Cryptocurrencies are no longer an interesting novelty but a huge part of the financial industry. They were accepted by the sports betting industry early on as betting with crypto has had its advantages for both the players and the betting sites.
However, when cryptocurrencies became widely accepted, they started entering into sponsorships with sports teams and betting brands. These sponsorships also took advantage of the innovative blockchain technology. In the years to come, sponsorships from cryptocurrencies will become more extensive, and they’ll include both sports and betting and combine the two.
Logos and Branding Rights
The first attempts towards crypto sponsorships came about by mimicking how traditional companies and industries sponsored leagues and teams. Crypto companies paid for the right for their brand and logos to become a part of the gear and stadiums for all the viewers to see.
Some cryptos went a step further and found more innovative ways to promote their brand. For instance, some would pay for the team’s PR team to include their sign-up link any time they tweet the results of the game. It worked when it came to bringing in new investors.
Sports Betting Casinos
Bitcoin casinos were the pioneers in the sports betting industry. It was the first cryptocurrency, and it’s still the largest one. The casinos offered a chance to make the same wagers you could make with fiat money using cryptocurrencies. This came with the added benefit of fast transfers and anonymity.
Casinos also offered bonuses for those who bet in Bitcoin. These were usually welcome bonuses that provided a small sum of Bitcoin for anyone who signed up. Others provided deposit matches, which doubled the deposit the player made in Bitcoin.
Unique Betting Options
The use of Bitcoin also allowed for making unique bets, which were not available to those who used fiat money. It was a great branding opportunity as the casinos now offer unique features players couldn’t get otherwise. This was done by taking advantage of the cryptocurrency blockchain technology, which automated countless small payments.
Younger players have come to expect those features and betting options. It goes to show how successful cryptocurrency marketing has been. Verifiable odds and the ability to inspect the code for automated payments were unique selling points for crypto; now, they are just common.
Paying Salaries With Crypto
Some sports teams have gone one step further when intertwining their finances with that of Bitcoin. They’ve started paying salaries to their best players in crypto. It was an interesting testament to how big cryptos are now and how excited the players were to get into this new investment.
Odell Beckahm Jr. said in 2022 that he would take his $750,000 salary in Bitcoin, while earlier this month, two players on the NBA’s Golden State Warriors said part of their salary would be paid in Bitcoin. NBA All-Stars Klay Thompson and Andre Iguodala receive part of their NBA salary in Bitcoin in a new deal with Jack Dorsey’s Cash App.
Betting Sites Getting Into Sponsorships
Once betting casinos that use Bitcoin as their payment method became established enough in the world of online gambling, they moved on to traditional sponsorships as well. However, platforms that work with crypto alone looked towards innovative sports and teams, as it was better suited to their approach to betting.
BC.Game sponsored several esports teams, including Alliance, OG, and now Cloud9. The gambling operator committed to sponsoring the team on all CS: GO-related initiatives and events. eSports is a huge market for cryptocurrency sponsors because it’s growing in popularity beyond the tech-savvy users that used to follow it.
Innovative Collaborations
Crypto casinos also entered into creative collaboration with online personalities, influencers, and entertainers close to the world of crypto and sports betting. This partnership model has successfully reached new users and fostered brand loyalty.
BetFury and BurgerCities, a play-to-earn game driven by blockchain technology, formally debuted their relationship. Bitcasino.io had – at one point – formed strategic partnerships with leading football club Arsenal FC, where some of the Premier League players are earning £200k weekly. South African rapper Cassper Nyovest and King Kaka – a Kenyan hip-hop star, also signed sponsorship deals with the site.
NFTs
Crypto casinos are leveraging Non-Fungible Tokens (NFTs) in various ways to promote their brands and enhance user engagement. Here are some ways they might utilize NFTs:
Collectibles
Once the NFT craze started, many crypto casinos created their own collection of NFTs that the players would be able to collect as they played and won. It fosters brand loyalty since the players must keep returning to the betting sites to get them all.
Limited Editions
Casinos can release limited edition NFTs to commemorate special events or milestones within the platform. Many have created NFTs to celebrate the launch of a special event or an anniversary important to the betting site.
Branding Virtual Events
Branding live events was common among cryptocurrency companies and casinos that use them, but during the COVID pandemic, there was an opportunity to brand virtual events. These spring up as a safety measure at first but caught on as players enjoyed the look and feel of visiting an actual casino while playing from home.
Cryptocurrency betting sites are organizing branded virtual events, such as virtual sports tournaments and live-streamed gaming competitions. It was a way to maintain brand visibility and engagement. The branding worked the same as with live events when crypto sites paid for the exclusive rights to have their logo displayed.
Loyalty Programs
Almost all crypto sports betting sites offer loyalty programs, and these are rarely seen as sponsorships and promotions, even though that’s what they are for. The sites usually have a point system, with points awarded to players for returning to make wagers.
These can then be used on the sports betting sites as bonuses, with the common wagering requirements applied. They can also be turned into tokens that the players can use to buy digital or real merchandise from teams and leagues that are being sponsored by the crypto.
Charitable Initiatives
Charitable events and initiatives have always played a role in branding. Companies love being associated with a good cause, and their sponsorship can actually help those in need. Bitcoin casinos saw the same opportunity and took it, helping a lot of people in the process.
These include local food banks and some of the largest nonprofits in the world, like St. Jude Children’s Research Hospital, Feeding America, and United Way Worldwide. Many nonprofits accept Bitcoin as a payment method from individuals and companies.
Conclusion
Sports sponsorship has changed significantly over the years by accepting deals with many different industries and companies and looking into innovative ways to cultivate relationships. Cryptocurrencies and sports betting sites that use them have gone all in on such branding deals.
Some of these brand deals work just the same as any other partnership between a corporate sponsor and a sports team. Others are innovative and use blockchain technology’s unique features and properties to find a new pool of players and patrons. Cryptos are here to stay, and these brand deals will only become more complex and noticeable.