As cryptocurrencies gain mainstream adoption, the sports industry is embracing this digital revolution through innovative sponsorships. These ‘crypto sponsorships’ are transforming the landscape, providing sports teams with access to a global audience and offering fans unique opportunities to engage with digital currencies.
Prominent crypto brands are now acquiring naming rights for sports franchises and maintaining a constant presence through advertisements during games. A notable example is Crypto.com, which secured the naming rights for the stadium of NBA giants, the Los Angeles Lakers, now known as the Crypto.com Arena.
The synergy between sports and crypto firms like Binance, Tezos, FTX, and Socios.com is opening new revenue streams and enhancing fan engagement in the cryptocurrency sector. As digital currency becomes increasingly significant in the sports industry, more crypto businesses are sponsoring events and teams, merging the domains of digital currency and sports.
This trend has also impacted sports betting, with many betting businesses now accepting cryptocurrencies. According to top tipster Kate Richardson, “The adoption of crypto assets in the betting industry has remarkably improved the revenue of bookie sites, and the signs are showing we can expect more growth and acceptance in the foreseeable future.” For the best sports betting tips, you can check out MightyTips – the best sports tips for today, where successful tipsters like Kate Richardson offer their recommendations.
Crypto brands that are sponsoring sports
Sports and crypto technology combine to provide a plethora of opportunities that have the potential to completely transform not just the spectator experience but also sports funding and administration. Let’s check out some of the major crypto brands and the deals they have offered:
Binance
North America, Europe, South America, and Africa are seeing notable advancements in sports sponsorship from Binance. The largest cryptocurrency exchange is one of the crypto companies that has intentionally linked its brand to a variety of sports entities, such as the Serie A and the Africa Cup of Nations.
Binance has a strong foothold in Italian football, with its collaboration with Serie A giant, S.S. Lazio. The brand is also visible in Formula 1, as it is one of the main sponsors of the BWT F1 Team.
Tezos
Collaborating with the New York Mets, Tezos, a crypto exchange platform has broken into the sports sponsorship space and strengthened its brand’s association with Major League Baseball in the United States.
This brand is also visible in English Football. It is the official sponsor of Manchester United’s training kit. Formula One racing teams Red Bull Racing Honda and McLaren Racing are also among the other noteworthy entities collaborating with Tezos.
Crypto.com
With sponsorships on many different domains, Crypto.com has grown to become a major player in the world market. The brand’s global reach includes sponsorships of Formula 1, FIFA World Cup Qatar 2022 TM, and many NBA, NHL, and soccer clubs.
Perhaps, the biggest splash from the firm is its November 2021 acquisition of the naming rights to the Los Angeles Lakers stadium, known as the Staples Center, in a 20-year contract, and $700 million deal.
After the deal, Crypto.com’s Chief Executive Officer, Kris Marszalek, had this to say, “This is just such a brilliant move…because the next decade belongs to crypto, and this positions L.A. and this particular venue right at the center of it.”
The stadium of the NBA giants is now known as the Crypto.com Arena. It probably doesn’t get bigger than that. Maybe it does. This cryptocurrency platform has taken it a step further by making headlines in the racing world after it acquired the naming rights of the Miami Grand Prix.
Worthy Mentions
Crypto companies increase their brand exposure by connecting with several thousands of devoted supporters of sports teams. In addition to the deals above, here are other worthy mentions.
- Blockchain.com: In 2022, the Dallas Cowboys became the first NFL team to enter a sponsorship deal with a cryptocurrency firm, Blockchain.com.
- Socios.com: This crypto firm signed sponsorship deals with NFL teams, Baltimore Ravens and Atlanta Falcons.
- Chiliz: Sports-concerned blockchain company invested $100 million for a 24.5% stake in Barcelona’s digital content unit.
- Sorare: Sorare, an NFT-based platform for fantasy sports partnered with Liverpool FC in September 2022.
Top Teams with Crypto Sponsorship Deals
Several renowned sports teams in Basketball, Soccer, Formula One, and Rugby have received sponsorship from crypto companies. Today, teams are committing to multi-year, multi-million dollar agreements with cryptocurrency companies. Let’s explore some of the top teams with sporting crypto sponsorship deals.
Philadelphia 76ers
The NBA team Philadelphia 76ers signed a contract with Crypto.com. In addition to receiving sponsorship from the New Jersey patch, the Fargo Center team was given a major financial boost, estimated to be worth $10 million annually.
The brand also unveiled its line of NFTs, which are accessible to all fans of cryptocurrency and non-fungible tokens. According to the brand’s Chief Marketing Officer Steven Kalifowitz, the Philadelphia Sixers proved to be a perfect fit for Crypto.com, as the digital currency trading site has sought to increase its exposure.
In the words of Steven Kalifowitz, “We looked at the entire NBA, every team that had an opportunity…The 76ers just stood out.”
Manchester City
OKX was the first official cryptocurrency partner of this football club, in a deal that was signed in March 2022. Cryptocurrency exchange OKX announced that it will become Manchester City’s official sleeve sponsor. The two deals combined will provide the Premier League team with about $70 million in revenue over three years.
Alpine F1 Team
Binance’s partnership with Alpine began in 2021 with the goal of giving fans a fresh perspective on how to interact with their preferred sport through a variety of digital products and experiences. The primary goal of the partnership’s design and development was to meet Binance’s customer engagement key performance indicators, not to increase brand recognition alone. Binance became the official Fan Token partner of the BWT Alpine F1® Team as a result of this agreement. Additionally, it led to the development of the Alpine F1 Team fan token, which went on to become the best-performing F1 fan token ever recorded.
Dallas Cowboys
The Dallas Cowboys, the most valuable sports team in the world and the most popular sports team in America announced in 2022 that Blockchain.com, one of the most reputable and well-liked platforms in the world for institutional and retail customers to buy, sell, and trade cryptocurrency, will be its exclusive digital asset partner.
This is a historic agreement—the first-ever cryptocurrency collaboration with an NFL franchise. Through this multi-million sponsorship deal with the Dallas Cowboys, digital assets have gained more visibility among general audiences. The crypto firm, which has been operational since 2011, has launched its first national professional sports partnership. This deal involves branding, advertising, content, and event opportunities.
Final Thoughts
As the worldwide adoption of crypto increases, the sports arena offers a window of limitless opportunities for crypto-based companies to expand their base among millions of fans. With time, this converging sector is only set to rise.
