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Watford FC sponsor has paid in cryptocurrency for the purchase of new shirts. Earlier also online betting firm Stake had signed a deal with Headfordshire club.
Watford, Premier League football club sponsor has paid for the new shirts in cryptocurrency. The Hertfordshire club, promoted from the Championship last season, has signed a deal with the online betting company Stake. It is a club-record deal signed between the two.
Watford name has also been earlier associated with crypto news and is known for it for quite a long time. It is because of the crypto sponsorship deals in the past.
Stake.com will be the first shirt sponsor for the premier league club for the upcoming season which is scheduled for the next month. The online betting and casino service will also be giving rewards of more than 10 million Dogecoins on its international platform to start its long long-term partnership with Watford.
Cryptocurrency is digital money that is not present in a physical form, unlike fiat currency. It is traded on the internet. Gambling in crypto has been increasing quite a lot, which has been an area of concern for government agencies. Gambling and sports partnerships have come under the scrutiny of the government. But public institutions are continuing to make deals and partnerships with gambling companies.
Partnering a better future
Scott Duxbury, Watford Chairman said that the club sees an ambitious outlook and commitment to innovation. So do the sponsors.
He added, it was an exciting campaign for the club as it returns to the premier league and the club could not be happier with the sponsor.
Bitcoin was a Watford club sponsor earlier and accepted the cryptocurrency at the club. However, the club did not inform which cryptocurrency the deal was done with. Or how much it was worth in pounds.
Sponsors using cryptocurrency
The online betting company replaces the earlier sponsor Sportsbet.io. But in recent years, gambling sponsorship in football has come under the lens of increasing scrutiny.
Last season during the premier league there were right clubs who had betting firms on their shirts but 17 had betting partners, which advertise around the pitch on training kits and social media.
In the championship, 10 out of 24 clubs have shirt sponsorships but that number also increases when partners are considered. As part of the review of the gambling act, the government is considering whether to ban gambling sponsorship.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
