Crypto.com Making Massive Moves in SportsPublished January 19, 2022 by Sol FH
From Staples Center to professional sports teams, Crypto.com shows how crypto is taking main stage.
Cryptocurrencies are becoming more widely adopted and more users are joining the market each year. In fact, in 2021, there were approximately 200 million crypto users around the world and that number is supposed to double each year, meaning that there will be over one billion users in a few years' time.
Crypto.com is one of the first and most recognizable names in the industry and has driven a lot of innovation and given the name (crypto) a place in households all over the globe. To make it even more common, crypto.com has invested over one billion dollars for in-person stadium billboards to commercials starring recognizable sports celebrities, and more. They are pouring money into sports marketing campaigns at a historic rate as sports fans and punters are the two main target audiences for the crypto vertical.
In 2021, crypto.com went in on the biggest crypto sponsorship deal of all time when they took over the naming rights of Crypto.com Arena (formerly Staples Center), home of a few teams including the Los Angeles Lakers and Los Angeles Clippers in the NBA and the Los Angeles Kings in the NHL. The deal is worth $700m and will cover the next 20-years.
It is not just basketball and hockey, as they have paid $100m to become a sponsor for Formula One racing and another $175m to enter into a sponsorship agreement with the UFC, which now sees Dana White wearing crypto.com gear in virtually every public appearance.
Now, in yet another multi-million dollar sponsorship deal, crypto.com and the AFL (Australian Football League) women's league has entered into a $25m deal that will take sponsorship from Toyota, which was paying $18m, which will give the league better returns.
What does this mean for Crypto Casinos and Crypto Sports Books?
The migration to cryptocurrency for iGaming and sports gambling seems inevitable. More and more crypto casinos are opening their doors and cryptocurrency is now being used by hundreds of brands. With the mass adoption of Bitcoin and other tokens expected to increase in the coming months/years, crypto gaming is going to become more commonplace. Companies like FTX and crypto.com are leading the marketing and sponsorships moves, which is preparing the world to get used to these terms.