Formula One’s first official betting partner could be announced soon after the motorsports championship began talks with major global brands for the packages, which are tipped to be worth $100m (£76.8m/€88.1m).
The betting partnership packages, developed with data giant Sportradar and announced in September, will offer operators exposure via TV graphics, trackside signage and F1’s website and social channels.
Interregional Sports Group (ISG), the London-based international sports media group which has the rights to sub-licence the packages, announced on Thursday afternoon that discussions are now beginning with “global betting brands”.
“We are extremely proud to have created one of the best premium sports assets available,” said ISG joint chairman Tony Ragan in a statement. “This is a great opportunity for ambitious brands that want to extend their sportsbook’s reach and get ahead of the opposition.
“We are beginning dialogue with a number of very exciting global betting brands. They are rightly viewing F1 as a huge opportunity.”
Liberty Media, the owner of the motorsport championship, and its data and media rights partners will work with information taken directly from races to enable the development of in-play betting markets during Grands Prix. The Financial Times newspaper suggested the packages could be worth $100 to Formula 1.
Speaking in September, Sean Bratches, managing director of commercial operations at Formula 1, said the championship wants to enhance fan engagement through the partnerships and improved offering.
Bratches added: “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, while ensuring integrity with best practice oversight from Sportradar.”