Formula 1 enters a new era of sponsorship with online gambling. The move marks the newest trend in the history of the sport’s sponsorship, which has witnessed different industries take center stage at various points.
Auto trade and related industries, including tyres, spark plug, fuel, and brake manufacturers, initially dominated Formula 1 sponsorship. However, by the late 1960s and early 1970s, tobacco sponsorship was a profitable business venture for Formula 1. Prominent brands such as Marlboro, Camel, and Rothmans, among numerous others, invested substantial sums of money in sports despite being well aware of their lack of health benefits. Governments profited in the billions of dollars generated from these investments.
The tobacco era lasted until the early twenty-first century. Its traces may still be seen today in efforts like Philip Morris International’s MissionWinnow and vaping product sponsors in the paddock. Following that, in recent years, the sport has been sponsored by banks, telecommunications businesses, and cryptocurrency companies, all of which have benefited from F1’s global exposure.
According to some crypto sportsbooks, betting and gambling firms are now moving into an industry category listed as a blue-chip sponsor on Formula 1’s official website. Team investment is bringing big returns with car branding and even title sponsorships. Reportedly, in 2018, the organization sold sponsorships worth more than $100 million to betting companies. Therefore, this was a complete departure from what the sport had witnessed under its new owners and heralded in the gambling and betting sponsorship age.
One of the most significant partnerships is between PokerStars and Red Bull, the year’s world champions. Max and Sergio Perez’s race suits, team kit, and car stickers include the partnership’s insignia. Red Bull and PokerStars will host contests, promotions, and F1-themed performances to attract like-minded fans.
The other major agreement is a three-year deal worth $100 million that Alfa Romeo, also known as Sauber, signed with Stake.com, the top online crypto casino. F1 drivers Valtteri Bottas and Zhou Guanyu stand out on Stake.com’s main page.
The Formula 1 website lists Heineken, Qatar Airways, and Saudi Aramco as top sponsors, demonstrating the sport’s diverse sponsorship base. In addition to Formula 1, other top sports have increased their betting or gambling sponsorships.
The sports betting market was forecast to be worth $81.03 billion in 2022, but it is expected to grow to $167.50 billion by 2030, demonstrating the growing interest in this business. In a single McLaren, for example, more than forty brands are advertised, including those offering gambling services. They promoted PartyCasino and PartyPoker on their cars with Entain.
Just like tobacco ruled F1 sponsorships, betting and gambling industries have overcome their “online pariah” position in sports. The sport’s growing popularity and the betting industry’s vast financial reserves may accelerate this trend in Formula 1 and other top events. In regards to sports sponsorship, the message is unequivocal: monetary gain is paramount.
