- Drake announces Stake crypto casino’s rebranding of Sauber Formula 1 team as Stake F1 Team in sponsored Instagram video.
- Stake’s rebranding shows growing crypto presence in Formula 1 through sponsorships and partnerships.
- Drake heavily promotes Stake despite losses, leveraging hype around crypto gambling and Formula 1 racing.
Formula 1 is embracing crypto sponsorships. Popular crypto gambling platform Stake has rebranded the Sauber Formula 1 racing team as the Stake F1 Team for the next two years.
Rapper Drake Promotes the Stake F1 Team
Grammy Award-winning rapper Drake, a paid ambassador for Stake, announced the rebrand in an Instagram video. “Buckle up,” Drake says in a voiceover for the video promoting the rebranded Stake F1 Team. The team was previously sponsored by Alfa Romeo and transitioned to a Stake-Alfa Romeo partnership in 2023 before rebranding fully for 2024.
Stake’s Growing Presence in Formula 1
According to Stake representative Alessandro Alunni Bravi, “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.” The team will operate under the Stake name until 2026, when Audi will take over as the factory team.
Drake’s Paid Partnership with Stake
Drake has promoted the crypto gambling platform Stake heavily since late 2021. He has live-streamed gambling sessions, shared bets, and made promotional videos. Despite some big wins, Drake has also endured major losses, reportedly wagering over $1 billion in bets in late 2022. He has flashed his Bitcoin hardware wallet to showcase his interest in crypto.
Crypto Prevalence in Formula 1
Formula 1 has embraced crypto sponsors. Cryptocom sponsored the league in 2021, and McLaren released F1 NFTs. Cryptocom later signed a naming rights deal for the Miami Grand Prix. While sponsors like FTX and Tezos have left, new ones like Mysten Labs and Kraken have entered the space. Crypto betting platforms like Stake are leveraging the hype around Formula 1 and crypto.
Conclusion
With Drake’s celebrity endorsement, Stake aims to capitalize on the intersection of crypto gambling and Formula 1 racing. Despite crypto market turmoil, major brands still see Formula 1 sponsorship as an effective way to reach crypto enthusiasts. Stake’s rebranding of the Sauber team shows the continued crypto presence in the world of Formula 1.
