How Sports Betting Could be Good for Formula 1: 2020 saw a big move towards opening up Formula 1 to sports betting.
Although many markets have been available for some time, until now they have all focused on static results – group winners, podium finishers, constructor champions and the like. Now for the first time live, in-race betting has started, opening up many new possibilities.
Despite the reservations that many feel over betting there is no doubt that it has had some benefits for other sports, and the same should apply to F1. Here we take a look at what the new betting option could mean for the sport.
More options for viewers
The most obvious change will be the number of betting options now available to punters. F1 live odds make for a much more dynamic viewing experience, with thirty or more new markets now open. If you’re not yet sure about what it all means, find an introductory free bet or no deposit bonus at MrCasinova to try it out.
Spectators can bet not just on winners but on dramatic or unpredictable events such as mechanical failures, crashes and unscheduled pit stops – plus much more. This added aspect is anticipated to be instrumental in raising viewership and drawing in new fans.
More ways to watch
In many places, F1 is only available to watch via expensive subscriptions services. These quickly add up, and only very dedicated fans are willing to shell out. This could change with live betting. If online bookmakers take the same approach as they have with other sports, viewers will have a less expensive option.
For any event with live betting, many bookies also provide a live stream so long as you place a bet. Making a small bet still adds up to a lot less than the subscription fees, and there’s even a chance to win some money back.
For the sport itself, widening the scope of sports betting should have some very positive effects. Other sports that have benefited from investment from the gambling industry include hockey, soccer and rugby.
In the UK, more than half of the teams in the Premier League have gambling companies as sponsors. In a sport with as many expenses as F1, the inevitable boost in revenue should be a great advantage.
The new live betting options go hand in hand with increased sponsorship, as gambling providers engage further with the market.
The start of the year saw the first ever gambling sponsorship deal in F1, marking a break with the past when such deals were prohibited. Bosses in the sport have high hopes for the impact of making a closer alignment between sports betting and F1.
As well as a new source of revenue, the expectation is that live betting and sponsorship will increase fan engagement and raise the profile of the sport around the world.
Another potential effect further down the line could be in supporting new challengers. Joining F1 as a new team is an incredibly expensive undertaking, and betting firms have the financial power