Wolves FC, a resilient Premier League club, could be forced to pull a new Bitcoin lottery sponsorship deal amid rising concern about their new partner’s business background.
Initially, the club had announced that Crypto Millions Lotto as their official online lottery partner on November 19th. 2019.
The move was aimed at significantly increasing the crypto-based online lottery startup’s visibility and reach more audiences around the globe.
Apart from boosting awareness, the partnership was also meant to help Bitcoin become a more widely-accepted means of trade. Both the online exchange and Wolves FC are generally interested in having Bitcoin popularized across various fields.
The groundbreaking partnership effectively made Wolves the first UK football club to partner with an online lottery business. The deal followed an earlier shirt sponsorship between the team and the CoinDeal exchange.
Commenting on the partnership on Wednesday, Crypto Millions Lotto CEO Sulim Malook said the company was thrilled to have found an important partner in the UK, describing Wolves football club as a ‘crypto-friendly club’.
Crypto Millions Lotto allows users to easily play with BTC and earn up to $30 million on the platform.
Wolves’ New Partnership Faces Challenges
Unfortunately, concerns have come up that Crypto Millions Lotto’s CEO, Sulim Malook, was behind a failed company called Fat Cat Gaming.
This could prompt a review of Malook’s operating practices as he doesn’t have a UK gambling license, putting the partnership with Wolves in jeopardy.
In his defence, Malook told sports reporters at the Mirror:
“I have done a contract with Wolves and signed it on behalf of our company (Ofertas365). A lot of people are very happy with it, and I am happy with it. We don’t have a UK gambling license, but we aren’t doing business in the UK.”
The future of the alliance, which was aimed at bringing Crypto Millions Lotto into the awareness of people in Asia, Latin America, Canada and Russia, remains to be determined pending investigations into the lottery startup.
Crypto Changing the Face of Sports
Crypto companies have been quick to jump on the opportunity to promote digital assets far and wide in major football leagues. Just recently, Watford FC added the iconic Bitcoin “B” logo to its shirt sleeves in a deal with Sportsbet.io, a cryptocurrency sports betting platform.
Meanwhile, other sporting clubs around the world have also been keen to explore how cryptocurrency use can provide benefits. One of the most prominent examples is NBA basketball squad Sacramento Kings.
In March 2018, the NBA team became the first to mine digital currencies from within its own stadium to benefit local community projects.