Formula 1 has officially announcing ALT Sports Data as their new Betting Data Supplier. This partnership targets a growing betting community around the sport. ALT Sports Data, a company based out of San Diego, is known for its experience in trading and consumer data specifically within the action sports industry, an area with great potential for Formula 1.
The new partnership aims to bring real-time predictive analytics to the forefront of the Formula 1 experience. This innovative approach will offer support to those wishing to gamble on the sport, providing accurate and vetted information through proprietary data solutions and a focus on creating priced odds for the wagering industry. The result will open up new markets for bettors, assuring them of the reliability and accuracy of the data being given.
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With this partnership, Formula 1 is expanding its reach into the ever-growing sports betting market, offering fans additional ways to engage with the sport. ALT Sports Data will play a major role in this expansion, fostering an environment of responsible and regulated sports betting. This move is a continuation of Formula 1’s evolving approach to sports betting, following their first bet-focused sponsorship in 2018 with 188BET and subsequent team deals, including partnerships with Stake.com, PartyCasino and PartyPoker, and PokerStars.
Since the U.S. Supreme Court’s decision in 2018 striking down the Professional and Amateur Sports Protection Act, states have been allowed to legalize sports betting individually. By 2024, over 30 states have taken advantage of this, paving the way for Formula 1 to tap into this burgeoning market. The increased popularity of Formula 1, largely attributed to the success of Netflix’s Drive to Survive and the introduction of Grand Prix events in Miami and Las Vegas, has made this an opportune time for the sport to expand into betting circles.
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Emily Prazer, the Chief Commercial Officer at Formula 1, spoke about the importance of betting as part of the fan experience.
“Sports betting is an increasingly important part of the global fan experience, and Formula 1 is committed to delivering new and entertaining ways for our audiences to engage with the sport. We are delighted to partner with ALT Sports Data, whose expertise in bespoke sports betting markets and analytics makes them the perfect partner to help us drive forward in this exciting new chapter.”
In addition, Todd Ballard, Co-Founder and Chief Marketing Officer of ALT Sports Data, emphasized the significance of Formula 1’s global reach.
“Formula 1 is one of the biggest and most prestigious global sports brands, captivating a large and passionate fanbase of 750 million people worldwide. It has an unmatched combination of speed, strategy, and innovation, so we are thrilled to reimagine the sports betting experience for both Formula 1 fans and sports bettors alike by leveraging our industry-leading capabilities in pricing, live markets, and micro-market solutions. Our goal is to create deeper engagement, enhance the live race experience, and drive meaningful connections between Formula 1 and its dedicated global audience.”
The potential for growth in the global sports betting market is undeniable. Valued at an estimated $85 billion in 2023, it is projected to reach approximately $140 billion by 2028. With Formula 1’s viewership exceeding 1.5 billion globally, the possibilities for betting operators are substantial. Utilizing the latest technological advances, including the introduction of interactive features in the Formula 1 app, augmented reality experiences, and virtual paddock tours could become future staples in improving fan experience.
With Stefano Domenicali, Formula 1’s chief, shepherding efforts towards modernization, there is potential for more innovative collaborations in the future. As Formula 1 continues to embed itself in the fabric of sports betting, the integrity of the sport remains a top priority, with ongoing collaborations with organizations like Sportradar ensuring fair practices and preserving the nature of Formula 1.
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