The $ 100 million deal between the F1 Organizing Committee and the betting companies is causing a lot of controversy both commercial and legal, but it is undeniable that betting players will have access to “extensive” more on the fiery races in the future.
Recently, Liberty Media, the organizer of the F1 tournament, has signed a sponsorship deal worth up to $100 million with sports betting companies.
This is considered one of the turning point in the history of Formula One racing, not only by the value of the contract but also by the partner is the unit operating in the “sensitive” field.
Will F1 races be “fully exploited” by betting units next time?
The contract signed at this time also raises fears “octopus hose” of these tycoons will manipulate the world’s most exciting speed sport. However, tycoon John Malone, who owned Liberty Media in 2016 for $ 8 billion, did not think so.
On the other hand, Bernie Ecclestone, who ran the tournament for nearly 40 years before being acquired by Liberty Media, said he had always refused lucrative deals from the group of betting companies because he believed that That will ruin the image of F1.
But at the moment, the Liberty Media team, including Commercial Director Sean Bratches, thinks this is a great deal.
The director said that the benefits from increased income and viewers will help the racing team have more budget to reinvest and help the tournament develop more.
Will betting companies intervene to distort the image of this speedy sport?
Although the exact number was not disclosed, the media speculated that the contract was worth $100 million within 5 years. This is considered a top value contract when placed beside big deals like with Rolex.
The sponsorship will help the tournament grow stronger
Regarding concerns about the dominance of betting units, the F1 Organizing Committee said it would shake hands with Sportradar, a familiar name in the investigation and prevention of sports betting settlement in the world.