Formula 1 Racing Team Secures $100 Million Sponsorship from Crypto Casino – Is The Bear Market Over?
The crypto gambling platform based in Australia, Stake.com, has entered a partnership worth $100 million with the Alfa Romeo Racing team, indicating a comeback in crypto-related sponsorships.
This event marks one of the first and biggest sponsorship programs following the catastrophic collapse of FTX exchange which became known for its high-level and wide-reaching sponsorships.
The new year has brought renewed optimism to the markets, following a year-long period that saw prices tanking across the board. The price of Bitcoin has now rallied up around 40% year-to-date, and on-chain data increasingly suggests that the worst may be over.
This resurgence in the crypto market, particularly with the rally of Bitcoin, has seemingly led to an increased interest in crypto-related sponsorships again.
As part of the partnership agreement with Stake, the racing team will adopt a new name, "Alfa Romeo F1 Team Stake" and it will be a long-term collaboration, as per the official statement.
According to Bijan Tehrani, co-founder of Stake.com, the partnership with Alfa Romeo F1 Team Stake will expand opportunities for fan engagement through brand integration and activation. He also stated that the company is dedicated to improving race weekends by providing unique experiences for fans and increasing engagement in the digital space.
Crypto casino Stake has a growing list of partnerships
Stake has a history of partnerships with sports teams and famous personalities.
Previously, the company signed a deal with Everon football club, which was considered one of the most valuable sponsorship agreements in the team's history.
Additionally, it also collaborated with the rapper Drake for a Bitcoin giveaway event in May 2022.
Announcement on Twitter faces some backlash
Notably, the official Twitter page has already changed its name to reflect the new partnership.
An announcement was made to the account’s 1.4 million followers and quickly received hundreds of retweets.
Some users, however, were not too happy about the team partnering with a betting company.
Interestingly, this partnership comes just weeks after the F1 Ferrari team prematurely ended their deal with crypto firm Velas without providing a reason.
It remains to be seen what impact this new partnership will have on the future of the crypto industry.