- Restrictions would apply for 2022 IPL season
- BCCI also asks Star India not to advertise with crypto and betting firms
Indian Premier League (IPL) teams will be banned from signing commercial partnerships with cryptocurrency and betting companies for the 2022 season, according to reports in India.
The Board of Control for Cricket in India (BCCI) reportedly told franchises in the domestic Twenty20 league that ‘no sponsorship deals with cryptocurrency and betting companies via surrogate measure will be allowed in IPL 2022’.
The measures will be a blow to IPL teams, several of which were reportedly close to striking deals with cryptocurrency firms ahead of next year’s campaign.
In addition, the BBCI has reportedly requested that Disney-owned Star India, the IPL’s domestic rights holder, abstains from signing partnerships with cryptocurrency and betting companies.
According to the reports, the BCCI is waiting on greater regulation in the cryptocurrency sector before allowing any commercial deals to be inked in. A BCCI official also told InsideSport that the organisation was “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,” the official added.
India’s Economic Times notes that BCCI secretary general Jay Shah is the son of the union home minister and that the country’s central government is currently in the process of bringing a cryptocurrency bill in the upcoming winter session of parliament. According to the newspaper, the BCCI is waiting for clarity on the matter and has opted to err on the side of caution.
The cryptocurrency sector has emerged as a new source of commercial revenue for the sports industry this year. However, the lack of regulation has put several deals under the spotlight amid concerns over legitimacy and integrity. Earlier this month, English soccer champions Manchester City suspended their partnership with crypto firm 3Key Technologies, while Spanish giants Barcelona cancelled their arrangement with non-fungible token (NFT) marketplace Ownix.
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