag of 50 cents and is designed to give benefits to partners, investors, and players alike. Investors will be able to trade the coin on cryptocurrency exchanges, players will receive exclusive bonuses for holding the tokens, and partners will get to receive payments from shared revenue.
The pre-sale has already begun on January 24th and it will last until February 20th. After that date a one month pause will be given before a public sale kicks off on March 20th that will span for another month.