- According to a source, dogecoin will be the sleeve sponsor of Premier League team Watford FC.
- The contract, which is part of a partnership with Stake.com, is expected to be valued little around $1 million, according to The Athletic.
- This year, cryptocurrency has exploded in popularity, and it’s making inroads into the world of sports sponsorships.
Dogecoin isn’t going to the moon, but it is on its way to the Premier League.
The Athletic reported on Saturday that players for Watford FC, who was promoted to the world’s wealthiest soccer league this year, will wear a dogecoin emblem on their sleeves for the 2021/22 season.
The campaign is part of a sponsorship agreement with Stake.com, a gaming firm. According to The Athletic, a sports news website, it will be worth a little under $1 million to the franchise.
On Sunday, Watford FC did not reply to Insider’s request for comment.
Watford is no surprise to the crypto world, given it is located just north of London.
For the 2019/20 Premier League season, it wore a bitcoin emblem on its jerseys as part of a sponsorship arrangement with Sportsbet.io, which saw the club demoted.
However, it has since piqued the interest of many crypto enthusiasts and attracted the backing of celebrities, including Tesla CEO Elon Musk.
As corporations realize the benefits of the crypto boom, sports and crypto tie-ups are becoming increasingly prevalent.
The cryptocurrency exchange Crypto.com sponsors the Aston Martin Formula One team, while soccer star Lionel Messi’s new deal with Paris Saint-Germain includes some PSG “fan tokens.”
The Premier League is a popular sponsorship target. According to UEFA, it is the most lucrative soccer league in the world, with 5.86 billion euros in revenue in 2019 (about $6.92 billion at today’s currency rates).