Why does football keep betting on the blockchain?
Blockchain

Why does football keep betting on the blockchain?

By Marco Cavicchioli - 16 Sep 2019

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A few hours ago Socios, the famous platform that allows tokenising assets in the football world, announced its partnership with the Turkish football team Galatasaray, which will thus have its own fan token based on the Ethereum blockchain.

An advertising move

But why are the football teams opting to enter the blockchain space? Is this just a marketing move?

The system offered by Socios allows football teams to create their own tokens which give fans the opportunity to interact with their favourite team, for instance, to be part of certain club decisions or to have exclusive access to dedicated merchandise.

For now, there is no real revolution to be expected in the football world thanks to the use of tokens, because their use in this sector seems to be still very limited and not particularly disruptive. 

But sport, and in particular the economic activities related to sport, seem to be a fertile ground to experiment with these new technologies, perhaps because the expectations of the public regarding the technological aspects in this area allow taking more risks. 

Moreover, initiatives like this one are able to attract a lot of attention and give a lot of visibility to the projects and to the economic realities involved. Therefore, on the one hand, there are the risks, such as that of a possible failure of the initiative, while on the other, there is the possibility of obtaining visibility easily and at low cost. 

There are certainly also practical advantages that could arise from experiments like these, but it is probably still too early to assess the extent, not least because for now, these are experiments that do not aim to revolutionise the sector or the companies involved. 

However, it is not to be excluded that these same experiments, should they achieve even minimal significant successes, could lead to new, more ambitious experiments, which could significantly raise the bar of the envisaged objectives. 

Dorukhan Acar, a board member of Galatasaray, said:

“As Galatasaray, we are very pleased to join forces with Socios.com and start an exciting journey. This new partnership opens a world of new opportunities for us with respect to our fan engagement and global reach as well as being another milestone in our digital transformation strategy”.

This is not the first time that Socios has entered into a partnership with a football team: just last week they announced the partnership with Atletico Madrid, whereas earlier also Juventus and Roma have undertaken the same path.

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 11 thousand subscribers.

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