One of the biggest crypto casinos in the world is making their move into Formula 1 racing.
What’s happening:
- Crypto betting and casino platform Stake has announced they will become the newest sponsor of a Formula 1 racing team with a new naming rights partnership with Sauber
- Sauber was previously sponsored by Alfa Romeo and will now transfer the naming rights to Stake and their live streaming platform Kick
Why it matters:
- Stake has become one of the most culturally relevant crypto native brands, with major partnerships with celebrities including Drake and mixed martial arts company UFC
- Becoming an official naming sponsor of a Formula 1 team is a major accelerator of awareness for Stake’s brand to a more global audience
Going deeper:
- This is not the first time a crypto company has participated as a Formula 1 sponsor, with Crypto.com previously sponsoring the Aston Martin racing team
By the numbers:
- Stake currently has more than 5 million users registered on their platform
- Stake processes more than 80 billion transactions per year
- Stake will have the exclusive naming rights to the Sauber team for 2 years, after which point it will be transferred to Audi as the next sponsor
