Formula One racing announced a deal worth at least $100 million with Interregional Sports Group to work towards the development of live in-play betting on its auto racing product.
The UK’s Financial Times reported earlier that the deal to sell betting sponsorships was worth at least $100 million over five years.
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 Grand Prix, the company said in a press release.
“As part of the deal, ISG will have the right to sub-license betting partnership rights to select betting brands around the world, subject to regulations,” Formula One said in the release.
The rights include regionalized branded on-screen graphics, physical and virtual trackside signage and integration across F1’s digital and social platforms, the release said.
The Financial Times said ISG would pay an upfront fee to Liberty and recoup that money through separate deals with gambling sponsors. The partnership also involves Sportradar Integrity Services to help ISG and gambling companies use the data to create markets and spot any suspicious betting patterns.
Sean Bratches, the sport’s managing director for commercial matters, said the deal would make the most of data generated at races worldwide.
“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 One the world’s leading sports entertainment experience,” said Sean Bratches, Formula One’s managing director for commercial matters. “This deal allows us to develop new and exciting ways for Formula One fans around the globe to engage with the world’s greatest racing spectacle, while ensuring integrity with best practice oversight from Sportradar.”
