Formula 1 (F1) has announced a sponsorship and data rights commercial partnership with Interregional Sports Group (ISG) to produce a first-ever F1 betting service.
The moves marks a major departure for the motor-racing property, which has previously blocked betting firms from signing partnership deals in the sport.
A press release from ISG says it will work with Formula 1 and data specialist Sportradar to use real-time on-track data.
The firm claims the move will “bring F1 in line with other major global sports by enabling the development of in-play betting markets during Grands Prix.”
As part of the deal, ISG will have rights to sub-license Betting Partnership Rights to select betting brands around the world, subject to regulations, including regionalised branded on-screen graphics, physical and virtual trackside signage and digital integration across F1’s digital and social platforms.
F1 and the FIA, international motorsport's governing body, will benefit from support from Sportradar Integrity Services, supplier of integrity solutions to sports federations, leagues, clubs and state authorities.
Sportradar’s Fraud Detection System is already deployed by rightsholder partners including FIFA, NBA and NHL, to help prevent and identify betting-related match-fixing and corruption.
Commenting on the deal, Sean Bratches, managing director, commercial operations at Formula 1, said: “F1 is delighted to partner with ISG, which has demonstrated its global capabilities through working with the likes of Serie A and La Liga.
“This deal allows us to develop new and exciting ways for Formula 1 fans around the globe to engage with the world’s greatest racing spectacle, while ensuring integrity with best practice oversight from Sportradar.”
Tony Ragan, joint executive chairman, ISG Group, added: “Across the ISG Group we enhance rights holder and brand relationships using our expertise in technology, unique content development and comprehensive activation programmes.
“We will be working with Sportradar to create products that will be both exciting and engaging for the global betting public helping them feel even more involved in what is one of the most thrilling sports in the world.”
David Lampitt, managing director group operations, Sportradar, also commented: Through this collaboration with Formula 1, we’re delighted that fans will receive an exciting and safe betting experience and we look forward to further developing the F1 fan experience.”
The news comes as Betting on Sports Week gets underway at London’s Olympia.
Full details of F1’s move will be formally unveiled at the conference - the largest international sports and betting trade event in the world - tomorrow.