The casino of cryptocurrencies Stake.com, based in Australia, has signed a $ 100 million partnership with the Alfa Romeo Formula 1 team in a sign that sponsorship is returning to the crypto world.
2023 brought new hope for cryptocurrency bulldozers as Bitcoin almost 40% recovered so far this month.
With that, the Index of Fear and Greed It also returned above 50 for the first time since April 2022. Investors and known fund managers have predicted that 2023 will be a year of Bitcoin’s recovery.
Last year, when the FTX collapse pushed the cryptocurrency industry into a bear market extreme, marks and sports teams they wanted to disassociate of companies related to cryptocurrencies.
But now, the Alfa Romeo Formula 1 team has announced a partnership with the Stake cryptocurrency betting platform. ¿Is the new sponsorship agreement another sign that the crypto winter is it thawing?
Stake.com previously signed a record contract with Everton
With this association agreement, the team will take on a new brand, “ Alfa Romeo F1 Team Stake ”. It will be a multi-year association, according to the official announcement.
However, the exact amount and duration of the agreement have not yet been officially disclosed. But according to a fountain from the Sydney Morning Herald, it is a three-year contract worth $ 100 million.
Bijan Tehrani, co-founder of Stake.com, said:
“ Alfa Romeo F1 Team Stake will expand our opportunities for fan participation through brand integration and activation. We are fully committed to improving career weekends by creating unique experiences for all Alfa Romeo F1 Team Stake fans, increasing the participation of the audience in the digital field ”.
This is not the first major sports association for Stake. Last year he signed a sponsorship agreement with the soccer Everton FC. The association was described as “ the highest value deal on the front of the shirt in the club’s 144-year history ”.
Stake.com previously partnered with pop star Drake for a $ 1 million Bitcoin live broadcast in May 2022.
F1 deal provokes fan backlash
Cryptomonean associations are going through a difficult phase with various regulatory guidelines for ads of cryptocurrencies. And sports brands and teams have been playing it safe by ending any partnership with cryptocurrency related companies.
F1 Team Scuderia Ferrari terminot prematurely a multi-year association with the blockchain Candles. The Ferrari team signed Velas for $ 30 million as a premium partner in 2021 to help bring digital collectibles and unique experiences to fans. But, the association did not last the agreed time.
Now, the Alfa Romeo and Stake.com sponsorship deal is receiving some criticism from fans. This criticism is mainly due to the fact that the Australian-based firm is a betting platform.
They also received a backlash for describing Stake as a “ brand of entertainment and lifestyle ”.