Thu, Nov 15, 11:49am by Staff Writer
Formula 1 recently announced that it has entered into a partnership with Interregional Sports Group (ISG) and Sportradar to enable live betting during racing and the sport’s boss Chase Carey has defended the move, insisting that it will be done in a “healthy way”.
The world’s premier racing championship pairs up with a sports betting company at a time when the relationship between sport and betting has come under increased scrutiny.
The deal also enables ISG to sub-license betting partnership rights to betting brands around the world.
“With betting obviously we have responsibilities that go with it,” Carey told Eurosport.
“It’s clear that fans enjoy it, I think it makes it more interesting, it makes it more exciting,” he said.
— Pitpass.com (@pitpassdotcom) November 13, 2018
American Carey referred to fantasy football as an enhancement of the NFL and something that widened engagement in that sport.
“I look in some ways at fantasy football which is a great enhancement to the NFL as a form of fun betting. I think that type of engagement in a sport widens its appeal to others, makes the experience better and obviously has business opportunities for us,” he said.
When quizzed as to whether or not it was a straight sponsorship deal or whether Formula 1 would share in betting revenues Carey said, “we are not in the betting business.”
“We are more engaged with opportunities to bet and promoting the betting aspect of it, but we’re not in the gambling or betting business.”
The Formula 1 calendar will include an event in Vietnam from 2020 with a street race in the country’s capital city Hanoi.
The Vietnamese Grand Prix is the first new race announced since Liberty Media took charge of Formula 1 in 2017.
The inaugural race will be staged in April 2020 on a 5.565km circuit, with the organisers signing a multi-year deal to become the fourth East Asian country on the calendar with Singapore, China and Japan also hosting Formula 1 races.
New Formula 1 champion Lewis Hamilton recently weighed in on the decision to race in Vietnam by saying he would prefer an additional race in countries with “real racing history”.
Hamilton referenced an event in Turkey when justifying his thoughts saying, “we had a Grand Prix in Turkey and hardly anyone came. Cool track, cool weekend but poor audience.”
“On the racing side, I don’t know how important it is to go to new countries such as Vietnam,” the Mercedes driver said.
Since 2004 the Formula 1 has added races in Bahrain, China, Turkey, Singapore, Abu Dhabi, South Korea, India, Russia and Azerbaijan.
While Formula 1 has thrived in Singapore, it did not last long in India and South Korea, with Vietnam a country with similar scant racing tradition.
Chase Carey remarked that, “we are thrilled to be here in Hanoi, one of the most exciting cities in the world right now with such a rich history and an incredible future ahead of it.”
“This is the perfect formula for Grand Prix racing and I look forward to this becoming a real highlight of the F1 calendar.”
A race in Vietnam in 2020 has meant that plans for a race in Miami are on hold after opposition from local groups.
— Autoweek (@AutoweekUSA) November 12, 2018
The 2020 calendar could have as many as 23 races, despite resistance from some teams.
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