The issue of gambling companies sponsoring F1 is one that is evolving and changing the motorsport industry.
Early on in the Championship, F1 vehicles were primarily painted in the national colors of their respective nations, and there were very few minor emblems from businesses like tire and fuel suppliers. However, when BP and Shell quit Formula One and Firestone began charging for tires in 1968, everything changed. They made the decision to permit advertising sponsorship in order to assist Formula 1 teams in generating more revenue.
This was a pivotal choice in the evolution of F1 and it sparked numerous new agreements and transactions, including collaborations with gaming establishments and wagering firms.
Does Formula One Need Sponsors?
Even though Formula 1 racing may not be as well-known as sports like football, cricket, or basketball, sponsorship is crucial to its success. The sport’s fan base is expanding on a global scale, and its reputation is highly valuable. Formula 1 has an abundance of sponsorship agreements, but historically the sport has been circumspect regarding these types of agreements and has shied away from working with gambling sponsors.
When Formula 1 opted to try something new in 2020 and secured its first-ever gambling corporation as a sponsor, everything changed.
For What Reasons Do iGaming Companies Offer F1 Sponsorships?
Formula 1 is sponsored by iGaming corporations for a variety of reasons. The ability to connect with potential consumers who have an interest in motorsport betting is one of the primary advantages. Online casino providers may reach out to this target market by collaborating with F1 teams.
These alliances give online casinos the chance to develop games with a racing theme that players may play for free, using free spins with operators at the site, or with real money.
These businesses may reach a fan base that is enthusiastic about motorsports as well as engaged in sports betting by collaborating with Formula 1 teams. This enables them to focus on particular areas that are crucial to their business while yet reaching a big audience. They can also use sporting events shown on television to reach particular regional audiences.
Sponsorship agreements enable gambling companies to promote and comply with stringent regulations in nations where they are subject to prohibitions. Although some might find this strategy dubious, given the situation, it is a workable answer.
In order to boost F1 events in Asia, for instance, a renowned casino operator recently negotiated an exclusive agreement. As a result, the operator may promote both racing and betting while showcasing its brand at all Formula 1 races on the continent. Formula 1 and 188BET in Asia announced a sponsorship partnership in 2021, and this is the deal we are talking about. Both parties gain from this collaboration. Exclusive access to F1 betting data is granted to 188BET, which they can use to inform gamblers and affect their choices. The betting corporation can also reach Asian viewers with virtual trackside adverts to promote its brand. Formula 1 receives a yearly payment from 188BET of an undisclosed amount in exchange, which aids the racing organization in growing its business.
Many people disapprove of the fusion of Formula One and online gaming. Gambling businesses may have an impact on the game, critics have cautioned, increasing the likelihood of gambling-related issues. Yes, online gambling is forbidden in a lot of regions. Yet, it is difficult to conceal all the gambling advertisements on race vehicles or on the tracks, so the result of banning gambling is not favorable to nations that imposed it. It may appear that local laws are being broken when such races are broadcast on television by exhibiting unlicensed gambling.
Although this is a global issue, some countries are not affected though. These gaming businesses also restrict users from accessing their websites from regions where they are not permitted to conduct business. This is how it operates in many nations. Overall, these sponsorships give iGaming businesses the chance to interact with motorsport aficionados, develop niche games, and broaden their market reach.
Current F1 Betting Affiliates
Several gambling companies are now involved with Formula One. Future participation from more marketers and partners would be possible as the motorsport aims to generate more income.
Stake.com just invaded the F1 sponsorship field and made a big impression. This cryptocurrency-specialized gambling platform, the leader in the niche, signed a $100 million, three-year sponsorship contract with the Alfa Romeo F1 team at the start of this year.
Stake.com is also heavily involved in other sports, sponsoring teams including Everton, Watford, and Gillingham in football. They also collaborate as a betting partner with the UFC, a well-known mixed martial arts (MMA) organization.
PokerStars, the most popular online poker room, has taken over as the team’s official poker partner in its second year of sponsorship of Oracle Red Bull Racing. The team’s race outfits, driver helmets, and vehicles all bear their logo.
This innovative partnership between an F1 team and a web-based poker service demonstrates the enormous popularity of both sectors. Due to the support and increased exposure provided by the agreement, both PokerStars and the F1 team benefit.
188Bet has a five-season arrangement to promote F1 as an official sponsor through 2024.
Through this alliance, the brand is able to advertise the racing event in Asian markets. Fans are anticipating more striking displays this year after noticing their banners at the racecourse. Information on the odds for betting on race results at 188Bet is available on the Formula 1 website.
Aristocrat Gaming, a significant player in the casino slot industry, has been successful in landing an F1 sponsorship. Aristocrat Gaming and Formula One have a multi-year arrangement that enables them to provide casino games with a sports theme at the Las Vegas Grand Prix. In addition to this sponsorship, they will use a variety of marketing tactics and advertising materials.
Aristocrat Gaming had already partnered with the NFL before this and plans to release NFL-themed slot games.
Formula 1 races require sponsorships since they assist the racing teams financially and give partners promotional opportunities. Although there are many possible sponsors who may replace them, there are already some major sponsors, as we said, like PokerStars and 188Bet.
The international gaming society and the media are well-known for their coverage of companies like CasinoDeps NZ and Sky Sports.