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More sports clubs are embracing cryptocurrencies, which significantly impacts the industry. This article explores some sports clubs that have embraced Bitcoin and other cryptocurrencies and how this affects them.
Bitcoin is a global phenomenon. Launched back in 2011, Bitcoin has grown drastically to become the most popular cryptocurrency today. Digital payment is a growing trend, leading to an increase in cryptocurrencies. These digital currencies offer an alternative to centralized payment based on fiat money.
Sports and crypto are uniquely compatible. Sport is a large market with millions of customers and merchandise. Each year, the sports industry records massive sales and profits. Since Bitcoin emerged, part has been in Bitcoin and other cryptocurrencies. Many sports clubs embrace crypto, encouraging increased use of Bitcoin and other cryptocurrencies.
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Accepting Bitcoin Payment
We are witnessing a new trend where sports clubs are now integrating Bitcoin and other cryptocurrencies into their payment options. Sports clubs are now accepting these new forms of payment and providing their fans and customers with greater conveniences.
In Spanish La Liga, RCD Espanyol is the first sports club to start accepting Bitcoin payments. The club partnered with Crypto Snack in May this year, allowing fans to buy game tickets, beverages, food, and other merchandise using Bitcoin and Ethereum.
Tigres is another soccer club than has also embraced Bitcoin payments. The Mexican premium soccer club also partnered with a major crypto exchange, Bitso, to enable the fans to use Bitcoin to purchase game tickets.
While soccer clubs seem to have an edge in accepting Bitcoin and other cryptocurrency payments, sports clubs in different categories are also catching up. In the US, the San Jose Sharks ice hockey team announced that it would accept crypto payments last year. And this makes it the first club in the NHL to accept crypto payments. The clubs’ fans can use crypto to pay for season tickets, partnerships, and suite leases.
The Oakland Athletics baseball team also accepts crypto payments. The club announced it would accept Bitcoin payments for private suites in March 2021. Similarly, the Dallas Mavericks club allows fans to pay for tickets and merchandise using cryptocurrencies.
Offering Bitcoin Payments
Sports clubs are also offering the option of Bitcoin as a form of payment to their staff and players. Sacramento Kings was the first sports club to introduce the Bitcoin payment option. Traditionally, sports clubs have paid their players and staff with fiat money, and presenting the crypto payment alternative marks a significant positive change in the industry.
Reasons for Embracing Cryptocurrencies
Various factors are pushing and pulling sports clubs to embrace crypto payments. The growing popularity of some cryptocurrencies like Bitcoin is one factor. As more people become Bitcoin users, sports clubs see a tremendous potential market to exploit and reap significant gains.
Sports also tend to cater more to the younger generations in terms of players and fans. The younger generations are more likely to be digitally savvy and prefer digital payments over traditional payments. The sports clubs are realizing this and hence introducing crypto payment options.
