The Crypto Corner: A Slice of Sports

Long periods of time have passed without a major signing in the crypto sponsoring sphere. Last week, things began to move in the region, and now upgrades are planned for Los Angeles' Arena and proposed laws for crypto betting are being considered in Australia.

With our weekly review, Sports Cuts, we hope to get your week off to a great start.

Cowboys Release Quarterback; Playing Fields Empty The Sports Sponsorship Deal Signed by Dak Prescott

A sector that has been sizzling for the better part of a year? Crypto's focus is on top athletes. Exorbitant spending has cooled in the market recently, so the trend has slowed to a simmer. However, according to Bloomberg News, the trend received a significant injection of capital when Dallas Cowboys NFL quarterback Dak Prescott signed with Prescott is the latest NFL quarterback to enter the cryptocurrency market. Others include Tom Brady and Trevor Lawrence. Since became the Cowboys' “exclusive digital asset partner” in April, the effort to acquire Prescott last week seems to be a natural fit.

NFL All Day, a licenced NFT marketplace for the league built by NFL partner Dapper Labs, has helped the NFL open up to team transactions this year while keeping crypto partners throughout the league in the dark. In addition to FTX and MLB, league-wide partnerships have emerged between Coinbase and the NBA and other US sports leagues. The United States market isn't the only place where major exchanges like FTX and Binance are at work.

Cryptocurrency Payouts Could Be On The Table In Australian Sports Betting

The Northern Territory Racing Commission, which regulates the sports betting industry in Australia, has requested public feedback on whether or not to allow bitcoin payments. Recently, the Bitcoinist staff discussed the government's crypto policy framework in a new post. In roughly a month, the commission will stop accepting suggestions; by then, the public may have high hopes that the regulatory agency would establish guidelines for the use of cryptocurrency payments by gamblers across the country.

A Complete Redesign of the Arena

The Staples Center in downtown Los Angeles will be renamed the Arena in the latter part of this year, marking the one-year anniversary of the venue's transition into the hands of its new naming sponsor. The arena that will soon house the NBA's Clippers and Lakers, the WNBA's Sparks, and the NHL's Kings in the fourth quarter of 2022 has some of the best athletes in their respective leagues. Recent reports indicate a nine-figure budget will be allocated for arena renovations over the next three years.

While the market instability has kept the drama at a minimum for, the company's sports sponsorship has cooled off. However, the rebuilding of arenas presents an opportunity for crypto exchange teams to zero in on prospective brand engagement opportunities. The NBA's Philadelphia 76ers and the FIFA World Cup are just two of the many sports organisations that have partnered with the exchange.

After a long and exciting tournament, the FTX Crypto Cup is finally coming to a close.

Within the past week, 17-year-old chess prodigy Rameshbabu Praggnanandhaa defeated World Chess Champion Magnus Carlsen in the most recent FTX Crypto Cup, which was played in a rapid-fire chess format (also known as “fast chess” or “fast chess format”) that only allowed 15 minutes per match and 10 seconds per limit game. After winning the World Quick Chess Championship three times and the World Blitz Chess Championship five times, Carlsen has established himself as a household figure in the chess world. The last Cup encounter between these two players was six months ago, and it marked Praggnanandhaa's third victory over Carlsen in that time. Carlsen is still the top player, but Praggnanandhaa is emerging as a serious challenger.

Neither the author nor the publisher has any connection to the organisations discussed below. Do not take this as financial guidance.

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