I live in a smaller country and all sponsors pretty much are betting companies. These sponsors by far are most lucrative compared to your usual brands exactly because of how much they make from betting. Other industries wouldn't be able to pay as much for sponsorship since due to not so large viewership they wouldn't gain all of it back.
Negatives aside if you are fine with the losses it could be viewed a bit like donating to the football clubs.
Larger football clubs could be fine taking pay cuts etc, but there would likely be many smaller clubs that can't pay their players on the pro or semi pro level any longer.