Betting firm SportPesa has unveiled its latest sponsorship deal; an estimated multi-billion shilling arrangement with Formula1 team Racing Point, which will now be referred to as the SportPesa Racing Point Formula 1.

As per details of this deal which is expected to last three years, Spanish ace Sergio Perez and Lanze Stroll will be at the cockpits of the cars belonging to the new outfit.

"SportPesa are a young dynamic, growing company whose values align with our own vision to become a team capable of competing at the very front of the grid," said Otmar Szafnauer, Team Principal and CEO of SportPesa Racing Point.

Formula One is a popular annual motor-racing competition involving the highest class of single-seater sanctioned by the Federation International de Automobile. The results of each race are evaluated using a points system to determine two annual World Championships.

SportPesa Company Director Adam Beighton added: "Equally important is the platform it provides us which enables us to say true to our mission; to build and develop grassroots and professional sport in the countries where we operate by bringing new opportunities to local communities."

This deal elevates the Kenyan based gaming firm onto the same platform with some renowned firms as Johhnie Walker, Heineken, Rolex, Shell, Mercedes and Red Bull, which have extensive interests in Formula One.

Separately, SportPesa enjoys sponsorship deals with English sides Everton and Hull City, Kenyan teams Gor Mahia and AFC Leopards, Tanzanian clubs Simba and Yanga, plus Cape Town City and Torino which ply their trade in South Africa and Italy top flight leagues respectively