Iqbal Gandham, a managing director at eToro, said on Monday that the retail broker plans on growing its set of sports sponsorship deals.
Speaking to iSportconnect, a platform for sports business executives, Gandham said that eToro is looking at expanding into new sports markets and growing its presence in the footballing world.
“We will probably continue doing sports sponsorship,” said Gandham. “We may add other layers of sport [sic] and also other regions. So we’ll probably look at Europe and Asia in terms of sports sponsorship. Our main objective is to add multiple verticals to our business.”
Gandham made his comments shortly after eToro announced deals with Aston Villa and Everton, two Premier League football clubs. Those two additional agreements mean the retail broker will be sponsoring six Premier League clubs in the coming season.
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In his conversation with iSportconnect, Gandham briefly discussed why his firm has decided to put so much money into football these sorts of sponsorship deals.
“The reason we got into sport, primarily football in the UK, is that we mapped our audience in terms of their interest and their primary interest was football,” said the eToro executive. “There is a great overlap between fans having a social voice and a social community and what we do on our platform, [although] our social community is based on trading and investing.”
eToro is not the only retail broker operating in the footballing space.
Retail broker Exness has an ongoing relationship with Real Madrid, Swissquote sponsors Manchester United and, at least last season, Scope Markets had a deal with east London club West Ham.