Although greatly overshadowed by NASCAR in the United States, Formula 1 racing is the most popular motorsport circuit in the rest of the world. F1 is especially popular in Europe and Asia which also happen to be two of the most lucrative gaming markets in the world. This is not lost on F1 and they along with data rights management partner Interregional Sports Group (ISG) have expanded a partnership with Sportradar to launch a new ‘in race’ live betting product.
The Sportradar live odds team is in the process of creating new in race betting models utilizing never before available proprietary historical data from Formula 1. The new live odds product is expected to be available at the start of the 2020 season in conjunction with the Australian Grand Prix at the Albert Park Grand Prix circuit in Melbourne.
Tony Ragan, joint chief executive of ISG Group, had these comments about the partnership between F1 and Sportradar:
“F1 already has a huge global fan base, unrivaled television audiences and provides a thrilling experience for both experts and newcomers to the sport. The potential for pre-race and in-race betting is huge and F1 itself is developing in a way that will continue to fuel opportunities for additional markets. This season’s introduction of a Championship Point for the fastest lap is a case in point. The potential for the betting markets was perfectly illustrated at the French GP where Sebastian Vettel who, despite a later tire change, secured the fastest lap in the dying seconds of the race.”
David Lampitt, Managing Director of Sports Partnership for Sportradar says that Formula 1 is an ‘untapped market’ for bookmakers:
“F1 remains an untapped market for bookmakers, despite it being one of the richest data-driven sports in the world. This partnership enables us to roll out enhanced data-driven products, which will provide additional betting opportunities both prior to and during live races, creating the most comprehensive offering available anywhere. We’re looking forward to continuing to work with F1 and ISG to create insights from their unique data sets in a way that will both excite the market and help build customer engagement and interest across the sport.”
Credit to F1 for taking this proactive approach and realizing that further developing the betting market on the sport can be a significant component to expanding the fan base and the revenue growth that comes with it.