Arsenal FC enters the cryptocurrency space with CashBet

29 January, 2018

Arsenal has signed a sponsorship deal with CashBet, a gaming company which is planning on launching an Initial Coin Offering of its new cryptocurrency CashBet Coin.

CashBet is a California-based (but Guernsey incorporated) company which develops mobile-first platforms for real-money, social, and skill based interactive gaming. CashBet’s wants to become the leader in enterprise software for the crypto-casino market and it hopes Arsenal will help it to achieve this aim.

CashBet Coin

CashBet Coin is built on the Ethereum blockchain and is designed to be used on CashBet’s mobile phone gambling apps. The coin will be advertised by Arsenal at Premier League home games giving it prominent exposure to a potential audience of many millions.

But, having in mind the huge popularity of other cryptocurrencies with gamblers of a slightly different nature, many might see this as another cryptocurrency they can attempt to invest in, rather than using it for its intended purpose.

CashBet is currently going through an Initial Coin Offering (more info on those here) of CashBet Coin and it intends to raise up to US$70m.

Cryptocurrency: Arsenal enters the unknown

The way that football clubs market themselves is vital to their performance on and off the pitch and multiple revenue streams are essential to ensure the business and the team remain competitive. Arsenal’s affiliation with CashBet is an interesting one as cryptocurrencies remain unregulated and how they will work going forward is unclear. Arsenal could be seen to be validating cryptocurrenies and CashBet specifically – if the CashBet ICO doesn’t go to plan or something else like a hacking incident occurs, this could have negative reprocussions for Arsenal and its brand.

 

For more information on cryptocurrencies (or Arsenal), please contact Harry Partridge at harry.partridge@crippspg.co.uk or on +44 (0)1732 224 092

For updates from us and the latest Tech news follow us on Twitter @CrippsTechLaw