CashBet announced on Wednesday (January 24) that Arsenal has agreed to become its “exclusive and official blockchain partner”.
The deal will see CashBet Coin advertised at the Gunners’ home games in the Emirates Stadium and was announced hours before the gaming company launched an Initial Coin Offering for their new cryptocurrency, CashBet Coin.
The BBC reports that CashBet are hoping to raise $40million from the ICO, which investors can then use to bet on its various online games.
The pre-sale kicked off on January 24 and is due to last until February 20 at 5pm GMT, followed by the public sale beginning on March 20, continuing until April 27.
What is CashBet Coin?
Headquartered in Oakland, California, CashBet is a mobile platform that sells software to help gaming companies accept cryptocurrency bets.
The Business was founded in 2012 with a vision of “using their extensive gaming software experience to build a next generation mobile-first monetisation platform for social and mobile gaming.”
CashBet, which now hosts 450 different mobile games, has boasted a 515 percent revenue boost and a 770 percent player increase since 2015.
In the wake of the Arsenal announcement, Dr Mike Reaves, CEO and Founder of CashBet, 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.”
Meanwhile, Vinai Venkatesham, Arsenal’s Chief Commercial Officer, said: “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.”
Cryptocurrencies have forced their way into the public eye in the past 12 months and the CashBet-Arsenal deal suggest this trend is set to continue.
But the partnership has drawn criticism from some financial commentators who warn that it could encourage fans to enter an “high risk” market.
Author David Gerard told the BBC: “Crypto-currencies are less regulated than regular betting shops and it’s a lot harder to get actual pounds back out again.”
Crytocurencies like bitcoin, Ripple and Ethereum are notorious for being extremely volatile, regularly surging in price before plummeting a day or two later.
Bitcoin, the first and most famous cryptocurrency, was trading for $11,500 at the start of December, but a sudden period of inflation saw it rocket up to nearly $20,000 by mid-December. Its price has since crashed back down to $11,300.
Source : EXPRESS