Chase Carey, President & Executive Chairman of Formula 1, has personally backed the sport’s decision to align itself with sports betting.
Updating stakeholders, Carey insists that F1 governance will monitor wagering activities and sanctioned bookmaker marketing, stating that betting on F1 will be undertaken in a ‘responsible manner’.
“With betting obviously we have responsibilities that go with it,” Carey detailed to F1 investors.”We want to make sure it’s done in a healthy way, we want to make sure it’s done with proper integrity tools around it.”
Carey’s makes his statement, as F1 strategic partner Interregional Sports Group (ISG) last week launched its first commercial partnership packages for betting incumbents.
Working in partnership with Sportradar as data lead and distributor, F1 will begin to expand its in-play betting capacities, a move Carey believes will broaden F1’s appeal to wider audiences.
“I think that type of engagement in a sport widens its appeal to others, it makes the experience better, and obviously it’s business opportunities for us,” he added.
Leading Formula 1, the world’s most followed motorsport format, Carey outlined that commercial partnerships with bookmaker would have to adhere to strict responsibility codes.
He said: “I think we have to make sure we have integrity and disciplines around to make sure that with anything one bets on there is a proper oversight, and it’s properly policed and maintained.”
Closing his address, Carey confirmed that F1 will have no revenue share attached to betting activities, stating that commercial tie-ups were should be kept as “straight sponsorship deals”.
“We are not in the betting business,” he concluded. “The sports is more engaged with opportunities to bet and promoting the betting aspect of it, but we’re not in the gambling or betting business.”