The Swiss Federal Gambling Board is reportedly investigating whether the crypto casino’s deal breaches advertising regulations.
Switzerland.- It’s been reported that Swiss gambling regulator Eidgenössische Spielbankenkommission ESBK is investigating whether crypto casino Stake‘s sponsorship of the Sauber Formula 1 breaches national regulations for gambling advertising. The team has announced that it will name its name in its home country and other jurisdictions when necessary.
Sauber has named Stake as its title sponsor for the new Formula 1 season. The crypto casino’s logo features on the team’s new car, the C44, and on team uniforms. However, Stake does not have a licence to operate in Switzerland, and advertising regulations do not permit the advertising of unlicensed gambling platforms.
SRF has reported that the ESBK is investigating the matter. Breaches of gambling rules can be punished with fines of up to 500,000 Swiss francs (€540,000).
The team has said that it will not use the Stake name in countries where the operator is not legal. Sauber managing director Alunni Bravi said: “As we did last year, we will comply with all applicable laws. And if Stake is banned, we will have an alternative team name. Depending on the country, we work with Stake or Kick.”
Earlier this year, Belgium-based Gaming1 announced changes to come at its Swiss casinos after it secured new concessions. Switzerland’s Federal Council has awarded the operator’s Circus Casino France subsidiary licences to run Casino de Davos and Casino de Crans-Montana, Valais, from 2025 to 2044.
It plans to move the Davos casino to a nearby venue to allow it to be developed more, including the addition of a sports bar. The operator also plans to add a sports bar at Crans-Montana, along with seminar rooms, function rooms, a new restaurant area with lakeside views and function rooms and a general modernisation.