Formula One Calls Halt On Betting BanJake Cooper | 21 Nov 2018
It’s the end of a 40-year era, and we can’t say that we’re sorry to have seen the last of it. Formula One has finally ended its notorious ban on gambling-related sponsors, most probably thanks to the fact that new owners Liberty Media now own the brand. New Chairman Chase Carey made it clear that a complete change in attitude had taken place within company-ranks and that in future; the F1 brand could embrace sports betting sponsorships with open arms.
Carey spoke without mincing much in the way of words and said that quite frankly, fans enjoyed it more when a measure of sports betting was involved as this added a new level of excitement to the whole Formula One experience.
Integrity Will Remain A Priority
Carey answered many questions on the topic from concerned and interested parties, and said that it was important to remember that the new sponsorships would be approached with the utmost care. He said that integrity would always enjoy top priority in order to ensure that everything associated with betting on the sport as well as the sponsorships proceeded in a healthy and balanced manner.
The new approach also includes a data rights partnership. What this means is that going forward, Formula One will work in partnership with the Interregional Sports Group in order to create new and innovative ways for fans to enjoy the action. New avenues of personal involvement between fans and the sport that they idolise will be incentivised in a big way.
A Trio Of Services
Another new party contracted to become involved is Sportradar, well-known global sports data management experts. Looking to the future, the trio will work together during each and every race in order to release data that is current and instant. This will kick all sorts of live betting markets into action, something that simply wasn’t possible in the past, due to a lack of resources and proper data management.
Sportradar will focus on the detection of fraud. The company provides an anti-fraud system to many other sectors including the NBA, World Rugby, and FIFA. This will ensure that any corruption or potential race fixing is stopped dead in its tracks.