F1 owners strike deal to allow betting sponsorshipsFormula 1

[baldgye]

Seems in the UK the Labour party wants to cut back on this kind of thing.

Labour calls for ban on gambling ads during live events

https://www.bbc.co.uk/news/business-45574180

Including asking teams to end betting sponsorship deals........ !

I think it must be said that Labour are not in government and are, indeed a LONG way from being so. The Tory response hasn't been positive to this proposal either, so I can't see this being actually carried out.

 

[PeterJB]

Having worked in a bookies for a year-and-a-half I can tell you that literally no-one bets on F1, so I don't really see the incentive for this.

 

[daan]

Having worked in a bookies for a year-and-a-half I can tell you that literally no-one bets on F1, so I don't really see the incentive for this.

Surely that is the incentive?

 

[PeterJB]

Surely that is the incentive?

As it stands bookies make no money from it because they don't market it at all. The prices aren't great and betting options are extremely limited compared to football for example.

 

[baldgye]

As it stands bookies make no money from it because they don't market it at all. The prices aren't great and betting options are extremely limited compared to football for example.

So you're saying, you don't understand why a betting company has paid money to tie up this seemingly untapped sport for gambling?

 

[twitcher]

So you're saying, you don't understand why a betting company has paid money to tie up this seemingly untapped sport for gambling?

I think it’s untapped because in F1, there really isn’t much to bet on, other than the final result and maybe fastest lap. One would think that if there was money to be made off gambling on F1, someone would already be doing it.

The other thing with gambling, no one company can “tie up” the gambling on any one sport. Due to the previous illegal nature of gambling, no one company will ever get a monopoly, there will always be another bookie to go place a bet with. It’s just like with weed here in Canada, if I don’t like the prices at Walmart, I can go to my neighbour.

 

[baldgye]

I think it’s untapped because in F1, there really isn’t much to bet on, other than the final result and maybe fastest lap.

-fastest lap (driver who set it)
-fastest lap (team who set it)
-fastest lap (lap it was set on)
-podium result
-top three teams result
-winner
-f1.5 winner
-fastest pit stop
-number of sc's
-number of vsc's
-will it rain
-when will it rain
-will someone crash
-who will crash
-when will they crash
-who will dnf
-which team will dnf
-will a honda engine be good
-when will a red bull have a engine failure
-who scores the last point
-who scores points
-who wins the title
-who comes runner up
-which team wins the title
-which team comes runner up

but I guess you're right

 

[PeterJB]

-fastest lap (driver who set it)
-fastest lap (team who set it)
-fastest lap (lap it was set on)
-podium result
-top three teams result
-winner
-f1.5 winner
-fastest pit stop
-number of sc's
-number of vsc's
-will it rain
-when will it rain
-will someone crash
-who will crash
-when will they crash
-who will dnf
-which team will dnf
-will a honda engine be good
-when will a red bull have a engine failure
-who scores the last point
-who scores points
-who wins the title
-who comes runner up
-which team wins the title
-which team comes runner up

but I guess you're right

At least where I worked you were very lucky to have anywhere near as many options as that.

 

[daan]

As it stands bookies make no money from it because they don't market it at all. The prices aren't great and betting options are extremely limited compared to football for example.

That's the point.

No one bets on F1.
Betting companies sponsor F1.
F1 fans become more aware that they can bet on F1.
F1 fans start using betting companies to bet on F1 races.
Betting companies make more money.

It's literally how sponsorship works.

 

[jake2013guy]

That's the point.

No one bets on F1.
Betting companies sponsor F1.
F1 fans become more aware that they can bet on F1.
Some F1 fans realise that betting on sport is very much a risk/reward and do not want to be involved in it.
Some F1 fans start using betting companies to bet on F1 races.
Betting companies make more money.

It's literally how sponsorship works.

You missed a step.