The Board of Control for Cricket in India (BCCI) has sent a strong worded diktat to the Indian Premier League franchises that ‘no sponsorship deals with Crypto Currency & betting companies via surrogate measure will be allowed in IPL 2022’. According to the information available with InsideSport, the directive by BCCI was sent on Wednesday. The diktat by the board came in as the Indian Government is about to move a bill to frame rules for cryptocurrencies aimed at prohibiting private digital coin exchanges.
“Yes, we have told the teams & IPL stakeholders that no deals should be weaved in with Cryptocurrency companies. We are also concerned about some of the betting companies advertising via surrogate methods as news platforms or other measures. We will not allow the same in future”, declared one of the top BCCI official to InsideSport.
According to reports doing rounds in the market, some of the top franchises were on the verge of sealing deals with the cryptocurrency companies for the forthcoming season of IPL.
After the BCCI’s directive all such conversations have to be put on hold.
“We have been asked to stall all conversations, it upsets our plans but then obviously BCCI is IPL’s regulating body, we will tow the line accordingly”, said CEO of one of the franchise
Companies like Coin DCX, Coin Switch Kuber, WazirX and few others have become very active on advertising during the cricket matches. Some of these companies were seen actively advertising during the T20 World Cup & recently concluded India tour of Sri Lanka – but as per the new directive now all such advertising will have to be put on hold by the franchises or any other IPL stakeholder like the official broadcaster, digital streaming partner.
InsideSport has also learnt that BCCI has asked the official broadcast & digital live streaming partners Disney Star Network not to entertain any advertising by the betting companies.
Some of the betting companies were seen advertising during IPL 2021 projecting themselves as news outlets. BCCI is not too pleased about the trend.
InsideSport reached out to Star Sports Network to check whether such directive has been issued to the official broadcaster – but could not get any reply.
Cryptocurrency Sponsorship in Sports growing by the Day globally
- In June, F1 added Crypto.com, which provides digital wallets for storing and paying with digital currencies to their sponsorship roster
- Inter Milan, AC Milan, Juventus, FC Barcelona, England’s Arsenal and Manchester City all are sponsored by Crypto companies
- CoinDCX was the title sponsor of India tour of Sri Lanka – CoinDCX T20 Cup
- UFC has a huge sponsorship deal with cryptocurrency company
- WazirX ads were played throughout the Euro Cup 2021 streams