Formula 1 is arguably the most traditional and glamorous racing sport around. Just think about all the legendary racers who have gone through this sport. We all know Michael Schumacher and all that he has done for its history.
The whole world is aware of the unfortunate events that happened in this case. All of these facts make for the one-of-a-kind history this discipline has. Not to mention that numerous people from all over the world follow all that happens.
2023 was its 71st exciting season, and although it looks fresh as ever, it has always been very strict about sponsorship and gambling. The first race was in Silverstone, England, in 1950, but only recently, the sport has started embracing betting.
We all know that many other disciplines out there have started using these as sponsors. For some reason, this one has waited for quite a long time before embracing it. Why such a long wait? What lies ahead? Keep reading to find out.
Formula 1 has always enjoyed a massive fan base. 1.9 billion people watched the 2019 season. The largest fan bases are in Brazil, Italy, the UK, Germany, and the Netherlands, with a viewership of over 100 million each.
Norwegian fans can find the best odds for F1 races at https://casinopånett.eu/, where there’s a good sense of where others are betting. Audiences from the Middle East and North Africa also focus their devotion on the high octane sport.
Unsurprisingly, casinos and sportsbooks are turning their attention to it, too. When you take a look at all of these facts, then nobody should be surprised by the fact that the gambling industry has decided to invest in it heavily.
Still, it is not clear why the industry waited for so much time before this approach was fully adopted. That’s why we can see this is something that has a bright future. Follow our guest specialist, Nina Olsendburg, for more information about it. Her F1 knowledge is well-respected in the field.
During Bernie Ecclestone’s times, the gambling issue was brought up a few times, only to be rejected by F1’s former big boss. Ecclestone feared that letting gamblers advertise or sponsor could stain the sport’s reputation. However, Liberty Media has purchased F1 from Ecclestone back in 2016, and now the gambling industry question is back on the table, big time.
So, you can see that this change in ownership was the major reason why we have a change in perspective. When it happened, Formula 1 has step in line alongside all the most popular disciplines out there like basketball, football, handball, etc. It goes without saying that this financial injection will play a crucial role in Formula 1’s further expansion.
Sponsorship in F1 has always had a secondary place. Most of F1’s funds came from TV rights in the past decades: about 40% of it. While 30% came from race organisers, and only 25% came from sponsors. So, we can expect that this category will become higher on the list. TV rights will not be in the first place anymore.
It’s obvious that bridges with the online casino world can only expand F1’s fan base and viewership. Therefore, the amount of money amassed as a result of this combination is nothing short of exceptional. Besides, if an online casino sponsors F1, how could that be bad? We can all agree that F1 is already a lucrative sport, but it can become even richer.
Traditionally, F1’s best sponsorship deals came from the tobacco industry. Anyone who watched it during the 90s or earlier remembers loads of ads for Phillip Morris’s brands. As most of the world’s attitude changed towards tobacco, this source of income dwindled over the years. Without any doubt, Marlboro is the best-known brand that was a sponsor to these teams.
It means that the new partners are arriving just at the right time. Partnerships with 188Bet, Interregional Sports Group (ISG), and Sportradar are only a few concrete steps towards including sports betting in this niche. But that doesn’t mean that these are the only option that stands in front of Formula 1. In fact, there are a plethora of them that are yet to be explored.
The contract between 188Bet and F1 Asia, for instance, goes until 2024. It’ll make fans and gamblers happy for the four Asian tracks, where 188Bet’s logo will always be in sight. The platform Crypto.com is also joining the trend as an irreplaceable NFT partner.
Cryptos and NFTs could be other points of convergence with the casino world in the future. For instance, it is clear that some teams in English Premier League have accepted some crypto exchanges as a general sport. Therefore, nobody should be surprised if this happens also for Formula 1. To be precise, it is likely that it will happen.
ISG and Sportradar are partnering to create live bets during the races. ISG also secures the right to grant sub-licenses to international partners. Sportradar provides valuable data for sportsbooks and casinos. When you take a look at the latest trends in the gambling industry, you can see that this is already ongoing.
Running Along with Other Sports
Formula 1 is expected to follow the example of other sports, where betting already plays a substantial part, like football. In this case, several casinos and sportsbooks get behind teams to secure exposure and viewership.
Just take a look at the general sponsors of EPL teams. It is clear that these are rather versatile. Still, we can see there are a couple of industries that are currently on the run, like the gambling industry, and crypto exchanges.
Likewise, big players in the casino world, like 188Bet, are expected to put their money and name on an F1 team in the future. When you think about it, it is certainly possible that this collaboration is something that will lay the foundation for the future of Formula 1.
By doing so, they’ll be known by hundreds of thousands of spectators worldwide. Basically, we’re talking about a win-win situation. When you’re aware of all these factors we’ve discussed in this article of ours, you can see that it is certainly something that can produce something valuable in the future.
Finally, one of the most-watched motor race series worldwide will open its doors to the gambling industry. Such inclusion promises to be fruitful and profitable for all parties involved. Here, we’ve provided you with all the most significant factors.
It’s already been demonstrated how sports betting can boost viewership numbers for any sport. Fortunately, this collaboration has proven efficient, and there’s no reason why it shouldn’t continue for quite a lot of years.
Viewership increases because betting on sports events where their money is means bettors will be watching closely. Punters can always place new bets during the event as well. More viewership means more ads, which in turn means more money to the sport. Therefore, both sides can expect to gain some benefits.