Formula 1 is not different from any global sporting code. The COVID-19 pandemic has made it difficult for many teams to keep all their staff and they expect loses for this season.
The F1 also introduced the budget cuts starting from next year which will see teams reducing the financial muscles from the sport.
While the sport is seeing an experiencing a growing entertainment value from betting especially from bestUSAonlinecasinos online casino sites and brands which provide entertainment platform for formula one fanatics to place bets on their favourite driver or team
Due to covid-19 the formula one stock has recently reported a lost its market share value of 5 million dollars of its market value. With the sports relying on sponsorship is still has to be seen how will the sponsorship look like next season especially for the smaller teams.
While the sport has a huge global fan base and drive impressive sports betting and casino figures. Many casinos and betting sites have reported an increase in formula one wagering compared to traditional games such as slots, online roulette and other table games. The figures can be contributed to fans spending more time at home during the pandemic and looking for alternative entertainment.
Without strong sponsors Formula 1 teams will have a very challenging time to keep the competition at international level and satisfying the staff. Opening other industries to the sports could be one solution to the formula one to keep competing with other sporting codes such as Football, Basketball and Tennis next year.
The sport keep on producing exciting young talents who are investing their future as drivers.
Formula one learning of the pandemic
Not only on formula one but we all learned that rapid decision making is very crucial as it happened globally when countries went to lockdown phases to contain the virus.
Leadership of formula one must take the leaning of quick response and decision making in the future. Opening revenue streams for teams and drivers to sustain during a difficult time and monetize their brand with sponsorship deals