The crypto gambling platform Stake.com has ramped up its marketing efforts by securing the naming rights of Sauber’s Formula One car for the next two years. The sports sponsorship kicked off in 2024 ahead of the launch of the new racing season on 5 February in London.
Stake.com Gains F1 Team’s Naming Rights
Now known as Stake F1 Team Kick Sauber, the partnership with the crypto platform came after the F1 team competed under the Alfa Romeo name for five racing seasons. From 2026, the F1 team will be rebranded as Audi’s factory team.
“Last season represented the start of Stake’s journey in Formula 1, and the brand’s new role headlining Stake F1 Team represents the natural and exciting next step on this path,” said Sauber’s Team Representative, Alessandro Alunni Bravi.
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Stake.com was established in 2017 by Australia’s youngest billionaire, Ed Craven, and Bijan Tehrani, and has grown to be the seventh-largest gambling group. According to a Financial Times report, it generated $2.6 billion in gross gaming revenue in 2022, a tremendous growth from $105 million in 2020.
The crypto gambling platform operates globally with a significant number of clients from Brazil, Japan, and other countries in Southeast Asia where rules around online gambling are undefined. While its licenses are pending in Australia and Canada, it operates non-crypto online gambling operations in the US and the UK and holds traditional gambling licenses in Mexico and Paraguay.
Last September, Stake became the target of cybercriminals and lost about $41 million in cryptocurrencies to hackers.
F1 Sponsorships Are in Demand
Formula One sponsorships are very sought after by financial services companies. Neither Stake nor the F1 team revealed details of the sponsorship deal. According to a previous Finance Magnates report, F1 deals start from at least $500,000; however, the entry cost is much higher for the top three or four teams.
“Stake not only successfully tapped into Formula 1’s growing fan base to enhance its own community; but also introduced a completely new audience to the sport, something that benefitted not only our team but also everyone else in F1,” Bravi added.
“We had the opportunity to participate in some incredible activations with some of Stake’s ambassadors, including Argentine football legend Sergio Aguero and Indian-Canadian rapper Karan Aujla. 2024 will be a new page and the chance to do more, better, and reach even farther: we are looking forward to an even more exciting calendar of events in this new season.”
This article was written by Arnab Shome at www.financemagnates.com.
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