Sports marketing

In race for customers, crypto companies invest billions in sports marketing

Staples Center in LA, home to the Lakers, Clippers, Kings, Sparks and many Grammy Awards ceremonies, will receive a shiny new name this Christmas: Crypto.com Arena. The rights cost over $ 700 million in one of the biggest naming deals in sports history.

While it’s not really shocking that in 2021 a stadium is named after a crypto company instead of the one that sells bedbugs, the move is symbolic of the breathtaking crypto blitz in the world. Sport.

In fact, crypto is the fastest growing sponsorship category in sports, according to executives. You can now find crypto companies in TV commercials during games, adorn player jerseys, slap on basketball courts, and more. You know what, let’s take a little tour:

  • Names of stadiums: Even before Crypto.com made its deal with the LA arena, the crypto exchange FTX signed a $ 135 million deal to take over the naming rights for the American Airlines Arena in Miami. And SoFi, a financial technology company that offers crypto investments, lent its name to the new Los Angeles football stadium. Doge Square Garden when?
  • Jerseys: Two NBA teams, the Sixers and the Trailblazers, have a patch on their jerseys advertising crypto companies. Crypto.com has also signed a deal with the UFC for real estate on athlete combat clothing, including hoodies, shorts and bra tops.
  • Influencer athletes: Tom Brady (an FTX investor), Steph Curry, and NFL top draft pick Trevor Lawrence have all partnered with crypto companies on sponsorship deals.

Dilly dilly is old news

Crypto is crushing a sports marketing spree that has long been dominated by industries like insurance, cars, and beer.

That’s because crypto and sports have more chemistry than the 2013 San Antonio Spurs. Sports fans are about twice as likely as sportsmen to say they are familiar with cryptocurrencies, according to one. Morning Consult survey.

  • In addition, the cross between intense sports fans and the crypto world is even stronger. Two in three ‘avid’ sports fans and 72% of sports bettors said they were familiar with crypto.

Reading between the lines: People who enjoy sports are also more likely to speculate in the financial markets. This ties into the popular theory that fans, faced with no sports to watch or gamble on during the early days of the pandemic, contributed to an increase in retailing last spring.

Crypto exchanges, which are racing against each other to acquire customers, see riches in exploiting the sports fan base. Crypto.com will shell out over $ 1 billion in sports marketing this year alone.

Looking ahead …Expect the next Super Bowl to be a crypto ad with a football side to it. FTX has already bought a commercial slot machine, and experts predict that many other crypto-related companies will advertise during the Big Game.NF