Plus500 will no longer be the sponsor of Spanish LaLiga team Atletico Madrid, bowing out after an 8-year run. Crypto exchange WhaleFin will be the new partner of the club.
After 8 years, the leading broker Plus500 is no longer continuing its sponsorship contract with the Spanish LaLiga team Atletico Madrid, which started in the 2015 season. Atletico Madrid has partnered with a new sponsor, crypto exchange WhaleFin.
WhaleFin signed a five-year contract agreement as the main sponsor for €210 million which will see crypto companies pay €42 million per year for the right to have their logos on the fronts of uniforms. That's more than double what Plus500 pays (€17 million a year).
Although no longer working together, the agreement between Plus500 and Atletico is a new breakthrough for the online trading industry. Since then, many sports clubs have partnered with brokers to sponsor them. Whereas previously, brokers promoted their brands by spending their advertising money online because promotion and brand awareness was a fairly new concept for CFD brokers.
Not only Atletico, but Plus500 is also very active with sports sponsorships, including Legia Warsaw, Atalanta BC, and BSC Young Boys. Atletico Madrid released a thank you video with its affiliation with the Israel-based company as follows:
On the other hand, Plus500 reports that the company expects revenue and EBITDA for the fiscal year 2022 to soar more strongly than market expectations. This anticipation is driven by the continued high demand for its services in the second quarter of 2022.