June 29, 2021
Social Media Intern
Expect more Formula 1 sponsorships as the United States and other countries open their doors to legalised sports betting.
Las Vegas has long been associated with grandiose all-night gaming. You may believe that the United States is the home of all things gambling, but this is not the case. Sports betting was illegal in the United States until 2018.
Since the ban was lifted, 11 states have legalised sports betting, with legislation in place in another 24 states. As a result of the changes in rules in so many jurisdictions, you could expect to see more sponsorships from well-known companies.
Formula One announced a $100 million deal with Interregional Sports Group (ISG) in 2018 to give the first contract for worldwide gambling sponsorship rights for the sport. For the first time, the agreement brought live in-play betting and gaming partners to the motorsport series.
Even though Formula One is a global property and betting on the sport is only prohibited in a few countries, the sport has been devoid of any kind of betting for the past 40 years due to former F1 CEO Bernie Ecclestone's views. He believed that gambling tainted the sport's glamorous image, thus he banned gambling sponsorships for the length of his Formula One tenure.
Why the sudden change of heart today when Formula One has never accepted gambling sponsorships? Simply put, it's a financial issue.
Sports betting is a large business, and depending on where you live in the world, you can wager on a wide selection of athletic events and outcomes. Citizens all around the United States have been able to place sports wagers using online websites headquartered outside of the United States. They were given permission to do so, and as a result, it has become a popular activity.
However, due to a relaxation of the laws, land-based casinos now have even more possibilities, which people are eager to participate in.
Gambling is a massive business in the United States, and now that more people may participate, it's only going to get bigger.
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