Alfa Romeo officially has a new sponsor. Recently, news broke that the Alfa Romero Formula 1 racing team signed a sponsorship deal with Stake.com. Stake.com is an Australian-based online casino and sportsbook. The deal is worth $140 million over three years.
Stake.com is one of the world’s largest cryptocurrency online casinos and has held numerous sponsorships in recent years. The casino will use the deal to expand fan engagement, but the deal does have its share of potential controversy.
Stake.com Signs $140 Million Sponsorship Deal
News broke recently regarding the major sponsorship deal between the Alfa Romero Formula 1 racing team and Stake.com. The deal will see Stake.com become the lead sponsor for the team. While full details were not announced, reports claim the deal is worth approximately $140 million.
The rebranded Alfa Romero Stake.com team will begin competing in Mach at the Melbourne Grand Prix. Sauber was the leading partner for the Alfa Romero team, but that contract is expiring at the end of 2023.
Alfa Romeo F1 Team Stake is here pic.twitter.com/IWhIKRk3zy
— Stake.com (@Stake) January 27, 2023
Bijan Tehrani and Ed Craven both operate Stake.com. Tehrani spoke on the new deal, stating, “Alfa Romeo F1 Team Stake will expand our opportunities for fan engagement through brand integration and activation.”
“We are fully committed to enhancing race weekends by creating unique experiences for all Alfa Romeo F1 Team Stake fans, growing audience engagement in the digital arena.”
Sauber Group also spoke highly of the new deal. Managing Director Alessandro Alunni Bravi was quoted in a press release stating, “Formula One has seen a huge increase in interest over the last few years, and the arrival of brands such as Stake are representative of the massive exposure our sport can offer.”
Stake Adds to List of Sponsorships
Stake.com has been making big waves in the crypto gambling world since 2018. Not only has the casino given players access to high-quality online casino games, but it has also inked multiple sponsorship deals.
The company signed a multi-year deal with Watford FC of the Premier League in 2021. In 2022, the company became the jersey sponsor and main partner for Everton FC of the English Premier League. If you watched UFC 274, you likely noticed that Stake was the presenting Presenting Partner. The company is partnering with the UFC in Brazil and expects to reach around 34 million MMA fans in the region.
Five teams will have the Stake logo on their shirt in the #EmiratesFACup this weekend
Better yet, you watch every game LIVE on our site!
It all starts with starting with @Everton taking on Manchester United https://t.co/IGKJDnfiRD pic.twitter.com/A5lbCoAQS8
— Stake.com (@Stake) January 6, 2023
Other partnerships include partnering with Rugby League Brazil and sponsoring boxing in Japan. The company has also formed partnerships with the Fittipaldi Brothers, Alexa Grasso, Jose Aldo, and Israel Adesanya.
Outside of sports, Stake teamed up with hip-hop superstar Drake in a crypto giveaway last year. Stake continues to position itself as a premier global sponsor.
Some Controversy Surrounds the Deal
By and large, the deal between Stake and Alfa Romero is uneventful. However, there are some controversies surrounding the deal. Some fans feel the Alfa Romero team does not need to resort to gambling sponsorship. Others think the deal is suspect because of the negative press that crypto firms have received in recent months.
For example, Ferrari recently ended a deal with crypto company Velas prematurely and without explanation. In Singapore, Formula 1 teams are not allowed to display crypto sponsorships, and teams were forced to remove logos for Crypto.com ahead of last year’s Grand Prix.
Regarding the Stake sponsorship, the company will have to be creative in which logos it uses. In some countries where gambling or gambling advertising is illegal, the company will instead sport the logo of its streaming platform, Kick. The laws in some regions may force the team to forego any branding from Stake.
Regardless, the influx of cash to the Alfa Romero team is ideal and will undoubtedly help Stake.com to expand its global reach. Time will tell if the partnership gives Stake the desired impact it hopes to achieve.
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