F1 races lack betting prospects due to pandemic.
The Australian Grand Prix has been canceled due to the coronavirus. This occurs alongside the F1 season opener in Melbourne, where a sports betting program was meant to launch this weekend. In cooperation with Data Protection Company Sportradar and various bookmakers, a project was developed for several months. What changes should we expect now?
F1 Real-Time Betting Intended
As a result of the global COVID-19 pandemic, the Formula 1 season opener has been indefinitely postponed. This affects the Australian Grand Prix at the Albert Park Circuit in Melbourne. According to reports from BBC and NTV, a case of COVID-19 was identified at McLaren before the race, prompting the team's withdrawal.
The betting industry is also impacted by this decision. Recently, Formula 1 announced live race betting for the start of the season. Sportradar, a Swiss data protection company, was selected as the exclusive provider of Formula 1 data. The organizers intended to build live betting odds models on over 20 markets for each race this year. They aimed to introduce real-time race betting for the practice and qualifying sessions, expecting to generate "unique commercial opportunities."
David Lampitt, Managing Director of Sportradar, conveyed his excitement regarding this initiative, stating that the start of betting is a starting point to unlock new opportunities and foster increased interest and engagement from fans and bettors worldwide. Adam Crothers, Digital Director at Formula 1, also confirmed that an "exciting" betting program would be launched with the racing season. The objective was to provide a platform "that was previously not possible." Unfortunately, with the race's suspension, the betting program is now impacted as well. Bahrain Grand Prix on March 22 may take place without spectators, if it occurs at all.
F1 Betting Providers
Formula 1 has previously had to postpone the race in China on April 19 due to the pandemic. These cancellations are disappointing as Formula 1 reenters the sports betting industry for the first time in over 40 years. Previously, under former CEO Bernie Ecclestone, partnerships with betting companies were prohibited. The ex-CEO, who was fired without notice in 2017, had relied heavily on tobacco sponsors.
Since 2010, the racing series has discontinued tobacco sponsors and entered into partnerships with bookmakers. This trend started with a September 2018 agreement between US Formula 1 owner Liberty Media and the listed London marketing agency ISG (Interregional Sports Group). ISG specializes in promoting leading sports betting providers.
Regarding the past circumstances, the agreement with ISG may be considered "historic," with the Formula 1 organizers referring to a new era in motorsports. After this, the Racing Point Force India team signed a sponsorship agreement with SportPesa in February 2019. The team was subsequently renamed SportPesa Racing Point F1 Team.
In early January 2020, Formula 1 presented the online bookmaker Betting as the new exclusive Asian partner of the racing series. The contract was for a five-year term and managed by ISG. Betting will predominantly feature on TV, necessitating "sophisticated virtual advertisements" at the race track. An F1 sports betting app was also launched.
Betting Logos on Race Cars
The return of betting partnerships also permits the logos of providers to appear on racing cars. Numerous Formula 1 cars have been introduced in anticipation of the season. The RP19 model from Racing Point serves as an illustration of the visual shift.
The typical blue shade of the new title partner SportPesa replaced the vehicle's original pink color. The Point logo was added to the car's exterior in pink, blue, and magenta. Notable SportPesa branding was also included on the engine cover and both front and rear fenders.
Consequences of Covid-19 Unpredictable
Though nine individuals associated with Formula 1 were tested for the COVID-19 respiratory pathogen, the organization still planned to hold the Australian Grand Prix until recently. Motivation for this was the fear of potential financial losses in the millions. However, these plans raised questions among fans and drivers.
World champion Lewis Hamilton expressed astonishment at the decision to continue with the race, claiming he's "really, really surprised that we're here." He added:
"I think it's great that we're racing, but for me, it's shocking that we're all sitting in this room."
Four-time world champion Sebastian Vettel also voiced understanding of the race's cancellation. He stated that "it's difficult to assess how severe the danger is and what else is happening." As the situation remains uncertain, predicting when or if Formula 1 will start is challenging at present.
Clearly, the world of gambling is currently facing a standstill due to the coronavirus. Betting providers aren't the only ones suffering - land-based casinos, such as those in Italy, are experiencing hardships too. Macau and Las Vegas are also being impacted by the pandemic. We'll have to wait and see how things unfold further.
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Source: www.onlinecasinosdeutschland.com
