Cryptocurrency And The Sports World Alliance
Published September 25, 2021, 00:10
The advent of cryptocurrency in the sports world didn’t start today. For years, the crypto space has been active in sports across numerous events, including competitions, fundraising, player sales, among others.
The motivation for the merger comes from the two sides. The sports world now understands the potential of cryptocurrency in increasing the financial gains of sports. Simultaneously, sports provide the right avenue for cryptocurrency to become more mainstream and fully integrate into human lives. This is because sports is a global game with passionate fans in all the nooks and crannies of the world. Here are some of the most interesting events between crypto and the sports world.
Collaborations and Sponsorships
In 2014, BitPay, a leading US-bitcoin payment company, and ESPN signed a sponsorship deal. The deal was one of the first in the crypto-sports world. Additionally, BitPay was also a sponsor of the St. Petersburg Bowl, a college football game annually in the US. These sponsorships were perfect ways to promote cryptocurrency while injecting more capital into sports.
More partnerships and sponsorship happened in 2018. CashBet partnered with Arsenal as an official and exclusive blockchain partner. CashBet leveraged the partnership to promote its online gambling services. Numerous online crypto sportsbooks have existed since then. 1xBit
stands out among the crowd for its seamless gambling functionalities and its support for over 30 cryptocurrencies.
In the same year, Litecoin officially partnered with UFC 232, actively sponsoring the Heavyweight fight between Alexander Gustafsson and Jon Jones. The event led to an upsurge in the value of the coin. Litecoin UFC garnered over 40 million Twitter impressions. These collaborations indicate a seamless flow between crypto and sports.
Player Buyouts and Salaries
Increasingly, more football clubs are accepting payments for players in cryptocurrencies. Harunustaspor football club in 2018 purchased a player through Bitcoin. That would be the first time such would happen in the history of football. Receiving 0.0524 BTC worth, the 22-year-old Omar Faruk Kiroglu entered into a new deal with the football club.
Still, in 2018, Gibraltar United Football Club ventured into part-paying their players’ salaries using cryptocurrency. This came after the signing of a deal with Quantocoin. Quantocoin has been involved in many cryptocurrency deals in the football industry, with a remarkable one being the purchase of the Italian Serie C football Club Rimini FC 1912.
The partnership between Lancashire Cricket and TIXnGO remains a notable one in this regard. The two sides entered into an agreement for TIXnGO to develop a blockchain mobile ticket platform. The deal would later bring about efficient mobile tickets for all fixtures, whether international or domestic, at the Emirates Old Trafford in 2020.
The success of the deal reduced the cases of counterfeit tickets. By syncing tickets with smartphones, the ticketing process was simplified and made more efficient while increasing revenue gains.
Furthermore, more international payment companies are seeing the light in crypto services. The FIFA World Cup 2018 edition saw companies like Epayments and Wirex providing fans with the option of purchasing tickets through BTC, ETH, and Litecoin. Additionally, hotels such as Kaliningrad hotel chain Apartments Malina offered booking services in BTC.
Because fans have diehard interests in their club, innovations such as fan tokens were non-negotiable as an offshoot of the crypto-sports merger. A fan token is a fully tangible digital token that offers fans the access to have stakes in club decisions. Once you own a fan token, you can vote on several issues concerning your favorite club, such as selecting charity initiatives, kit designs, training ground names, among others. Fans are also getting engaged in FC coin groups.
The fan token initiative offers an exclusive pass and makes fans feel more integrated into a team they love. Chiliz has made remarkable steps here. The socios and cryptocurrency platforms offer fan tokens across different sports. Juventus and PSG have both partnered with Socios for fan tokens’ sales.
Crypto Betting at 1xBit
The intersection of cryptocurrency and the sports world is once again at the fore. More than ever, fans are looking to follow through with sporting events and make informed stakings. 1xBit offers the most interesting set of crypto gambling services as Paris-Saint Germain, AS Roma and Juventus tokens are now available for the game on the website. The platform doesn’t just offer you the best odds, but also provides you with live events to watch from the comfort of your home.
With up to 7 BTC welcome bonuses, 1xBit gives fans a soft landing to build on. The platform makes supporting your national team a rewarding venture. You also have complete anonymity, as your cryptos cannot be linked to any bank or payment processor. Essentially, your financial activity cannot be traced to the sportsbook.
With a multi-currency account that allows you to switch between more than 35 cryptocurrency options, 1xBit eliminates the hurdles that existed in the gambling industry. Get started with a single click.