Sportpesa reportedly agrees Sh3 BILLION Sponsorship Deal with Formula 1 Racing Team

January 23, 2019

Kenyan betting company Sportpesa continues with its aggressive global expansion.

Reports reaching our news desk indicate that Sportpesa is poised to announce a major sponsorship deal with U.K based Formula One racing team – Racing Point.

According to multiple F1 news sources, the online sports betting company has agreed a two-year contract with an option for another additional season.

Racing Point, previously known as Force India, plans to unveil its new sponsor at its 2019 F1 season launch at the Toronto Motor Show on February 13th.

F1 news outlet RaceFans report that a source privy to the details indicated the deal will be a title sponsorship arrangement. The source added that terms had been agreed at well below the market rate for the level of exposure SportPesa will receive on the team’s cars.

As part of the agreement, SportPesa will receive brand exposure on the cars’ livery as well as other inventory.

The deal is understood to be worth $30 million(Sh3,046,800,000), with Sportpesa said to be paying $8 million for its first year followed by $10m in 2020 and a further $12m if they remain for 2021.

The news follows last year’s announcement by Formula One Management that it had appointed an official gaming partner. Interregional Sports Group will offer live betting on F1 sessions.

Should the deal come to pass, Sportpesa will benefit from a significant increase in brand awareness and visibility. Last year, F1 registered an over 10% increase in global unique viewership to stand at 490.2 million. F1 says that total global cumulative audience now stands at 1.758 billion, as of last year.

SportsPesa boasts operations in the United Kingdom, Isle of Man and Africa( Kenya, Tanzania, South Africa). It is a major sponsor for several teams in the English Premier League including Hull City, Southampton, Everton and giants Arsenal.

The news of the reported sponsorship deal with Racing Point has left a section of Kenyans, especially gamblers, stunned.

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