Cryptocurrency

2024

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Cryptocurrency casino and sports betting platform <a href="https://crypto.news/tag/stake.com/" rel="noopener noreferrer nofollow">Stake</a> is set to make a mark in the Formula 1 arena over the next two years, having obtained the naming rights for Sauber’s F1 car.
Replacing Alfa Romeo, which ended its sponsorship of Sauber’s C44 after 2023, the firm will fill the two-year gap before Sauber rebrands as Audi’s factory team in 2026, providing an opportunity for interim sponsors.
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 Stake F1 Team, we're taking over the grid 🏁 Read more: <a href="https://t.co/6GBS77fBSE" target="_blank" rel="noopener noreferrer nofollow">https://t.co/6GBS77fBSE</a> <a href="https://t.co/yZT9JHfQYP" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/yZT9JHfQYP</a>— Stake.com (@Stake) <a href="https://twitter.com/Stake/status/1741804838093213755?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">January 1, 2024</a>
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The partnership is not new to Sauber; Stake and its live-streaming arm, Kick.com, first appeared on Sauber’s vehicles in 2023 through initial sponsorship agreements. The team will henceforth be known as Stake F1 Team Kick Sauber and is set to launch its 2024 season at a special event in London in February 2024.
Adding a touch of celebrity involvement, Canadian rapper Drake participated in the <a href="https://www.instagram.com/p/C1jPvIZoR6C/" target="_blank" rel="noopener noreferrer nofollow">New Year’s Day announcement </a>of the rebranding and is expected to appear at selected F1 races throughout the 2024 season.
Additionally, Kick.com will have naming rights to the chassis of Sauber’s car, now named the Kick Sauber C44. F1 teams’ requirement to build and maintain their vehicles has effectively turned Stake into an F1 vehicle manufacturer.
You might also like: <a href="https://crypto.news/crypto-casino-seals-100m-sponsorship-for-formula-1-team/" rel="noopener noreferrer nofollow"> Crypto casino seals $100m sponsorship for Formula 1 team </a>
Founded in 2017 by Australia’s youngest billionaire, Ed Craven, and Bijan Tehrani, Stake.com has rapidly grown, becoming the seventh-largest gambling group. It reported an impressive $2.6 billion in gross gaming revenue in 2022, up from $105 million in 2020, <a href="https://www.ft.com/content/2490279b-9c94-49a8-beff-cbd7c3307586" target="_blank" rel="noopener noreferrer nofollow">according </a>to the Financial Times.
The platform has a global reach, with a significant client base in Brazil, Japan, and Southeast Asia, regions with less-defined online gambling regulations. While <a href="https://crypto.news/drake-backed-gambling-startup-stake-faces-legal-hurdles-in-australia/" rel="noopener noreferrer nofollow">awaiting licenses in Australia</a> and Canada, Stake operates non-crypto online gambling in the US and the UK and holds traditional gambling licenses in Mexico and Paraguay.
Formula 1 has increasingly become a favored platform for blockchain and cryptocurrency sponsorships, with major players like Tezos, <a href="https://crypto.news/tag/okx/" rel="noopener noreferrer nofollow">OKX</a>, <a href="https://crypto.news/tag/binance" rel="noopener noreferrer nofollow">Binance</a>, <a href="https://crypto.news/tag/opensea/" rel="noopener noreferrer nofollow">OpenSea</a>, and <a href="https://crypto.news/tag/bybit/" rel="noopener noreferrer nofollow">ByBit </a>marking their presence. However, the recent downturn in the market led to some companies withdrawing their sponsorships.
Stake’s journey has not been without challenges. In September 2023, the platform suffered a loss of <a href="https://crypto.news/stake-reportedly-hacked-15-7m-suspiciously-moved/" rel="noopener noreferrer nofollow">$41 million</a> due to a private key exploit targeting one of its wallets. The FBI <a href="https://crypto.news/north-korean-hackers-actively-launder-stakes-3-6m/" rel="noopener noreferrer nofollow">linked the attack</a> to the North Korean hacking group <a href="https://crypto.news/tag/lazarus/" rel="noopener noreferrer nofollow">Lazarus</a>.
Read more: <a href="https://crypto.news/crypto-casino-stake-com-signs-multi-million-dollar-sponsorship-deal-with-everton-f-c/" rel="noopener noreferrer nofollow"> Crypto Casino Stake.com Sponsors Everton F.C In Record Deal </a>

Stake.com clinches 2-year naming rights deal for Sauber’s F1 team

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