Cryptocurrency

2024

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Drake

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 <p class="is-style-lead">Cryptocurrency casino and sports betting platform Stake is set to make a mark in the Formula 1 arena over the next two years, having obtained the <a rel="noopener noreferrer nofollow" title="naming" href="https://thebittimes.com/tag/naming.html">naming</a> <a rel="noopener noreferrer nofollow" title="rights" href="https://thebittimes.com/tag/rights.html">rights</a> for Sauber’s F1 car.</p>
 <p>Replacing Alfa Romeo, which ended its sponsorship of Sauber’s C44 after 2023, the firm will fill the two<a rel="noopener noreferrer nofollow" title="-year" href="https://thebittimes.com/tag/year.html">-year</a> gap before Sauber rebrands as Audi’s factory team in 2026, providing an opportunity for interim sponsors.</p>
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    <p lang="en" dir="ltr">Stake F1 Team, we're taking over the grid <br><br>Read more: https://t.co/6GBS77fBSE pic.twitter.com/yZT9JHfQYP</p>— Stake.com (@Stake) January 1, 2024
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 <p>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.</p>
 <p>Adding a touch of celebrity involvement, Canadian rapper Drake participated in the New Year’s Day announcement of the rebranding and is expected to appear at selected F1 races throughout the 2024 season.</p>
 <p>Additionally, Kick.com will have <a rel="noopener noreferrer nofollow" title="naming" href="https://thebittimes.com/tag/naming.html">naming</a> <a rel="noopener noreferrer nofollow" title="rights" href="https://thebittimes.com/tag/rights.html">rights</a> 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.</p>
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 <p>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, according to the Financial Times.</p>
 <p>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 awaiting licenses in Australia and Canada, Stake operates non-crypto online gambling in the US and the UK and holds traditional gambling licenses in Mexico and Paraguay.</p>
 <p>Formula 1 has increasingly become a favored platform for blockchain and cryptocurrency sponsorships, with major players like Tezos, OKX, Binance, OpenSea, and ByBit marking their presence. However, the recent downturn in the market led to some companies withdrawing their sponsorships.</p>
 <p>Stake’s journey has not been without challenges. In September 2023, the platform suffered a loss of $41 million due to a private key exploit targeting one of its wallets. The FBI linked the attack to the North Korean hacking group Lazarus.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/stake-com-clinches-2-year-naming-rights-deal-for-sauber-s-f1-team-tbt75345.html">https://thebittimes.com/stake-com-clinches-2-year-naming-rights-deal-for-sauber-s-f1-team-tbt75345.html</a></p>

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

TheBitTimes

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