Crypto Firms Splash $170 Million on Premier League Sponsorships
Sponsorships from these companies have surged by almost 30% compared to last year, based on a Bloomberg report from Oct. 7.
Crypto companies have spent a record $170 million on sponsorship deals with Premier League clubs for the 2024/2025 season, according to data from SportQuake.
As Premier League clubs face stricter regulations on gambling sponsorships, crypto firms have jumped in to fill the gap. Sponsorships from these companies have surged by almost 30% compared to last year, based on a Bloomberg report from Oct. 7.
SportQuake CEO Matt House noted that clubs have become more confident in partnering with crypto firms since regulations around crypto asset marketing were tightened last year. Meanwhile, crypto companies have also grown more “comfortable about what they can do.”
“We’re just going to use the Premier League to drive a brand message, we’re not actually pushing direct sales messages,” House told Bloomberg.
Notable crypto partnerships include Kraken’s deal with Atlético de Madrid, making it the club’s official crypto and Web3 partner. Kraken's logo will appear on the club’s sleeves for both men’s and women’s teams this season. Similarly, OKX sponsors Manchester City, while Floki is backing Nottingham Forest. In August, Crypto.com also inked a sponsorship deal with the UEFA Champions League.
Despite the rise in crypto sponsorships, clubs are still cautious. According to Charles Russell Speechlys lawyers, clubs demand upfront payments and may include clauses to sever ties in the event of reputational harm. Some even require a letter of credit or guarantee before securing a deal.
While crypto firms are making waves, clubs like Bournemouth, Crystal Palace, and Aston Villa have still signed new sponsorship deals with betting companies despite the upcoming ban.
