Formula 1 signs first ever official betting operator in multi-year deal
Betway has announced a deal with Formula 1 in a move that will see the motorsport agree its first ever betting operator sponsorship.
The move, which is not a global sponsor, spans Europe, the Middle East and Africa, as well as Canada and Mexico and sees Formula 1 enter the betting market.
Betway platforms will allow punters to place in-play bets “on driver and team strategy – from safety car occurrences, pit windows, on-track battles and more”, according to a statement.
Formula 1’s Jonny Haworth said: “Sports betting is now a natural extension of how many modern fans engage with live events.
“As a series with vast and complex data sets, our innovative partnership with Betway allows our adult fans to take a step closer to the strategy and action that makes it so thrilling.
“While betting and sport have long gone hand in hand, this new product offering based on real-time and regulated data takes Formula 1 into a new cutting-edge dimension that offers even more engagement and excitement for fans.”
Formula 1 enters betting
The agreement does not cover the United States, which is going through a betting and prediction market revolution, while the likes of Australia – host of this year’s season opener on Sunday – is also excluded from the coverage area.
A statement continued: “As a sport that is built on strategy and millions of data points, this new partnership unlocks a modern and innovative way for eligible audiences over the age of 18 to engage with cutting edge metrics that are accurate, consistent and official.”
The agreement comes following a number of high-profile entries across Formula 1 of late, led by a 10-year, $1.5bn deal with luxury firm LVMH.
Elsewhere Mastercard became title sponsor for champions McLaren, while Revolut joined Audi in the same capacity.
Formula 1, too, has used deals with the likes of Disney, KitKat and Lego to push itself towards new audiences, which are increasingly younger and more female.