eToro, social trading, and multi-asset brokerage company, recently became the biggest club sponsor at the English Premier League (EPL) for the second year in a row. It is at par with Adidas for the 2019/20 season who are the most used team kit supplier in the league.
What’s the deal?
The firm signed contracts with two new clubs this week – Aston Villa F.C. and Everton F.C. The four teams it had created ties with earlier are Cryptal Palace F.C., Leicester City F.C., Southhampton F.C., and Tottenham Hotspurs F.C. Among them, Tottenham led the points table last season and ended at the fourth position.
Reportedly, the deal with Everton F.C. is worth about 9.6 million Euros for T-shirt sponsorship. The sponsorship deal for Spurs goes as high as 35 million euros ($39.3 million) per season. Moreover, the other clubs in the list charge in the range of 2.5 – 6.5 million euros. Some of these payments are settled using cryptocurrencies like Bitcoin as well.
Iqbal Gandham, the managing director of eToro told the media,
“We’re proud to be the Premier League’s biggest club sponsor. Working with six clubs for the second year in a row demonstrates our commitment to our customers, and to the fans.”
eToro’s USP is copy-trading and cryptocurrency support. Copy-trading allows the user to replicate the trade orders of traders or fund managers. Moreover, cryptocurrency, as well, in an online phenomenon that largely thrives on social media platforms like Twitter and Reddit. Gandham said,
“There is a great overlap between fans having a social voice and a social community and what we do on our platform, [although] our social community is based on trading and investing.”
Furthermore, the executive also told the media that they will not stop with these sponsorships and would explore sports teams across Europe and Asia. He said,
“So we’ll probably look at Europe and Asia in terms of sports sponsorship. Our main objective is to add multiple verticals to our business.”
Do you think that marketing from these firms will act as a positive impetus for cryptocurrencies as well? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com