In what can be seen as another example of ICOs becoming mainstream, English Premier League football club Arsenal FC has teamed up with a new sponsor, CashBet Coin.
Though last month Bitcoin Suisse started sponsoring Danish Ice Hockey team Rungsted Seier Capital, this is the first time a major football club has taken up with an ICO.
CashBet has created a platform on which developers may build gambling games. Their ICO aims to expand the functionality of their iGaming platform with the launch of an in-platform CashBet Coin token.
According to Arsenal’s chief commercial officer, Vinai Venkatesham, the club is “looking forward to working with CashBet Coin as they launch their new cryptocurrency.”
For their part of the deal, Arsenal say they will “help CashBet Coin build global brand awareness through our extensive digital and social media platforms”. It has not been revealed how much CashBet are paying the club.
CashBet intend for their ICO to target a“global, multi-billion dollar marketplace”, so the tie-in with a football club ranked by Forbes as the world’s 5th richest should at least provide them with greater exposure.
The deal continues the profitable partnership of English football and online betting platforms. Of the 20 teams in the English Premier League, 9 of them have their shirts sponsored by gambling companies.
The pre-sale starts on 24th January with tokens discounted 20%. There is then a sliding scale of discounts when the public sale starts on March 20th.
If tokens sell out, the company expects to raise between $40 million and $70 million, depending on how many tokens are sold at each discount. At present its website is decked in the red and white livery of Arsenal football club.