2021 has been the most important year for cryptocurrencies and blockchain-based companies and business ventures to truly put themselves out into the world and gain as much exposure as possible. It’s like everywhere you look, from social media platforms to informative media channels, even including sports betting news outlets, everyone at one point of the day or other is talking about cryptocurrencies and how they’ve come to establish themselves as the new most popular alternative to traditional monetary forms.
In the world of sports, the story with cryptos first started with baby steps and lukewarm approaches on both parts. But, as time has gone by, the relationship between the consolidated powerhouse industry which is the sports world, and cryptocurrencies has begun to flourish and find more and more common grounds to work together in. Here we bring you three ways in which cryptocurrencies are leaving their mark in the world of sports entertainment.
Sponsoring Deals Left and Right
One of the main goals that crypto trading and investment companies, as well as blockchain technology-based enterprises, are in constant strive to accomplish is reaching as many potential clients and customers as possible through all sorts of publicity and media campaigns available. Given that the world of sports entertainment is usually the best outlet to go with when media and publicity exposure is wanting to be obtained, many of the top-ranked cryptocurrency companies in the world have started to invest serious amounts of money into sports-based sponsorship deals to find new ways to reach new potential customers, and the results have been paying off in great ways.
Studies have shown that nowadays more and more sports fans are finding themselves to feel comfortably related to or completely familiarized with the concept of cryptocurrencies, how they work and why they’ve become such a popular economic asset in the world. This has ultimately led to cryptocurrency-based companies like FTX and Crypto.com to sign and establish multi-million dollar yearly deals with sporting leagues like the MLB, UFC, Formula 1, NFL, NBA, and others, all to have their brands be shown in one of the biggest advertisement markets in the world, the sports world one.
Athletes Are Now Investing More and More In Cryptocurrencies
For professional athletes, two things matter the most when it comes to their sporting careers. One is how to stay relevant and always in tip-top shape to be able to offer the best results which ultimately will lead to bigger and more lucrative contracts, both from the teams or organizations they play for and via sponsorship and endorsement deals. The other one is, what to do to secure a prudential, safe and lucrative future for when their life as professional sports athletes finishes. That’s where cryptocurrencies have come into play in a very strong way.
The constant fears that professional athletes have to deal with in regards to their future outside of professional sports, with the reality of financial struggles happening because of poor career money management tactics has made many of them take to investing their money into cryptocurrency companies and blockchain technology companies a very popular activity. While at first, the idea of investing in cryptos didn’t take off, it was when athletes of the magnitude of NFL’s Tom Brady and Trevor Lawrence as well as soccer living legend Lionel Messi starting looking into the world of crypto investments that the movement took off and started to gather more and more followers amongst the ranks of professional athletes from around the world.
The Sports Betting Industry Is Embracing Cryptos In Immense Ways
If there is one outlet of the sports world that can brag about being one of the biggest revenue-grossing sides of sports, it’s the online sports betting industry. Given the vast popularity that sports betting holds around the world, and with the United States finally on their way to finalizing the official legalization of sports betting activities, both physical and online throughout the majority of their land, many of the top leading online sports betting companies have taken to using and accepting cryptos as a new form of currency to be used in their dealings with customers all around.
Given the facilities that cryptos have in regards of transaction times and fees, as well as taxation issues, non-existent international exchange rates for a decentralized currency like cryptos and the security and data management safety protocols that cryptocurrency and blockchain technology management companies offer, sports betting companies have taken to them with ease and comfort, especially understanding that the niche of sports betting fanatics who are also fluent in crypto activities is in constant growth with the possibilities for positive revenue-earning always in continuous growth.
Carolyn Coley is a blockchain reporter. She joined Smartereum after graduating from UC Berkeley in 2018.
