Chase Carey, president and executive chairman of Formula 1, has personally backed the sport’s decision to align itself with sports betting.
Carey emphasised that F1 governance will monitor wagering activities and sanctioned bookmaker marketing, stating that betting on F1 will be undertaken in a ‘responsible manner’.
The CEO informed F1 investors his plans to do with the partnership and understood what had to be addressed, he stated: “With betting obviously we have responsibilities that go with it. 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.
He wasn’t the only one pleased with the partnership. Tony Ragan, ISG joint chairman, expressed his emotions a few days prior, he said: “We are extremely proud to have created one of the best premium sports assets available.
“This is a great opportunity for ambitious brands that want to extend their sportsbook’s reach and get ahead of the opposition.”
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.”