The First Digital Currency Deal In Australian Sport
Sponsorship is important in many types of businesses, most especially in sports. Any major sport you can name will have sponsors backing the teams in the return for public advertising to the mass crowds that attend the games or watch said sport from home. As cryptocurrency is emerging as a major player on the world’s markets, it is no surprise that sports clubs around the globe are willing to entertain this new form of currency as potential new sponsors.
The first sports crypto deal in Australia
In Australia, the AFL (Australian Football League) kicked off the trend in January by investing in a cryptocurrency company to the tune of $25million and, in turn, began paving the way for other sporting businesses to follow suit. The AFL, as a major and widely respected Australian conglomerate, must have invested valuable time and resources into making this decision. Even the main shareholders must have thought that this is a risky move but perhaps decided that the benefits would outweigh the risks and, with proper financial guidance, decided this could be a successful move.
Australian sports and the cryptocurrency trend
Though in the past, major sponsorships for sporting branches and clubs have been in the form of regular currency, the playing field is beginning to change. In February of 2022, the NRL brokered a multi-million-dollar sponsorship deal with a digital currency company for three years. With funds provided in the form of cryptocurrency, this deal will be what propels the NRL towards to uptake of digital currency in Australia. On the side of the sponsoring company, this deal will be incredibly beneficial in exposing the company to a larger audience with significant weight thanks to the NRL’s popularity.
You can be sure that even the likes of NRL betting will eventually need to embrace cryptocurrency as a form of finance in the sporting world as the trend continues to sweep the sporting conglomerates and fans around the nation. With major Australian sporting brands beginning the uptake of digital currency, it is likely that many fans will begin to follow suit which has the potential to change the financial face of sport in Australia altogether.
Will cryptocurrency be good for the AFL & NRL in the long term?
Is this a good thing or not? As with any new financial products around the world, the results remain to be seen but one must be cautious in these sorts of endeavors. On one hand, major brands such as the NRL and AFL would seem secure enough to be able to make a decision regarding a cryptocurrency sponsorship that will benefit them and their clubs but on the other hand, the stock market, especially with cryptocurrency, can be fickle and unreliable at the best of times. Investments can be worth a lot one day, but then a prominent figure can speak out about it and then the stock prices go plummeting the next day.
Cryptocurrency is a relatively new concept around the world and it may just prove to be the future of modern banking. If this works out, then the AFL, NRL, and other prominent Australian sporting corporations who follow suit with digital currency deals may get the leg up on the global market and perhaps make their respective associations even more accessible to people around the world.
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