Alfa Romeo F1 team recently joined hands with an online crypto casino brand Stake.com and signed them as its title sponsor.
The signing does come at a weird time since major F1 teams have steered away from crypto brands in the recent past. Mercedes ended its relationship with FTX after the company was declared bankrupt.
Ferrari, too dropped Velas from their car after their share value plummeted from $0.001 to $0.000081. Similarly, Red Bull too steered clear of Tezos heading into the 2023 season.
In its press release, Alfa Romeo did not reveal the amount of the deal although it did call it a record-breaking one with a multi-year signing. Going ahead the full name of the team would be Alfa Romeo F1 Team stake.
Although, there’s more to Stake.com than what is easily visible on the surface.
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Legal loopholes and a $400 Million lawsuit against Stake.com
Stake.com is not like the other crypto brands, it is rather an online crypto casino. The basic information about the company suggests that it is based out of Curacao.
But an investigation by Australian outlets the Age and the Sydney Morning Herald in 2021 revealed that the company is actually placed in Australia.
It further raised concerns among anti-gambling advocates as online casinos are banned in Australia since 2001. Although, a loophole suggests that the company can operate from Australia as long as it does not the Australians to use the site.
Furthermore, Sydney Morning Herald in 2022 revealed that Christopher Freeman was one of the associates of Edward (Ed) Craven and Bijan Tehrani, the owners of Stake.com.
Freeman claims that Craven and Tehrani misled him into not being a part of Stake.com even though it was he who had pitched the idea to his associates in college. Therefore, he is seeking $400 Million in damages from the company.
New year, new dawn, new identity.
Say hello to Alfa Romeo F1 Team Stake – a fresh identity for the team ahead of the 2023 #F1 season thanks to a new title partnership with one of the world’s leading entertainment and lifestyle brands, @Stake.
Tap to discover more. ⬇️ #GetCloser
— Alfa Romeo F1 Team Stake (@alfaromeoorlen) January 27, 2023
Previous title sponsors of the Alfa Romeo F1 team
Alfa Romeo previously held title sponsorship with the polish company Orlen. The Oil and Gas company backed the Swiss team’s reserve driver Robert Kubica for the past three years.
Orlen had been Alfa Romeo’s partner for 3 years but now has switched to their rival AlphaTauri, which is the sister team of Red Bull.
Orlen’s departure from Alfa Romeo also seems to be a likely signal that the end of Kubica’s F1 career is near. The 38-year-old race winner last participated in two GPs in 2021 when Kimi Raikkonen tested Covid-19 positive.
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