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When Crypto.com announced a blockbuster deal with Formula 1 racing at the end of June, business professionals perked up. Suddenly, people were putting two and two together: what better way to take crypto mainstream than by involving it in a billion-dollar industry that gets millions of viewers? In reality, Crypto.com was not the first crypto exchange making a move into the sports market. Many have tried, but few have replicated the success of the Turkish crypto platform Bitci.com.
Cryptocurrencies were once the new kid on the block. However, as they begin to cement themselves in everyday life, with more industries starting to accept them as legitimate forms of payment, many companies in the space are now entering into sports sponsorships. Why? Well, it’s business 101: once you reach your goals, make more. Cryptocurrencies are more accepted now, so now many exchanges want to take the industry one step further: mainstream — and what’s more mainstream than sport?
One crypto platform that’s doing this well is Bitci.com. The Turkish platform, founded in 2018, has already secured partnerships with McLaren Racing, the Spanish national soccer team, and most recently, the Premier League’s Wolverhampton Wanderers. On June 1, 2021, Wolverhampton Wanderers announced that Bitci.com is the club’s official sleeve sponsor for the 2021/22 Premier League season. Molineux Stadium will also display the crypto platform’s branding.
While other crypto platforms focus on sports like the UFC, Bitci.com has a game plan: go after the sports with massive viewership. For instance, according to sportsvideo.org, the 2021 French Grand Prix on ESPN brought in an average audience of 1.056 million viewers on June 20. These figures made it the most-watched Formula 1 race of the 2020 and 2021 seasons. A week later, the Styrian Grand Prix on ESPN pulled in an average audience of 914,000 viewers. McLaren’s driver Lando Norris placed fifth in both races, with Bitci.com’s branding on the 21-year-old’s car and helmet.
Additionally, the Premier League is one of the most followed soccer leagues, even in the United States, where American football usually takes precedence. For instance, in the 2019-20 EPL season, NBC Sports reported the campaign attracted up to 462,000 viewers per match.
With platforms like Bitci.com entering into sponsorships, cryptocurrencies are making their way into the sports industry. That said, sponsorships are not the only way crypto has involved itself recently in sports. Many online casinos that also offer sportsbooks accept payments in cryptocurrencies. In fact, according to CasinoWings.com, a reputable casino review site, some online casinos offer payment method bonuses, which are available to players who sign up or reload with a specific payment type that includes Bitcoin. This payment method will allow players to take advantage of various online casinos, most of which offer apps, and a wide selection of games too.
This acceptance of digital currencies on online casinos and sportsbooks illustrates that it’s not just company’s in the space that view crypto as an asset but multiple other industries. This type of approach will likely spread into other areas of entertainment too.
Crypto and sports could very well become the norm in the coming years, as both industries can learn and benefit from each other.