Premier League Club Watford’s new sponsorship deal is all paid in crypto

Football Premier League Club, Watford has recently signed a sponsorship deal with Stake.com, crypto sports betting platform and casino. The deal is all paid in cryptocurrency but the football club didn’t reveal the financing details.

Watford’s name is often seen circulating in crypto news, due to its crypto sponsorship deals in the past as well.

“ambitious outlook and commitment to innovation…an extremely exciting campaign for the club as we return to the Premier League and we couldn’t be happier”, Watford chairman, Scott Duxbury told BBC.

Stake.com will be the primary shirt sponsor for the Premier League club, in the upcoming season that is starting next month. The online betting and casino service has announced an upcoming giveaway of over 10 million DOGE ($1.9 million) on its international platform to commence its long-term partnership with Watford.

The increasing arena for gambling in crypto and sports partnerships has come under scrutiny by government agencies. The public institutions are now beginning to expand their crypto crackdown to gambling agencies in the sports market. This could include the addition of banning gambling sponsorships under the Gambling Act.

Hike in Sports & Crypto partnerships

Sports and crypto partnerships are on the rise, with several big names signing contracts with crypto firms. The Crypto trend has recently caught up with the sports sector, as major leagues are gravitating towards targeting crypto consumers, who are said to be younger and wealthier as compared to their previous majority audience.

For instance, the Ultimate Fighting Championship (UFC), an American mixed martial arts organization, recently signed up for a 10-year agreement worth $175 million, declaring a partnership with Crypto.com. Crypto.com’s logo is being advertised on UFC fight kits, walk-out costumes worn by UFC’s fighters, and on uniforms of staff working in and around the octagon.

“If we had talked a couple of years ago, crypto might not have been on the radar, but it’s sort of a sign of the times…It’s new, but it’s moving quickly, and it’s very dynamic.” UFC COO Lawrence Epstein told Sportico.