Stake F1 Team: The 28-Year-Old Billionaire Who Co-Founded The Crypto-Gambling Company
The Sauber team has been rebranded as the Stake F1 Team, named after the online gambling giant, after parting ways with Alfa Romeo at the end of 2023. At the heart of this transformation is 28-year-old Edward Craven, a billionaire co-founder of the cryptocurrency and gambling empire.
Key Takeaways
- Edward Craven's Stake and Kick: Edward Craven, an Australian billionaire, is the driving force behind Stake, an online crypto-gambling company, and Kick, a new streaming platform. His ventures in cryptocurrency and gambling have skyrocketed his wealth, leading to investments in sports sponsorships.
- Transformation of Sauber: The Sauber F1 team has been rebranded as Stake F1 Team for the 2024 and 2025 seasons before Audi joins in 2026. This rebranding is a result of Craven's substantial investment and sponsorship.
- Celebrity Connections: Craven's association with celebrities like Drake and his involvement in various ventures have brought glamour and scrutiny to his businesses.
Sauber Press Image
After five seasons under the Alfa Romeo title, the Sauber F1 team seemed set for a return to its original name. However, the team later confirmed a rebranding to Stake F1 Team, reflecting the influence of Edward Craven's successful online gambling company. Craven, a 28-year-old Australian billionaire, has amassed considerable wealth through cryptocurrencies and his company, Stake.
Craven's passion for sports is evident in his sponsorship activities. Stake is already a shirt sponsor for football clubs Everton and Watford, and Craven has been a prominent figure in UFC events. His recent involvement with the Stake F1 team highlights his growing influence in the sports world. Alongside his sports enthusiasm, Craven enjoys the company of celebrities. His friendship with Canadian rapper Drake, who also serves as an ambassador for Stake explains the rapper's appearance in the team's announcement.
His company, Stake, has faced scrutiny for its operational base in Dutch Curacao, a strategic move to navigate around Australian gambling ban. Craven's interest in video games and cryptocurrencies from a young age has been a key influence in his career.
Craven's venture into the streaming industry with Kick, set up to rival Amazon's Twitch, showcases his ambition to diversify his business portfolio. The platform has gained traction among creators due to its favourable revenue splits and other enticing features.