Alfa Romeo has announced a new Formula 1 title partnership for 2023 with the arrival of gambling firm Stake on a multi-year deal.

The Hinwil-based outfit lands a fresh title sponsor off the back of its best season in the V6 hybrid era, finishing sixth place in the constructors’ championship.

Founded in 2017, Stake is one of the world’s leading entertainment and lifestyle brands that has forged a presence in sport in recent years, investing in UFC and sponsoring Premier League side Everton among others.

The deal will see Alfa Romeo undergo a name change ahead of the new season as the team becomes Alfa Romeo F1 Team Stake.

“We welcome Stake as a new co-title partner for the team in what represents the start of a new era for us both,” said Sauber managing director and Alfa Romeo team representative Alessandro Alunni Bravi.

“Formula One has seen a huge increase in interest over the last few years and the arrival of brands such as Stake are representative of the massive exposure our sport can offer.

“We are excited to join such a portfolio of sports and entertainment brands and we’re looking forward to the activation programme that Stake will unveil for our fans.”

The announcement of a new title sponsor means Alfa Romeo’s previous partnership with PKN ORLEN has been terminated, but the Polish oil and gas brand will remain in F1 this year.

It has instead landed a multi-year deal with AlphaTauri as a primary partner and ORLEN’s branding will feature on both the team’s 2023 car and overalls.

ORLEN is a backer of one-time grand prix winner Robert Kubica but it is expected the Polish driver won’t jump ship from Alfa Romeo to the Faenza squad where he was the team’s test and reserve driver.