With more and more countries and states opening up to legalized online sports betting, a lot of things are changing. Some changes are inevitable and obvious. But there are some of them we did not see coming. Like how the sports betting sponsors start to show interest in F1.
Many believe that as the US is the land of the free, anything is possible there. Even including gambling. However, sports betting was illegal in the country until 2018. And ever since it became legal, many states have already stepped on the path of sports wagering. And online sports betting sites in the US could not be happier about it – just like gamblers! But this kind of growth of the industry triggers other factors. For example, sports betting operators appearing as sponsors for several sports events, like F1. Of course, it has been a practice for many years, but the F1 has not been in the center of the operator’s attention. However, it is about to change now. But why now? And how will it go down?
Ads at F1
The sport of Formula 1 has been around for more than 70 years. During this long period of time, wagering on the sport was banned for quite a while. And not only sports betting, but the advertisements of gambling operators were also not allowed on the tracks. However, after 40 years, betting on this popular sport became legal. And then, in 2018 Formula 1 decided to sign an agreement with Interregional Sports Group (ISG). That became the very first gambling partnership of the motorsport series. And that brought gambling advertisements – like physical presence on tracks, billboard ads on tracks, on-screen graphics during TV broadcasts, on social media, and other digital platforms – to the world of F1. And now, the sports betting sponsors are looking forward to having a taste of advertising on F1 races! But why is this the perfect time to do so?
Sports betting sponsors in F1
So, as described above, F1 has not been easy on sponsors for a long time. Therefore, operators looked for other opportunities, like appearing on tennis courts and football fields. So, why are the tables turning right now? As usually in this world, the answer is money. You see, the decision-makers at F1 probably recognized the huge stakes moving around the industry. The grandprix247.com made a very graphic comparison. There is NASCAR, which had 8 million viewers in 2020, and an average sponsorship for NASCAR was 7 million dollars. So, probably those at F1 started to wonder, what they could make with their 433 million global viewers. It is obvious now, why they started to show some attention towards online gambling sites in the US. And global sports betting sites, like Betway would probably be happy about getting some attention from F1!
Sponsorships on the horizon
In connection with other gambling sponsorships in the sports business, we have already detailed why these are beneficial for both actors. You can read about it here. Hence these obvious benefits and the obstacles brushed aside from F1, there is one consequence we are about to see some time soon. More and more online gambling sites showing interest in the sport. And that will bring more and more sponsorships to life. And this obviously has other consequences, like more advertisements, more people gambling on F1, further improving conditions on the tracks, anda so on. Until we get to these, we can still enjoy some sports betting on Betway! The current F1 series is still on, so it is time to put some money on your favorites!