Soccer is starting to embrace digital currencies and by extension the blockchain technology. Earlier in the year, Arsenal, an English Premier League football club based in North London become the first world-renowned soccer team to ink a deal meant to promote a virtual currency. The deal was made with CashBet, a gaming firm, with a view to advertising the CashBet coin which is used in gambling, during the home league games of Arsenal.
Lionel Messi, the Argentinian who plays for Spain’s La Liga club, Barcelona, is also dabbling in virtual currencies. Recently he wrote a promotional post for a firm saying that he was highly interested in the blockchain technology as well as decentralized systems.
Wait and see
However these high-profile endorsements of digital currencies and blockchain technology in soccer are few and far between as most federations, leagues and clubs have chosen to wait and watch from the sidelines.
According to a football business expert at Sport Investment Partners, Michael Broughton, blockchain technology presents great opportunities for the world’s most popular sport and can assist in providing a better service as well as generating more revenues.
Broughton however cautions that in order for the adoption of blockchain technology in the soccer world to go successfully there needs to be emphasis on the fact that user experience will not be impacted negatively and that financial and personal details will become more secure.
Betting and ticketing
According to Broughton some of the use cases of blockchain technology in soccer include ticketing and gambling. With regards to gambling blockchain technology would result in rendering fraud and faking of bets impossible. This is because a tamper-proof record of whoever made the bet and the time it was made will exist forever. However the best use case for blockchain technology in football is ticketing where it can assist in verification and preventing fraud.
“You have a more secure betting system if you know those bets are legitimate, which can only be good for gambling companies and the sports betting industry. More bets can be made that are more likely to be legal bets,” Broughton said in an interview with the BBC.
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