F1 team Sauber agrees to two-year deal with crypto casino Stake

The Block2024/01/02 10:07

By:The Block

Quick Take The deal sees the Swiss racing team previously under the Alfa Romeo name become Stake F1 Team Kick Sauber.

Formula 1 team Sauber has agreed to a two-year title partnership deal with crypto casino and sports betting platform Stake in 2024.

The deal sees the Swiss racing team — which features drivers Valtteri Bottas and Zhou Guanyu — previously under the Alfa Romeo name become Stake F1 Team Kick Sauber.

“Last season represented the start of Stake’s journey in Formula 1, and the brand’s new role headlining Stake F1 Team represents the natural and exciting next step on this path,” Team Representative Alessandro Alunni Bravi said in an announcement .

F1 has become a popular venue for blockchain and cryptocurrency sponsorships in recent years — including Tezos, OKX, Binance, OpenSea, ByBit and others — though the recent bear market saw some companies pull out.

Stake was last in the news when it lost $41 million due to a private key exploit targeting one of its wallets in September 2023. The FBI attributed the attack to North Korean hacking group Lazarus in a report.

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