Plus500, a forex and contract for difference (CFD) broker with headquarters in Israel, has signed a four-year partnership deal with the Chicago Bulls, a US-based professional basketball team.
The deal is the first sponsorship of a US sports team by the broker which recently ended a 7-year deal with the Spanish football club, Atletico Madrid.
Plus500’s roster of sports sponsorship includes football clubs, such as Italy’s Atalanta B.CL, Poland’s Legia Warsaw and Switzerland’s BSC Young Boys.
The CEO, David Zruia, in a statement released on Monday, stated that the collaboration with Chicago Bulls will help the broker to drive brand awareness in the US.
Zruia added that the deal is part of the broker’s effort to diversify its global product offering and grow its presence “in this significant and exciting market.”
“The four-year partnership will include various marketing elements, community initiatives, social media content, events and more to drive brand awareness and build on the core synergies that both brands have in common: innovation, culture and success," Plus500 explained in the statement.
It added, “It will also emphasize Plus500's ambitions to develop its global footprint by entering new markets, and specifically the Group's connection with the city of Chicago — the heart of the US futures industry and where Plus500's US operations are located.”
‘Confidence in the US Market’
In September, Plus500 announced a five-year plan to achieve an incremental annualized revenue objective of approximately $500 million.
The broker, which saw a 48% surge in half-year 2022 revenue, stated that this plan will be driven by, among other things, its expansion into new geographies, including the United States.
In the Monday statement, Plus500 further explained that its recent launch of futures trading platform, TradeSniper, which “specifically designed and tailored for retail traders in the US” and the provision of brokerage execution and clearing services are compelling evidence of its “confidence in the US markets” and resource dedication.
“To support its position in the [United States] futures market, Plus500 is now a full clearing member of the Chicago Mercantile Exchange, (CME) and the Group is already making progress in expanding its clearing capabilities with other exchanges in the global futures market,” Plus500 added.
With the new deal being a part of Plus500's foray into the US market, it remains to be seen if the aim is to eventually launch an initial public offering on the American stock exchange, NASDAQ.
Meanwhile, YouHodler, a Swiss brand that provides crypto-backed loans, signed a two-season crypto partnership deal last week with Torino, an Italian football club.
The deal is Torino's first with a crypto-based firm.
