Stake agrees sponsorship deal with Alfa Romeo

Latest partnership proves there is room for crypto within F1 despite recent casualties.

Formula One (F1) team Alfa Romeo has announced crypto betting firm Stake as its new co-title sponsor.

The sport has been backing away from crypto sponsors recently, with Ferrari parting ways with Velas Blockchain and Mercedes losing a reported $15m from partner FTX.

However, this latest deal shows there is room for crypto partners within the sport. Alfa Romeo’s previous sponsorship deal with Orlen ended after three years.

Alfa Romeo team representative Alessandro Alunni Bravi said: “Formula 1 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.

“We are excited to join such a portfolio of sports and entertainment brands and we’re looking forward to the activation programme that Stake will unveil for our fans.”

Stake co-founder Bijan Tehrani said: “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.”

This is not the crypto betting operator’s first foray into the sporting world, already having sponsorship deals with English Premier League side Everton and the UFC.

Earlier this month, Stake expanded its live streaming capabilities of the English FA Cup, allowing customers to live stream each game via their website and mobile app.

It also struck deals with three lower league clubs, Cardiff City, Sheffield Wednesday and Gillingham who were playing topflight opposition in the third round of the famous

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Written by David Kent

David has more than a decade of sports betting and sports writing experience working with some of the biggest names in the industry. He focuses on articles covering these subjects including how crypto is transforming sportsbooks.

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