West Ham United, a Premier League club, has entered into sponsorship agreements with two financial entities— Jeton and The Kingdom Bank —that have been implicated in Turkiye‘s illegal betting operations. The Kingdom Bank, a digital bank registered in the Commonwealth of Dominica, has limited global recognition. Despite this, it has secured a sponsorship deal with West Ham United, raising questions about the financial underpinnings of such partnerships.
In recent years, football clubs have increasingly engaged in sponsorships with entities from various sectors, including cryptocurrencies, digital wallets, betting platforms, and offshore financial institutions. However, the involvement of a relatively obscure financial institution like The Kingdom Bank with a Premier League club is unusual and prompts scrutiny regarding the transparency and sources of funding behind such deals.
Turkiye’s illegal betting market, which has a significant volume, is increasingly intersecting with European football clubs. The partnership between The Kingdom Bank and West Ham United is seen as a reflection of this global influence. Given the bank’s operations in the Caribbean and its limited clientele, financing such a sponsorship deal suggests the presence of a more extensive economic mechanism behind the scenes.
The Kingdom Bank: From the Caribbean to the Premier League
The Kingdom Bank is a financial institution registered in Dominica, offering offshore banking services, digital banking, cryptocurrency transfers, and forex trading. Despite its broad range of services, it lacks significant recognition in the global financial sector. Unlike major international banks, it operates with less stringent oversight from central regulatory authorities, providing a more flexible structure.
A report by Turkiye’s Financial Crimes Investigation Board (MASAK) mentions The Kingdom Bank in connection with various financial transfers. According to journalist Murat Ağırel, an individual named Nebil Serkan Zubari conducted substantial cryptocurrency transfers through this bank, totaling $331 million, with significant portions directed to wallets on international crypto exchanges. Some funds were also transferred to accounts on other platforms, highlighting the bank’s role in facilitating large-scale crypto transactions and its involvement in international financial operations.
Offshore financial institutions are often chosen for their tax advantages and financial privacy. However, the involvement of a small-scale bank like The Kingdom Bank in such large transactions raises concerns. It’s unclear whether the bank manages these funds through a traditional client base or via alternative financial networks. Such financial structures are under close scrutiny by international regulators, especially concerning potential links to illegal betting and suspicious money transfers.
Details of the Partnership Between The Kingdom Bank and West Ham United
Considering The Kingdom Bank’s role in international financial transactions and cryptocurrency transfers, its association with the sports world is noteworthy. The bank’s sponsorship agreement with West Ham United is part of a strategy to enhance its global visibility. This partnership aims to promote the bank’s financial services to a broader audience and increase brand awareness.
According to West Ham United’s official website, The Kingdom Bank has become the club’s first official regional banking partner in the Eastern Caribbean. The collaboration includes various online and offline initiatives targeting a wide fan base in the region. Premier League matches, watched by millions weekly, provide The Kingdom Bank with a significant platform to reach Hammers fans in the Eastern Caribbean and beyond. Additionally, The Kingdom Bank has become an official partner of the West Ham United Women’s team.
West Ham United’s Association with Jeton and Its Implications
Prior to its agreement with The Kingdom Bank, West Ham United had partnered with Jeton, an online payment service provider. This partnership began in 2020 and was extended in 2023. Jeton, as West Ham United’s official e-Wallet partner, secured advertising rights at the London Stadium and visibility across the club’s digital media platforms.
Jeton offers digital wallet services to users, facilitating secure money transfers and payment processing. However, in Turkiye, Jeton’s legal status is ambiguous, leading to its use as a payment intermediary on illegal betting sites. Given that online gambling and betting activities are generally illegal in Turkiye, and access to such sites is often restricted, the use of payment methods like Jeton on these platforms poses risks of facilitating unlawful activities.
West Ham United’s sponsorship deals with both Jeton and The Kingdom Bank highlight a trend in the club’s financial partnerships. The alleged indirect connections of these entities to Turkiye’s illegal betting market raise ethical questions about the nature of such collaborations. While these agreements may not constitute legal violations in England, West Ham’s involvement with entities linked to Turkiye’s illegal betting sector is noteworthy.
Reflecting the Scale of Turkiye’s Betting Market
The notion that a Caribbean bank could sponsor a Premier League club like West Ham United seems implausible without substantial financial backing. Offshore financial institutions like The Kingdom Bank typically serve a limited number of corporate clients and are unlikely to possess the revenue streams necessary to fund major sponsorship deals. This suggests that the financial resources for such agreements may originate from alternative channels, indicating a more extensive economic framework at play.
West Ham United’s partnerships with Jeton and The Kingdom Bank underscore the significant economic scale of Turkiye’s illegal betting industry on a global level. Funds circulating within Turkiye’s sizable betting market can be integrated into the international financial system through various means, acquiring a semblance of legitimacy. The financial networks capable of sponsoring high-profile entities like Premier League clubs demonstrate how sports can be intertwined with global financial systems and how illicit structures can indirectly integrate into such organizations.
Turkiye’s Illegal Betting Market’s Reach into the Premier League
West Ham United’s sponsorship agreements reveal significant connections within the international finance and betting sectors. The involvement of financial institutions like Jeton and The Kingdom Bank in sponsoring a Premier League club indicates an economic influence that extends