Open-sport racing competition Formula 1 has signed with ISG and Sportradar to offer in-race betting odds and ads after decades without any gambling deal.
Betting is officially arriving at Formula 1 Grand Prix.
On September 18, F1 announced its deal with Interregional Sports Group (ISG) and Sportradar to offer in-play betting during race weekends. The partnership would provide official real-time data collected on the track to bookmakers for more accurate in-play odds.
— BBC Sport (@BBCSport) September 18, 2018
The deal also gives ISG authority to sub-license to betting brands F1 partnership rights, which include branded on-screen display and trackside signage, among others.
Meanwhile, the agreement would ensure to maintain the integrity of F1 through Sportradar’s monitoring and consultancy solutions, which most sports organizations worldwide rely on to stop betting-related match fixing.
Here is why the @F1 betting deal make sense. Their global fan base is heavily engaged with betting.
Formalised relationships with the betting industry will also help with integrity related issues#sportsbiz @MurrayBarnett https://t.co/JhZVwMIHEv pic.twitter.com/ZJMV9fliSX
— Rob Mills (@Millsyrob) September 18, 2018
The deal is a momentous shift of stance for F1. Under the leadership of “F1 Supremo” Bernie Ecclestone, the premier open-wheel racing competition has avoided any gambling-related deal for four decades. He once explained that the concept would hurt the F1 brand.
However, after Liberty Media bought full control of the competition for a reported US$8 billion in 2016, F1 has started to embrace new revenue streams made possible by technological innovations, one of which is in-race betting.
Sean Bratches, Managing Director of Commercial Operations at Formula 1, said:
“Data and sponsorship partnerships like this are common practice across almost all premium sports and this is the latest step in our mission to make Formula 1 the world’s leading sports entertainment experience. This deal allows us to develop new and exciting ways for Formula 1 fans around the globe to engage with the world’s greatest racing spectacle.”
Tony Ragan, Joint Executive Chairman of ISG Group, added:
“We are industry leaders in helping rights holders segment global audiences through the use of regionalised virtual advertising. F1’s worldwide audience is a perfect fit for that approach… We will be working with Sportradar to create products that will be both exciting and engaging for the global betting public helping them feel even more involved in what is one of the most thrilling sports in the world.”
David Lampitt, Managing Director of Group Operations at Sportradar, stated:
“Through this collaboration with Formula 1, we’re delighted that fans will receive an exciting and safe betting experience and we look forward to further developing the F1 fan experience.”
The involved parties will reveal more details about the recently closed partnership at the Betting on Sports conference in London ongoing since Tuesday until September 21, 2018.