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A lot of cricket organizations around the world have been less-than-friendly when it comes to certain types of sponsorships. When cricket was started in the 1500s on the fields of England, nobody was thinking about sponsors. Those who run the game still hold a pretty traditional view. It can take a while t🎉o change the way t෴hings are run.
The fact that the most-view♉ed cricket events tend to be international, too, means that organizations like the ICC have to work out what is best for many countries, all with their own laws and rules to consider. The concept of making money from gambling spon♓sors has been a tricky subject in the past.
In a meeting earlier in 2023, the board members at the ICC decided that they would relax some of the rules around gambling and other sponsors in cricket. In bilateral matches, you may now start to see some of the big gambling brand🍨s emblazoned on the front of some of the kits, especially in ODI formats.
Trends in Sports Sponsorships
If itꦬ is not willing to keep up with the current trends, then cricket could set itself back in terms of revenue. Look at the approach the IPL has taken, allowing sponsors to cover virtually every inch of the playing kit, and then compare this with some of the other competitions around the world.
2.5 billion people worldwide call themselves cricket fans. The sport is even growing in the USA. Businesses are desperate to make their m🍎ark by growing their brand, so selling sponsorship space on a cricket kit can be very lucrative.
One of the biggest trends in ᩚᩚᩚᩚᩚᩚᩚᩚᩚ𒀱ᩚᩚᩚsports sponsorship is in the world of cryptocurrency. Bloomberg statistics claim that Crypto brands have spent around $2.4 Billion on sponsorships in sports alone.
We’ve seen some crypto businesses dip into sponsorship, CoinDCX was one of the sponsors when Sri Lanka and India last played. Gambling is the most common link between cricket and the cryptocurrency trend. Some estimates say that most of the crypto transactions that take place today are in the gambling industry, with people adding some of their Bitcoin or other crypto to a wallet to use in casino gambling or even sports gambling.
Bettors are loo🐎king for a secure, and much of their target market can probabꦺly be found in the party stand at the cricket or watching from an armchair at home.
Crypto marketers making partneಞrships in the sports industry is absolutely no surprise. As marketing plays go,🎉 this one just makes sense. However, the ICC has only recently come around to the idea of allowing more gambling sponsors and cryptocurrency sponsors.
Brendon McCullum Avoids Trouble With Cyprus-Based Sponsorship
The England head coach and new cult hero Brendon McCullum may have found himself in hot water once upon a time by working with a Cypriot gambling brand. However, the England and Wales Cricket Board didn’t mind when he appeared in a partnership with 22Bet.
The former Kiwi cricketer shared a number of different posts on social media✤ promoting the brand and their betting offerings for the IPL.
The ECB is notoriously strict with gambling betting regulations but the fact that they took no action could🐷 be telling when we ♓consider the direction the industry is going in.
The IPL Leads the Way in Sponsorship
Anyone who has been to India or bღeen part of the atmosphere at an IPL game will be able to tell you that cricket is way more than just a hobby.
The Indian Pre♓mier League has been smart and led the way when it comes to sponsors, generating so much reven꧅ue to build the brand and attract the best talent. Sure, the kits may not look great with all of those sponsors on them, but there is no denying that this league knows how to generate revenue.
The is worth a lot of rupees to🍃 the organizers, and some estimates say the tournament as a whole generates billions every year in sponsor revenue.
The Mumbai Indians, one of the biggest teams in the tournament, have a value in excess of US$1.2 billion and their sponsorship revenue . No wonder they dominate some of the IPL auctions and give out huge contracts to stars of Eng⛎lish, Australian, and West Indian cric☂ket.
Conclusion
It is likely that the governing bodies will be careful with the introduction of more sponsors. The truth is that we already see gambling sponsors in stadiums and in some domestic competitions. It seems like al💖l the money that could be generated will eventually make the lawmakers in the game listen. Expect there to be some big deals in the world of cricket sponsorship with crypto and gambling brands leading the way.
