Plus500, a global multi-asset online trading company, has signed a four-year partnership with the Chicago Bulls, an American professional basketball team.
The agreement is the first sponsorship of a US sports team by Plus500, which recently completed a 7-year contract with Spanish football club Atletico Madrid.
Plus500 already sponsors football clubs such as Italy’s Atalanta B.CL, Poland’s Legia Warsaw, and Switzerland’s BSC Young Boys.
CEO David Zruia, in a statement released on Monday, said the partnership with the Chicago Bulls will help the broker become more recognizable in the US.
He also said that the move is part of the broker’s efforts to expand the range of instruments offered and strengthen its presence in the US 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.
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Earlier in September, Plus500 announced a five-year plan to reach roughly $500 million in annual revenue.
The company, which saw a 48% increase in revenue in the half year of 2022, said the plan will be driven by its expansion into new regions, including the United States.
Plus500 also stated that its expansion and strength in the US market is also evidenced by the recent launch of the TradeSniper futures trading platform, which has been designed and customized for retail traders in the US.
The company is now a full clearing member of the Chicago Mercantile Exchange (CME) and Plus500 is now looking to expand its clearing capabilities with other exchanges in the global futures market.
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