Grammy Award-winning rapper Drake made headlines this week as he continued his partnership with crypto gambling site Stake by announcing the platform's two-year naming sponsorship of the Sauber Formula 1 (F1) racing team. The team will now be known as the Stake F1 Team, replacing its previous sponsor Alfa Romeo. This move further solidifies Drake's association with the gambling platform and highlights the growing presence of crypto in the F1 world.
Stake's Journey in Formula 1
Last season marked the beginning of Stake's foray into Formula 1, with the brand serving as a sponsor for the Alfa Romeo F1 Team Stake. The successful collaboration paved the way for the brand's expanded role as the headlining sponsor of the newly rebranded Stake F1 Team. Alessandro Alunni Bravi, a representative of the team, expressed excitement for this next step and emphasized the natural progression of Stake's involvement in the sport. The Stake F1 Team will operate under its new name until 2026, when it is set to rebrand as Audi's factory team.
Drake's Prominent Role
Drake has been a prominent advocate for Stake since late 2021. While the rapper previously livestreamed his gambling activities, Twitch's ban on broadcasting most forms of gambling in September 2022 put an end to that. Nonetheless, Drake has consistently shared his Stake bets and even made videos showcasing his roulette playing on the platform. His high-profile endorsement has undoubtedly contributed to the platform's popularity and has helped bring crypto gambling into the mainstream.
Drake's Wins and Losses
While Drake has experienced some gambling wins, he has also endured significant losses. Reports suggest that he wagered over $1 billion across multiple bets in late 2022. Despite these losses, Drake remains an enthusiastic supporter of Stake and has publicly expressed his interest in crypto. He even flaunted a blinged-out Ledger hardware wallet for his Bitcoin on social media, showcasing his involvement in the cryptocurrency world.
The Intersection of Crypto and F1
The partnership between Stake and the Sauber Formula 1 team is just one example of the growing intersection between crypto and the racing world. In 2021, Crypto.com made headlines by investing $100 million in the car racing league. McLaren also released F1 NFTs, further highlighting the integration of digital assets in the sport. Additionally, the Crypto.com exchange secured a nine-year naming rights deal for the Miami Grand Prix in 2022, and Kraken sponsored the British F1 team Williams Racing in early 2023. Although FTX and Tezos have since departed from the F1 arena for different reasons, the presence of crypto in the sport remains significant.
In conclusion, Drake's continued endorsement of Stake and the platform's partnership with the Sauber Formula 1 team signify the growing prominence of crypto in the world of racing. This collaboration not only showcases the increasing acceptance of digital assets but also highlights the potential for crypto gambling to become more mainstream. As the Stake F1 Team embarks on this new chapter, it will be interesting to see how this partnership evolves and how it impacts the future of both crypto and Formula 1.
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