Stake inks title sponsorship with Alfa Romeo F1 team 

Stake has signed a new partnership to become the title sponsor of the Alfa Romeo F1 team for the upcoming 2023 season.

As part of this new deal, the motorsport side will be renamed Alfa Romeo F1 Team Stake.

The new partnership will also see the pair collaborate on a number of activations throughout the racing calendar, which features 23 races across 20 countries.

Stake said it will aim to bolster its brand recognition across a broader demographic via these activations.

The crypto-first operator also said a foray into F1 sponsorship was “inevitable” given the speed at which the sport is growing.

Andreas Seidl, CEO of Sauber Motorsport, said: “Formula One has seen a huge increase in interest over the last few years, and the arrival of brands such as Stake represents 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.”

Bijan Tehrani, Stake co-founder, added: “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 the latest in a number of commercial deals Stake has been involved with over the last year. Currently, Stake are the front-of-shirt sponsor of Championship high-flyers Watford and Premier League strugglers Everton. The latter of these deals has been laden with controversy, with a fan petition to end the relationship reaching over 30,000 signatures at the time of writing.

Stake also penned a deal with UFC Latam to become its official betting partner in Brazil.

Earlier this month, Stake partnered with Cardiff City, Gillingham and Sheffield Wednesday for their FA Cup ties against Premier League opposition.