Arsenal become the first major football team to back crypto-currency

Online gaming agency CashBet will soon be promoting a new cryptocurrency at Arsenal home games.

CashBet Coin was launched on Wednesday (24 January) and Arsenal FC have signed on as a major partner. The Emirates Stadium will advertise the new digital currency at all Arsenal Premier League home games.

The new cryptocurrency can be used to play CashBet games online and on mobile apps. No announcement has been made about the cryptocurrency being usable at Emirates Stadium for purchases.

Arsenal's chief commercial officer Vinai Venkatesham said the club was pleased to unveil CashBet Coin as a new partner. "We are looking forward to working with CashBet Coin as they launch their new cryptocurrency," Venkatesham said in a club release.

The California-based online gaming company was founded in 2012. It wants to raise $40m (£28m) through an Initial Coin Offering (ICO) aimed at investors. ICOs are a popular method of generating funds, but are also "high-risk, speculative investments", the Financial Conduct Authority has warned.

Author of Attack of the 50 Foot Block Chain, David Gerard, warned Arsenal fans that betting through cryptocurrency was risky. "Cryptocurrencies are less regulated than regular betting shops and it's a lot harder to get actual pounds back out again," Gerard told the BBC.

CashBet founder and chief executive Mike Reaves said the company was thrilled to be partnering with Arsenal. "With our ICO for CashBet Coin, we are actively targeting a global, multi-billion dollar marketplace of iGaming content providers, operators and players," Reaves said.

"We are delighted to do so in partnership with one of world football's true giants in Arsenal, enabling us to build our brand and engage this audience in a meaningful way."