CashBet, an iGaming platform provider, has announced a world-first milestone partnership with England's Arsenal FC prior to the Initial Coin Offering (ICO) of its new cryptocurrency, which the company has designed to be used specifically for iGaming. The Premier League football team, which is the sixth wealthiest in the world with $597 million in revenue last season, is the first major team in world football to officially partner with a cryptocurrency.
The agreement will see the CashBet Coin brand given prominent placement via in-stadium advertising channels for Arsenal’s Premier League games at Emirates Stadium. CashBet will be able to use the Arsenal brand across its ICO promotions. In a press release on the Arsenal website, Cashbet CEO and founder Dr. Mike Reaves said:
“With our ICO for CashBet Coin, we are actively targeting a global, multi-billion dollar marketplace of iGaming content providers, operators and players. We are delighted to do so in partnership with one of world football’s true giants in Arsenal, enabling us to build our brand and engage this audience in a meaningful way. Designed specifically for iGaming, CashBet Coin will improve the online experience for real money, casino, social, skill-based, eSports and sports betting players through increased trust and transparency, faster payouts, reduced fees and dedicated player protection.”
CashBet Coin is intended for use across the company’s gaming platform and the company hopes the sale will raise between $40 million - $70 million. The ICO presale will end on February 20th unless the hard cap is reached before that date. Public sale will be open from March 20th to April 27th. Arsenal’s Chief Commercial Officer, Vinai Venkatesham, said of the deal:
“We are pleased to welcome CashBet Coin as our partner. We are looking forward to working with CashBet Coin as they launch their new cryptocurrency.”
Most iGaming ICOs are presented by newly formed companies but CashBet has been in existence since 2012. The company supports over 450 games on its platform and is profitable. CashBet recently won first place at CoinAgenda’s ICO competition, and second place at the World Crypto Economic Forum’s ICO competition.
Interactive gaming, which includes real money, social, skill-based, sports betting and eSports hit $91 billion in 2016, which was led by mobile gaming. It’s clear that these recent movements by CashBet are angled towards consolidating their piece of the pie. Reaves recently commented on the support CashBet has experienced:
“We are thrilled by the business and cryptocurrency community’s recent support of CashBet’s blockchain integration and upcoming ICO. The iGaming marketplace demands more transparency and flexibility, and we’re confident that our crypto solution will deliver a superior player experience.”
Headquartered in Oakland, California, CashBet’s enterprise software solution enables operators to run a “legal and profitable iGaming business end-to-end.” The company is licensed by the Alderney Gambling Control Commission and the UK Gambling Commission. Through its incorporation of novel blockchain technology into its revolutionary iGaming platform, CashBet intends to become the “undisputed leader in enterprise software for the crypto-casino market.”
The London Football Exchange (LFE) is also planning a jump onto the speeding cryptocurrency train. The organisation is set to a launch its own cryptocurrency to power an ecosystem made up of media, entertainment, finance and sports. The initiative from the LFE followed just days after CashBet’s Arsenal partnership announcement. The LFE wants to use blockchain technology to help clubs provide fans with enhanced experiences and services across the board.
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