March 26th, 2024, Stephan Shakespeare
UEFA is inviting cryptocurrency exchanges to sponsor the Champions League for the 2024-27 cycle. According to one source, it’s already received an offer.
So why might crypto brands be interested in the Champions League, compared to other competitions? While the tournament naturally offers them a large platform, there is more to it. Data from YouGov Profiles suggests that die-hard followers of the Champions League – those who describe it as a “top interest” – are more receptive towards cryptocurrency.
This group are more likely to believe that cryptocurrencies are the future of financial transactions (28%) than sports fans (20%) or the general public (18%). They’re also more likely to think that being able to own digital crypto-assets such as NFTs and cryptocurrency in the Metaverse represents a huge opportunity (25% CL fans; 19% sports fans; 16% general public).
14% of Champions League followers say they’re willing to give up their bank accounts to use cryptocurrencies – compared to 9% of sports fans and 7% of the public. They’re also less likely (67%) to say they don’t understand crypto than British sports fans (73%) or Britons in general (74%).
And Champions League diehards aren’t just more open to crypto: they’re more open to advertising. Half say they take notice of who sponsors sporting events (50%), next to 33% of sports fans, and that they love seeing that their favourite teams have cool sponsors (50% vs. 34%). Nearly two in five also say that they like to support their teams by buying products from their sponsors (38% vs. 24%).
Even if crypto sponsorship remains controversial, and if crypto enthusiasm is currently a minority position among Champions League followers, the commercial logic seems clear enough for both parties. UEFA’s invitation may be warmly received among cryptocurrency exchanges – and elite football might see a lot more cryptocurrency sponsorship in the near future.
This article originally appeared in City A.M.