Stake.com Supports Rainbow Laces
Online gambling platform Stake.com has lent its support to Stonewall’s Rainbow Laces campaign as part of its sponsorship of Watford FC. The leading cryptocurrency casino gave up its stadium LED displays to share the campaign’s LGBTQ+ inclusive message at Watford’s match against Chelsea. Stake.com signed as Watford FC’s shirt sponsor just before the beginning of the Premier League season.
The Rainbow Laces initiative campaigns to make sports more inclusive for LGBTQ+ people. ©RODNAE Productions/Pexels
Football Is For Everyone
Watford FC’s principal sponsor, Stake.com, has participated in a social responsibility initiative supporting Rainbow Laces. The crypto betting company joined forces with the Hertfordshire football club to back the campaign at the club’s recent match against Chelsea.
The match didn’t go Watford’s way, ending 1-2 to Chelsea, and was overshadowed by an emergency in the stands. Nevertheless, the club’s pledge to support Stonewall’s Rainbow Laces initiative struck a positive note on the day. Rainbow Laces fights for LGBTQ+ inclusion in sports, and works to spread the message that football is for everyone.
Stake.com’s LED branding at the Vicarage Road stadium was swapped to support Rainbow Laces. Fans in the Sir Elton John Stand were given colorful t-shirts to wear and hold up at the beginning of the match, creating a symbolic rainbow image.
To mark the annual Rainbow Laces event, Watford FC also invited representatives from Proud Hornets and Chelsea Pride to meet for a conversation about the campaign. The two fan groups discussed topics such as allyship, offensive chants and ways of addressing discrimination in the game.
All Premier League matches that took place over the weekend and midweek backed the message of the Stonewall organization’s campaign. Speaking to press, Watford FC’s Lead Equality Officer Sam Gillings said that the club was delighted to be able to show its support for the campaign. He added:
“Our allyship with Proud Hornets and our commitment to support LGBTQ+ inclusion doesn’t just cover the two match rounds of this campaign, we’re in regular contact with Proud Hornets to discuss issues affecting their members and we support several events across the year.”
Since 2013, Stonewall’s Rainbow Laces campaign has been fighting against homophobia and all forms of LGBTQ+ discrimination in sports. Those who want to show their support for pride are encouraged to wear Rainbow laces while taking part in a sports activity. The campaign celebrates LGBTQ+ pride and fosters conversations about how sports can be made more inclusive.
UK Brand to Launch Soon
Stake.com has been Watford FC’s principal sponsor since it signed a landmark deal with the club early this year in July. The deal was reached for a record sum, which was reportedly paid by the gambling operator in cryptocurrency. Exactly which online currency was used or how much the sponsorship cost has not been disclosed.
It’s not the first time that the Hertfordshire club has dabbled in the world of cryptocurrency. Before signing this year’s deal with Stake.com, the club’s shirts were sponsored by Sportsbet.io for two seasons. Sportsbet.io is one of a growing number of Bitcoin sportsbooks.
During the 2019/20 season, Watford FC’s shirts featured the instantly recognizable “B” Bitcoin logo. The Hornets also accepted payment for its merchandise in Bitcoin. The club’s interest in online currencies seems to have continued, as its multi-year deal with Stake.com shows.
Announcing the new partnership ahead of the Premier League season earlier this year, Watford FC described Stake.com as one of the fastest growing cryptocurrency brands. To celebrate the beginning of the sponsorship, Stake.com ran a number of crypto-themed promotions, including a ten million Dogecoin giveaway on its international platform.
The betting firm is still preparing to launch its UK brand, Stake.co.uk. Once it goes live, sporting fans in the UK can look forward to an array of exclusive promotions and giveaways. It promises to offer consumers fantastic gambling features, an award-winning sportsbook and the latest casino and video slots.
Since its 2017 launch, Stake.com has expanded to become a leading force in the cryptocurrency industry. Its 30 billion transactions every year account for more than 5% of Bitcoin transactions worldwide. Stake.com’s deal with Watford FC is the latest in its sponsorship portfolio, following its naming as the UFC’s Official Betting Partner in Latin America and Asia in March.
Rise of Crypto Betting
While it is clear that cryptocurrency is growing in popularity in the sporting world, there are some that have expressed concerns. Earlier this month, the Premier League stated plans to investigate the increasing links between crypto firms and football clubs. There are fears that a lack of regulation in the industry could lead to harm.
Some of the Premier League’s biggest clubs, including Manchester City, Aston Villa and Arsenal, have partnered with fan token platform Socios. The site sells virtual tokens, which offer fans the opportunity to vote on club matters. The digital currency allows fans to influence their favorite club by choosing things like match day music and the design of player kits.
While it is marketed as a fan engagement platform, the tokens for sale at Socios rise and fall in value like any other cryptocurrency. Concerns have been raised over whether fans could be encouraged to take financial risks by investing in an unregulated currency. The scenario is reminiscent of Football Index, the self-styled “stock market of football” that collapsed earlier this year.
The UK government is currently reviewing its gambling legislation, and it is expected that partnerships between gambling operators and football clubs will be banned. These lucrative partnerships have become rife in recent years, to the extent that now most Premier League clubs have a gambling sponsor.
With gambling sponsorships seemingly on the way out, it seems that British football clubs are increasingly turning to crypto firms to partner with. However, crypto sponsorships have not come without their own controversies. Manchester City recently withdrew from its agreement with cryptocurrency firm 3Key Technologies, as details of its directors were a mystery and the company had no digital footprint.
Despite its concerns about cryptocurrencies, the Premier League is considering engaging in a partnership with a crypto platform offering NFTs. Non-fungible tokens are a kind of digital collectable that do not exist in a physical form. NFTs are individual items stored on blockchain and can be worth large amounts of money.
