Premier League Crypto Sponsorships Surge to £130M in 2024
Premier League cryptocurrency sponsorships total £130 million as teams look for new ways to make money in the wake of stricter UK gambling laws.
In 2024, Premier League teams signed sponsorship agreements worth approximately £130 million with cryptocurrency companies, indicating a boom in the recovery of the cryptocurrency sector and sports collaborations.
The rise in sponsorships indicates the cryptocurrency sector’s recovery following the failure of multiple digital asset companies in 2022 and the subsequent significant reductions in token values.
SportQuake data, as included in Bloomberg’s report on Monday, shows that cryptocurrency companies have allotted around £130 million ($170 million) for Premier League sponsorships this season—a 30% increase over the previous year.
According to SportQuake, this number will probably rise even higher because more transactions are anticipated during the 2024–2025 season.
One noteworthy instance is the extension of OKX’s collaboration with the reigning Premier League winners, Manchester City.
In April, the Winklevoss twins also contributed $4.5 million to Real Bedford, a football team based in the UK that crypto podcast host Peter McCormack owns.
Other European football leagues are also seeing an increase in cryptocurrency sponsorships.
Newcomers like the bitcoin exchange Kraken have partnered with teams including RB Leipzig, Tottenham Hotspur, and Atlético Madrid.
In the meantime, Crypto.com is landing high-profile partnerships, including a multiyear agreement that runs through 2027 with the UEFA Champions League.
For many years, betting companies have been publicly displayed on teams’ uniforms and in stadiums, providing Premier League clubs with a significant source of cash.
However, the UK implemented stricter laws due to worries about gambling advertisements being seen by younger audiences.
The “whistle-to-whistle” prohibition, which went into effect in 2019, forbids gambling advertisements from running five minutes before, during, or following live sporting events.
In just five months, early data revealed a 70% drop in the number of younger people viewing gambling advertisements, totaling 1.7 billion fewer ad views.
Beginning in mid-2026, Premier League clubs will not be permitted to show betting sponsors on the prominent front of their shirts, significantly tightening the rules.
Premier League teams are looking to other sources of income as new gambling prohibitions go into force.
To fill this need, cryptocurrency companies have moved in, keen to establish themselves as significant participants in sports sponsorship.
The newest cryptocurrency deals emphasize brand awareness by placing logos on stadium posters, jerseys, and pitch-side boards.
American Water, a big U.S. public utility, says it has shut down some of its systems after finding out last…
Layer, a blockchain infrastructure startup, has raised $6 million to develop developer tools that facilitate full-stack decentralized applications on Ethereum…
A TON wallet drainer shuts down its services on the blockchain due to value users, and it is now shifting…
Sui has experienced an over 20% increase in the past 24 hours, reaching its greatest price in six months, in…
The luxury hotel brand Capella Hotel has partnered with dtcpay to accept Bitcoin and Ethereum as crypto payment options. The…
On Monday, October 7, the price of Bitcoin increased for two consecutive days as traders adopted a risk-on stance Bitcoin…