Premier League clubs forced to search for sponsors after TGP Europe exit

After TGP Europe’s abrupt exit from the British gambling market, Premier League clubs are scrambling for new sponsors.

Gambling operator TGP Europe was once the firm behind more than 30 UK gambling brands but recently left the industry after being issued a warning by the UK Gambling Commission. The warning came after a £3.3 million fine for a serious breach of anti-money laundering (AML) measures, among other offences.

The warning itself stemmed from breaching compliance standards and failing to verify partner funding sources for brands like Fun88, SBOTOP, and BJ88.

If TGP Europe had addressed the Commission’s concerns, it could have continued to operate in the UK but instead chose to leave the market and abandon its UK licenses.

That leaves several Premier League clubs, like Newcastle United, Fulham, Bournemouth, Wolves, and Burnley, now searching for new sponsorships, having signed on to contracts with now-unlicensed betting brands

For example, Newcastle United is sponsored by Fun88 and Sportsbet.io, while Fulham is currently sponsored by SBOTOP. All three of these are now unable to operate legally in the UK.

As reported by Esports Insider, the Gambling Commission has said that all five clubs need to prove that UK fans can’t access the newly illegal gambling sites through their sponsorship links. Geo-blocking measures alone won’t be enough, as fans can easily bypass such practices using VPNs or similar tools.

If these steps are not adhered to and the unlicensed gambling sites are still promoted, the clubs could be subject to heavy fines or even jail time for club executives.

Such gambling regulation changes have been known to leave sporting sponsorship contracts in hot water before, with Stake’s recent struggles leaving various sporting industries in sticky situations. With more than half of the Premier League clubs sporting sponsors from gambling firms this season, any further regulatory crackdowns could force teams to find sponsors from a different industry.

Featured image: Wikimedia Commons, licensed under CC BY-SA 4.0

The post Premier League clubs forced to search for sponsors after TGP Europe exit appeared first on ReadWrite.