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Crypto Winter Freezes Sports Sponsorship Deals in 2023

In a deal that is said to be worth $700 million over the course of 20 years, was awarded the naming rights to the home arena of the Los Angeles Lakers. In addition, cryptocurrency was involved in nine new jersey patch sponsorships, one of which being a deal between the Philadelphia 76ers and that was worth more than $10 million each year.

Reputable groups have even incorporated digital currencies into the payment systems they developed. The Dallas Mavericks of the National Basketball Association (NBA) announced in 2021 that they would begin accepting dogecoin as a form of payment for tickets and merchandise. Mark Cuban, the owner of the team, is an outspoken advocate for several cryptocurrencies.

A sponsorship agreement was reached between the English Premier League football club Southampton and the cryptocurrency betting platform in the year 2020. Southampton plays in the English Premier League. The year 2019 saw the formation of a partnership between the Formula One racing team Red Bull Racing and the cryptocurrency firm FuturoCoin. Velas blockchain and FTX worked together, as did a number of other companies, including Ferrari and Mercedes.

Cryptocurrency corporations have also made investments in advertising through sports media, in addition to sponsoring various sporting events. For instance, the cryptocurrency exchange platform FTX aired a commercial featuring NFL stars Tom Brady and Patrick Mahomes during the 2022 Super Bowl.


Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.