The Formula One racing series is largely regarded as the most prestigious and glamorous of all the major motorsport racing leagues in the world. Over the course of seven decades, Formula One has contributed iconic drivers and jaw-dropping moments to the annals of motorsports.
The hundreds of firms and sponsors that have helped Formula One grow and thrive deserve credit for at least some of the sport’s glitz and glamour. Over the years, the sport has seen a number of different sponsors come and leave.
However, sports betting and casino gambling partnerships have recently invaded Formula One, with 188Bet signed on as an Asian betting partner for the 2020 season. Many people are worried about the impact of this decision on the sport and its followers.
Is it really as horrible as it seems? This essay will examine the evolution of Formula One and the introduction of sports betting to the sport to provide an answer.
Previous Experience
Formula One has a long history of controversy, including complaints and pushback over the negative effects of the sport’s sponsors. Tobacco firms stand out as particularly problematic and well-known examples.
Since at least the 1960s, tobacco corporations have been major sponsors of Formula One teams, helping to pay for research and development and even designing the liveries of some historic race cars. The Marlboro-liveried McLarens of the 1980s and the Lotus John Player Specials of the 1970s both deserve special note.
In the early years of Formula One, major sponsors included alcohol corporations, whose logos appeared prominently on team uniforms and trackside advertising boards. Martini and Heineken are two brands that have become household names.
A Swell of Bans
Most people are aware that the FIA prohibited tobacco sponsorships in Formula One in 2001 due to public outcry over the known devastating health effects of cigars and cigarettes.
Since many of the F1 races took held in Europe, the fate of cigarette sponsorships in the sport was practically sealed around this time due to EU legislation phasing out tobacco advertising with a comprehensive ban in place by the year 2005.
Bernie Ecclestone, the previous chief executive of Formula One, instituted and strictly enforced a prohibition on betting sponsorships across the whole company.
The Guard Has Changed
Ecclestone would stand down as CEO of Formula One in 2018, after the sale of the company to the American entertainment company Liberty Media in 2016.
Formula One has taken a turn for the better now that Chase Carey is at the helm. Formula One in particular would step up its marketing initiatives in the United States in order to attract a larger share of the country’s racing fans (keep in mind that the United States is also home to IndyCar and NASCAR). Meanwhile, under Ecclestone’s reign, F1 generally ignored the American market, notably after the disastrous 2005 US Grand Prix in Indianapolis.
One key result of the current course of action is the addition of the 2022 Miami Grand Prix and the planned 2023 Formula One event in Las Vegas, which will bring the total number of races in the United States to three. Reviving interest in Formula One in the United States was also aided greatly by the Drive to Survive series on Netflix.
The other is, of course, the presence of gambling sponsors in the game.
What are your thoughts on Formula One sports betting?
What, therefore, are the long-term effects of sports-betting sponsorships on Formula One? Sports betting sponsorships will assist Formula One teams and, by implication, the sport as a whole, regardless of your stance on the topic.
Please hear us out before you immediately dismiss our opinion as prejudiced because we are a casino affiliate site.
Tobacco and alcohol firms still retain a financial interest in Formula One teams, despite the prohibitions and limitations that have been put in place.
Despite the FIA’s 2001 rule change prohibiting tobacco advertising, the FIA downgraded the regulation to a mere “recommendation” in 2003, where it has remained to this day.
Because of this, Marlboro has kept their sponsorship of the Ferrari F1 team going strong throughout the 2000s. The primary distinction is that the team’s livery and racing uniforms do not feature Marlboro’s emblems. It’s more accurate to say that these sponsorships have a wider reach than just Formula One, as seen by the success of campaigns like Marlboro’s “red is inspiration” and Philip Morris International’s Mission Winnow.
It’s unlikely that sports betting’s engagement in Formula One sponsorships will have a detrimental impact on the sport’s fan base. A logo from an F1 sports betting site here and there would be simply another minor feature in the already highly packed liveries of today’s F1 cars, given the dozens of other considerably greater benefactors to the sport.
Furthermore, only those who have already decided on betting will do so, therefore there is as yet no evidence to suggest that non-gamblers will be attracted to start online real money gambling because of commercials in Formula One. Sports betting site sponsorships, at best, can sway gamblers to select one service rather than another.
Formula One Sponsorship in the Future: A Recap
Formula One teams and the sport as a whole typically profit from sponsorships. Increased funding from sponsors helps partner teams perform better, which in turn makes for more thrilling racing and more of the unforgettable moments for which Formula One is renowned. Since F1 is now collaborating directly with betting companies like Pokerstars Canada, punters have access to more accurate information, vastly improving their time spent betting online.
The addition of sportsbooks to Formula One can only be considered as positive, and we at InsideCasino are eager to see what the next generation of the sport has in store for us.