Details of SportPesa Sponsorship deal with a F1 Team

Kenya’s sport betting firm, SportPesa is poised for a lucrative sponsorship deal with the UK based Formula 1 team, Racing Point, starting March 17, 2019. The deal is rumored to amount to up to $30 million (equivalent to KES 3 billion). Racing Point, under the ownership of Lawrence Stroll, a Canadian multimillionaire has had financial problems during their 2018 season. This resulted in the team entered into administration midway the season which lead to the name changed from Force India to Racing Point after it was saved by Stroll.

According to RaceFans, SportPesa is expected to pay $8 million for the 2019 season, $10 for the 2020 season and an option for a third season for $12 million. The deal, which is highly expected to be a title sponsorship agreement, will be unveiled by Racing Point on February 13th at the Toronto Motor show as hinted on Racing Point’s Instagram post with the caption “#soon”.

https://www.instagram.com/p/BsfjiGgn1cI/

The show will also reveal the new Sportpesa branded cars which would result to the team adopting Sportpesa’s blue corporate color at the expense of the previous striking pink livery used by Racing Point. It is, however, not clear whether BWT will continue to sponsor the team.

The news follows the announcement by Formula One management that International Sports Group had been appointed as the official gaming partner. This will entail the International Sports Group managing the live betting sessions for Formula one. ISG is also in the process of on-boarding other betting firms for other deals that will include on screen graphics and track branding during televised races.

The deal will definitely increase Sportpesa’s global market exposure and visibility internationally and enhance its dominance in the betting industry. Sportpesa is one of the most successful companies in the African continent with base in the continent as well as the United Kingdom and the Isle of Man.

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