Arsenal become first major football club to sign cryptocurrency sponsorship deal

The Gunners will promote CashBet Coin, a digital token made by a US gambling firm

Arsenal enter new territory for football clubs promoting cryptocurrency (AFP/Getty Images)

Arsenal has reached a deal to become the first major football club to promote a cryptocurrency.

The Gunners announced an agreement on Wednesday with US gambling company CashBet to promote the firm’s own digital token, CashBet Coin, at Arsenal’s home games.

Coins are priced at 50 US cents and can only be used on CashBet’s website and app.

The CashBet website already features images of prominent Arsenal players and the club crest

“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”, said chief commercial officer Vinai Venkatesham

Founded in 2012 and headquartered in California, CashBet says it wants to become the “undisputed leader” in the crypto-gambling market.

CashBet plans to raise up to $70m in an initial coin offering (ICO) that began on Wednesday.

The Financial Conduct Authority warned in September that anyone investing in ICOs should be prepared to lose all of their money and said some schemes appearing to sell legitimate digital tokens are fraudulent.

While Arsenal’s shirt sponsorship deal remains tied with Emirates Airline, exactly half of the Premier League’s teams have a shirt sponsorship deal with a gambling company.

The Football Association ended all sponsorship deals with betting companies last year as part of wide-ranging reforms in English football’s governing body.