Watford FC: New shirt sponsor deal paid in cryptocurrency

Watford FC earned promotion to the Premier League by finishing second in the EFL Championship

Premier League football club Watford said their new shirt sponsor has paid in cryptocurrency.

The Hertfordshire club, promoted from the Championship last season, announced online betting company Stake had signed a "club-record" deal.

Cryptocurrency is a type of digital money that does not have a physical form and is traded on the internet.

Watford chairman, Scott Duxbury, said the club and sponsor have an "ambitious outlook and commitment to innovation".

He added it was "an extremely exciting campaign for the club as we return to the Premier League and we couldn't be happier" with the sponsor.

Watford have previously had Bitcoin as a club sponsor and accepted the cryptocurrency at the club.

The club have not said which cryptocurrency the deal was done with, or how much it was worth in pounds.

The online betting company replaces the previous sponsor Sportsbet.io.

Gambling sponsorship in football has come under increasing scrutiny in recent years.

In the Premier League last season, eight clubs had betting firms on their shirts but 17 had betting partners, which advertise around the pitch, on training kit and on social media.

In the Championship, 10 of 24 clubs had shirt sponsorships but that number also increases when partners are considered.

The government is considering whether to ban gambling sponsorship in football as part of its review of the Gambling Act.