Formula 1 has announced it is renewing its partnership with Asian sportsbook 188BET after the end of its previous five-year agreement.
Under the agreement, 188BET plans to leverage its partnership with a Formula 1 team to boost brand visibility and connect with sports fans. The strategy involves offering exclusive promotions and unique betting options designed for Formula 1 fans, along with behind-the-scenes content to create a more immersive experience.
The sportsbook added that the deal strengthens its partnership with Formula 1 and reinforces its presence in Asia, aiming to become a top sports betting destination in the future.
While specific details of the renewed partnership remain limited, the previous agreement established the sportsbook as the official Asia sponsor for the Formula 1 series, a role it held for five seasons through 2024.
Recently, Formula 1 has unveiled several partnerships spanning various industries. Among the latest is an expanded agreement with American Express, elevating the financial institution from a sponsor of Americas events to a global sponsor.
American Express highlighted that one of the key motivations for the partnership was the demographic of Formula 1’s audience. The growing appeal of the sport among younger viewers has also resulted in collaborations with brands like Lego and Hot Wheels.
However, Formula 1’s connection with the gambling industry also strengthened. In January, Betting and online casino brand Stake became the Sauber Motorsport team’s exclusive title sponsor for the 2024 and 2025 seasons.
Lauded by some as a groundbreaking sponsorship, the deal faced challenges earlier this year. In August, just before the Dutch Grand Prix, the Netherlands’ Gaming Authority mandated that Formula 1 eliminate any advertisements for Stake.
The Kansspelautoriteit (KSA) ruled against Stake, stating that the online casino and betting brand lacks a licence in the country, making it illegal for them to offer their services there.
