Q&A: Tim Heath on bringing credibility to Bitcoin betting

Sportsbet.io became the first ever crypto-centric betting operator to front-of-shirt sponsor a Premier League club last week after announcing a partnership with FA Cup finalists Watford.

As part of the deal, Sportsbet.io has gone live in the UK market for the first time, albeit a fiat currency version of the sportsbook on a white label platform from TGP Europe.

Below, The Coingaming Group CEO Tim Heath, talks to EGR Intel about exhausting crypto acquisition channels and slowly building a brand through sponsorship deals.

Watford front-of-shirt sponsorship

EGR Intel: Why have you decided to dip your toe into Premier League sponsorship this season?

Tim Heath (TH): We have been working our butts off to grow our sportsbook using crypto and Bitcoin as the predominant currency. We are trying to grow the usage of Bitcoin throughout the world, we want to grow the acceptance of it and this deal can help take that to the next level.

A company of our size, if we can go out onto the world stage and say ‘here we are, this is what we’re doing’, and are able to spend x number of pounds on this shirt deal it demonstrates that crypto is actually quite serious. We have to fight for our reputation sometimes, and for the justification of our reputation. This deal gives us the opportunity and the facility to push that reputation forwards.

The other side of the coin is that in the Asian markets, the trust and reputation that comes with being able to sponsor a Premier League shirt shows that we are a trustworthy brand. If you look at some of the other sponsors in the Premier League, this is an important thing for the Asian market to show off your strength, reputation and trustworthiness.

We don’t want to just be a walking billboard like some of the other brands. We really want to show who is behind the brand and that we are not just a nameless bookie. We are pushing the boundaries of innovation and disruption, but at the same time, we are at the level where we are able to sponsor a Premier League team and take our business to the next level.

EGR Intel: So a big part of the deal is to add credibility to Bitcoin and cryptocurrency betting? 

TH: We are not doing this just to prove that we can do it. We are doing it because we want to bring credibility to our sportsbook operation but also to show that crypto and blockchain assets are at least on a par with other operators sponsoring Premier League teams. There are only 20 spots up for grabs and many of those are taken by gambling operators. We’ve got a crypto-based sportsbook and we want to show the world that this is something pretty big and that we are proud of what we are doing – but we want to take it even further.

The Coingaming Group CEO Tim Heath

EGR Intel: Is crypto-betting still the USP of Sportsbet.io after it opened up to fiat currencies? 

TH: In terms of acquiring new customers, I think we have spent money on every available digital channel where cryptocurrency is mentioned, so I don’t know how else we can saturate that market. Our next game plan is to use traditional marketing methods and traditional currencies and then we will try to cross-sell them on the benefits of using bitcoin. It is up to us to educate our customers. Previously, we were Bitcoin-only so you needed to be crypto-savvy, and we had already saturated that market acquisition. Unless there are crypto-bettors on the moon, I’m not sure what else we could have done, so we are broadening our acquisition channels.

EGR Intel: What is the current revenue split between cryptocurrency and Fiat currency? 

TH: I would say that 90% of our revenues come from Bitcoin and Ethereum.

EGR Intel: Did you have a preference for a London club, or did it just so happen that Watford became available?

TH: Rocket Man, to the moon! But no, we discussed with Southampton and Leeds United as well as Watford, and it was Watford who worked at our speed. Leeds were understandably more worried about making it to the actual Premier League, which they didn’t. We went out for dinner with Watford on the Monday night and a deal was done by Tuesday lunchtime. Everything aligned. The club have ambitions to grow a charter in India and that is consistent with some of our ambitions as well, hence our know no borders campaign.

The hospitality at Watford is fantastic so we can look after our VIPs really well and it is only 30 minutes from the centre of London on the train. Logistically it is convenient and Watford have a very warm brand name. They are a family club and everyone likes them.

Sportsbet.io brand ambassador Denilson

EGR Intel: The Watford deal was announced after Sportsbet.io sponsored the CONIFA Euros. Was that a successful campaign? 

TH: Absolutely. Sponsorship is a really interesting area for us. They are not about making a fast buck. It is more like a jigsaw puzzle and positioning a brand for long-term value. I don’t think you can measure sponsorship by the amount of registrations or FTDs. It is more about building brand awareness and value. With CONIFA we established who we want to be and how we want the market to see us. That helped us do our Watford deal, and more deals may occur as a result of the CONIFA partnership. CONIFA, Denilson and Watford mark the three pillars of our sponsorship brand development. It is all about reputation-building and taking a Bitcoin bookmaker out into the world.

EGR Intel: What are your plans for Sportsbet.io in the UK market? 

TH: We are launched. We’ve got a UK gambling licence. If you want to advertise in the UK then you need a gambling licence, so if you go to sportsbetio.uk, you will see our UKGC-licensed sportsbook, which is now live. It is a white label from TGP in Isle of Man so it will be operating on their licence but we can market the Sportsbet.io brand. We are happy this has opened up a new market.