Motorsport community RaceFans.net has reported that Kenyan betting group Sportpesa has secured a ‘landmark title sponsorship’ of Formula 1 team ‘Racing Point’ for the upcoming F1 2019 season (start date – 17 March).
Undertaking its second full season in F1, the Racing Point team (formerly Force India) is backed by Canadian finance magnet Lawrence Stroll, who is reported to have agreed a two-year ‘principal partner’ agreement with Sportpesa Kenya.
In its report, Racefans.net details that Sportpesa has agreed to pay between $10-12 million per season to sponsor Racing Point, with the F1 Team rumoured to be changing its race day colours to match the Sportpesa brand.
Backing Racing Point, Sportpesa marketing is reported to believe that F1 will be a key foundation for building its profile beyond the African sports betting market.
Supporting Sportpesa’s ambitions, last September F1 governance announced the commercial launch of Interregional Sports Group (ISG), a special unit tasked with developing F1 betting propositions and sponsorship rights.
ISG has appointed leading sports data and insights firm Sportradar as its lead partner for developing F1 in-play wagering propositions, and distributing F1 data to bookmakers.
As yet, neither Racing Point management or Sportpesa leadership have confirmed the principal sponsorship.