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How Can Bitcoin Benefit Toronto Raptors Franchise?

Chris in Bitcoin & Cryptocurrency published on 8, July 2016

The Toronto Raptors fell short of six wins to snatch the NBA title last season, but it seems as if this is not only where the Canadian professional basketball team is lagging behind.

Other than improving plays and skills on the court, improving their marketing strategies proves to be another factor the management of Raptors must look into. And if they want to give their marketing a boost, integrating a Bitcoin payment system is an ideal solution.

While this will not make them the first NBA team to adopt Bitcoin, they can, however, experience the benefits the Sacramento Kings received when they welcomed Bitcoin payments back in early 2014. The Kings was apparently in bad shape before the Bitcoin integration, but great things have happened since then—and this could be attributed to the financial improvements on the side of the Kings.

Toronto Raptors Team Shop

This is exactly how Bitcoin can be advantageous to the Raptors. Currently with mediocre marketing tools and schemes, the Canadian team faces difficulties in staying on par with its American rivals, even with attracting players to sign with them. With Bitcoin on board, there could be chances to sign up stars like DeMar DeRozan.

Exploring the benefits of Bitcoin to the franchise

Other than recruiting better players and generating more funds, this can prove to be also beneficial to the Raptors fans. In the case of the Sacramento Kings, they added Bitcoin to the supported payment methods for their team store. Their fans can therefore purchase of the items using the cryptocurrency.

Vivek Ranadivé, owner of Toronto Raptors, was quoted as saying:

“We are maniacally focused on creating the most seamless experience for our fans in all facets. With BitPay, we are able to implement a technology that allows our fans to make Kings-related purchases without physically reaching into their wallets. A major tenet of the NBA 3.0 philosophy is about utilizing technology for the betterment of the fan experience, and this is yet another step in that process.”

The Raptors can explore this marketing strategy and enable their team shop to be as Bitcoin-friendly as that of the Kings. Not only will this potentially bring more profits to the franchise, it may also strengthen a customer or fan base that can fuel the team to perform better on the court.

Bitcoin Integration

The management can look into using BitPay as well since this Bitcoin payment processor is confident with its system that helped the Kings to fully integrate the cryptocurrency.

Tony Gallippi, co-founder of BitPay, previously said:

“We make it easy for businesses like the Sacramento Kings to accept bitcoin as a form of payment both in-person and online. As the first professional sports team to accept bitcoin, the Sacramento Kings continue to show that they are at the intersection of sports and technology.”

There is, however, no assurance that welcoming Bitcoin on board will drastically and instantly improve the status of Toronto Raptors now does it guarantee a quick trip to the NBA finals . What this can provide, though, are endless possibilities that will prove to be beneficial to the basketball team in terms of financial stability, stronger fan base, and effect marketing strategies.

Originally posted on Bitcoin to Revamp Toronto Raptors’ NBA Franchise 

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