The Economic Significance of Republic Bank Caribbean Premier League

The Caribbean Premier League (CPL) has become a global sensation. From the humble beginnings to becoming the second most popular franchise cricket competition in the world is nothing short of spectacular. It is the Biggest Party in Sport.

As a regional game, cricket is more than that, more than just a game. It has become a unique culture, which stems all the way back from our colonial roots and truly represents a togetherness like no other. There is no time that the Caribbean feels as united as a region than during a West Indies home tour or the CPL.

Therefore when the opportunity arose to become the Title sponsor and Official Bank of CPL, it was seen as natural progression in terms of growth for us at Republic Bank. The tournament is perfectly aligned with our regional footprint and our shared passion for the sport, knowing fully well what it represents for the people of the Caribbean. It is only fitting that we get behind and support this regional sporting juggernaut just as we’ve supported the region as a whole in the financial sphere for more than 185 years.

There is however, another significant reason for this partnership between Republic Bank and CPL and that is the economic aspect. Just how has CPL impacted the region economically?

CPL has a staggering economic impact on the Caribbean region. In 2022, the tournament generated a total economic impact of US$200.9 million, a 47% increase on the amount generated during the 2019 tournament. The direct economic impact of the CPL on the region was US$134.7 million, while the indirect impact was US$66.2 million.

What truly makes a difference is the numerous ways that it generates economic activity on our shores. It creates jobs for local staff, including venue staff, security guards, and hospitality workers. It also fills hotel rooms and boosts tourism in the host countries. In addition, the CPL generates media value through its broadcast deals and sponsorships. From the bus drivers who are hired to transport the teams to and from the games to the various food vendors in and around the stadium and even the ‘blue devils’ hired to entice the crowd, this tournament generates an unparalleled level of economic activity.

The economic impact of the CPL is spread across the Caribbean region. In 2022, the top three countries in terms of economic impact were:

• Trinidad and Tobago: US$46.8 million
• Jamaica: US$31.8 million (without any games being played there)
• Guyana: US$22.9 million

The tournament is a valuable asset to the Caribbean economy and it is likely to continue to grow in popularity in the years to come.

Here are some specific examples of the economic impact of the CPL in the Caribbean:

• In 2022, the CPL employed over 1,500 people in the Caribbean region.
• The tournament filled over 36,000 hotel rooms in the host countries.
• The CPL's broadcast deals and sponsorships generated over US$100 million in media value.
• The CPL is estimated to have contributed over US$1 billion to the Caribbean economy since its inception in 2013.

What makes this even more special to Republic Bank is the fact that the economic activity generated by the CPL is sustainable. The money spent by everyone; players, staff, teams, visitors and even locals enter the local economy. There it generates even more economic activity, reaching into sectors that may have no direct connection to the tournament. From the hotels to the small businesses and beyond, all impacted companies have an injection of cash that they can now use to further better their businesses and the communities of which they are a part of. This sustainability aligns perfectly with our goals at Republic Bank in two ways. Firstly, by enabling a sustainable way for revenue generation, we create an environment where businesses and individuals become more independent and secondly, we keep the cricket loving culture of our beautiful Caribbean alive for many generations to come. The Republic Bank CPL offers us the opportunity to seamlessly achieve our diversity, equity and inclusion goals as this has always been the essence of Caribbean cricket. One Caribbean, One People, One CPL and One Bank, Republic Bank.