Premier League shifts from gambling sponsorships to ￡130 million crypto deals

Garance Limouzy October 8, 2024

Share it :

Premier League shifts from gambling sponsorships to ￡130 million crypto deals

The Premier League, long associated with prominent gambling sponsorships, is undergoing a major transition as clubs turn to cryptocurrency firms to fill the financial void left by regulatory changes.
Starting in the 2026/27 season, Premier League teams will no longer feature gambling companies on the front of their shirts, making it the first UK sports league to take this step. In response,?crypto firms have stepped in as the new major players in sponsorship agreements, delivering crucial financial backing to the league.

Crypto sponsors flood football as gambling regulations tighten

The upcoming ban on gambling sponsorships follows consultations between the Premier League, its clubs, and the UK government’s Department for Culture, Media, and Sport. This collective decision has marked the beginning of a transition period for clubs, who are now in need of finding new revenue streams.

For the 2024/25 season alone, cryptocurrency sponsorships have soared to a record high of ￡130 million ($170 million), according to sports sponsorship agency SportQuake, a 30 percent increase from the previous season. Leading crypto companies such as OKX and Floki have already secured high-profile deals with top teams, including Manchester City and Nottingham Forest, while the crypto exchange platform Kraken recently partnered with Atlético de Madrid in Spain.

A cautious venture

While the influx of crypto money offers a lifeline for clubs facing a financial shortfall,?the industry’s reputation has prompted caution among teams. According to Bloomberg, some sponsors have been asked to pay upfront due to the volatility associated with the sector. Additionally, others have had to agree that their sponsorship contracts could be terminated at any time if the crypto companies harm the club’s reputation.
On the other hand, some clubs have decided to maintain their ties with gambling companies. Bournemouth, Crystal Palace, and Aston Villa are among the teams that have signed new gambling sponsorship deals, even as the broader Premier League prepares to move away from this sector.

New Economy sponsorships

This transition toward cryptocurrency sponsorship is part of a broader trend within the Premier League. Over the past five seasons, traditional “Old Economy” sponsors—such as car manufacturers and airlines—have reduced their investments by 20%, while spending from New Economy sectors, including cryptocurrency, fintech, and sports tech, has surged.

As Premier League clubs phase out gambling sponsorships by 2026, the prominence of cryptocurrency sponsors is likely to grow even further. The influx of funds from crypto firms provides financial security, but clubs are still moving cautiously.

Subscribe?here?to SiGMA’s?Top 10 News countdown?and?SiGMA’s Weekly Newsletter?to stay up to date with all the latest iGaming News, and benefit from Subscriber-Only Offers.?