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Australian-headquartered online casino group Stake.com has inked a $140 million sponsorship deal to become the lead sponsor for Formula 1 team, Alfa Romeo.
The deal between the Melbourne founded group run by young billionaires Ed Craven and Bijan Tehrani was penned this week.
Ed Craven and Bijan Tehrani at the offices of EasyGo Gaming, a group they set up to provide games for Stake.com.
The size and tenure of the sponsorship has not officially been revealed, but sources familiar with the deal who asked for anonymity for employment reasons said the deal was worth $US100 million ($140 million) over three years.
The first outing for the new Alfa Romeo Stake.com team is expected to be at this year’s Melbourne Grand Prix in March. Alfa Romeo is part of the Sauber team. Its contract with Sauber ends at the end of 2023 but Stake.com will continue to have naming rights after Alfa Romeo departs, the sources said.
Tehrani said Stake.com was trilled to join the F1 which he believes shares the same ambitions of growth and success.
“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.”
The new sponsorship adds to the impressive list of global sporting deals struck by the cryptocurrency casino since it was set up in 2018 by Craven and Tehrani. An investigation by this masthead in 2021 revealed the Australian origins of Stake.com which has grown over the past four years to become the world’s largest cryptocurrency casino and largest cryptocurrency sports-betting outfit.
The Australian Financial Review recently estimated the business to be worth $2 billion.
Stake.com in 2022 signed on as the main partner and jersey sponsor for English Premier League team Everton FC. That deal followed its sponsorship of Watford FC during its short time in the EPL before being relegated back to the lower competition. The group also counts Canadian hiphop star Drake as its lead ambassador. It also sponsors or has partnership arrangements with a host of top MMA fighters as well as the UFC.
However, the group’s marketing efforts have raised concerns in the UK and the US where there are much stricter limitations on gambling advertising than compared to Australia’s laws.
The owner of the Alfa Romeo team, Sauber Group, also welcomed the sponsorship deal.
“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,” Alessandro Alunni Bravi, Managing Director of Sauber Group and Team said.
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