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Carey defends F1's betting sponsorship deal

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Carey defends F1's betting sponsorship deal
By:
Nov 10, 2018, 3:44 PM

Formula 1 boss Chase Carey has defended the sport's controversial move into the world of betting, insisting it will be done in a "healthy way".

In September, F1 announced that it had signed a deal with the Interregional Sports Group concern to promote new ways of in-play betting on the championship, using live data.

In addition, ISG acquired the right to sub-license betting partnership rights to betting brands worldwide.

The move had led to criticism of F1 linking itself with betting at a time when the relationship between sport and betting has come under increasing scrutiny.

But Carey has defended F1's decision.

"I think with betting obviously we have responsibilities that go with it," he said during an investor call. "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.

"But I think it's clear that fans enjoy it, I think it makes it more interesting, it makes it more exciting.

"As an American I look at in some ways like fantasy football, which is a great enhancement to the NFL. Here's a form of fun betting.

"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.

"It's both a sponsorship element and providing a more expanded an interesting set of opportunities to engage with the sport and bet on things that may not be available."

"People can obviously bet on the sport today, so betting on the sport is not new, but I think we can provide new and interesting ways.

"I think we have to make sure we have integrity and disciplines around to make sure that with anything one bets on there is proper oversight, and it's properly policed and maintained."

Asked whether it was a straight sponsorship deal or F1 would share in betting revenues he added: "We are not in the betting business.

"We are more engaged with opportunities to bet and promoting the betting aspect of it, but we're not in the gambling or betting business."

 

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Series Formula 1
Author Adam Cooper