Formula 1’s owners Liberty Media have announced a sponsorship and data rights deal with Interregional Sports Group believed to be worth $100m over five years.
While previous supremo Bernie Ecclestone was against betting sponsorship, Formula 1’s new owners have embraced it as they look to develop new revenue streams.
The new deal with Interregional Sports Group (ISG) will see the marketing company, with the help of Sportradar, develop live in-race betting through a series of sub-license partnerships.
“F1 is delighted to partner with ISG, which has demonstrated its impressive global capabilities through working with the likes of Serie A and La Liga,” said F1’s commercial director Sean Bratches.
“We are also hugely excited to work with ISG and Sportradar on making the most of the data which is generated at every Grand Prix.
“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.”
The Financial Times newspaper reports that the deal to sell betting sponsorship is worth roughly $100 million over five years with ISG set to pay the full amount upfront.