Motorsport continues to grow every day as it acquires more followers and revenue to expand its different sports worldwide. And with the legalization of online sports betting in the US, the sport is set to grow even bigger.
Here are ways in which online betting has helped motorsport racing to grow.
Attracting New Fans
With over 100 million people in over 32 states able to wager legally, punters are always hunting for new markets to pounce on. Motorsport has some of the best odds in real money sports betting online, and markets thus have attracted wide interest among gamblers in the US who want lucrative markets to wager.
The motorsport betting market has hundreds of betting markets with the highest odds in the sportsbook and highly dynamic new markets every time. You can never miss a good option to bet on.
In-play betting in motorsport has lucrative odds because the races are very unpredictable, and you can only be at least certain when the game is on. In-play betting allows you to choose the action when it is important and wager on it when the returns are high. And punters who look for action love such situations.
Many punters now engage in social media groups to discuss the races and find expert analysis on how to wager correctly. These communities are breeding grounds for new sports lovers who extend their love for the sport to real life.
Learning the Sport
To make a successful wager, you have to be well conversant with the terms of the sport. Understand the common terms used in motorsport because they are key in developing a betting strategy.
Punters also take time to research the event and how off, and on-track factors affect the sport. In Formula One, for example, every punter knows that a team must win on a strategy. And pit stop is part of the strategy.
As punters develop a betting strategy, they understand how the game is played and can follow every even like a true fan. They not only develop their betting skills but also learn about the game.
More Sponsorship Deals
Many investors will only put their money where they’re confident of returns. In recent years, motorsport has attracted high-end investors who continue to splash the cash on the sport. For example, in 2016, Liberty Media (the company that runs F1) struck a $100 million deal with Interregional Sporting Group for global gambling rights in the sport.
The sport is also changing its business strategy to maximize revenue gains that come with legalizing gambling in the US. Many online betting operators have also acquired naming rights, commercials, video boards, and branding rights in motorsport races to increase their exposure to sports fans.
Some teams and athletes also have sponsorship deals with betting sites, thus increasing exposure and revenue to the sport.
Increased Market Share
The motorsport industry is projected to reach $7.8 billion in 2017 from $4.8 in 2020. Increased financial injection and fanbase are key factors affecting this upward scaling. The growth is also expected to rise considerably during the forecast period due to increased investment and more revenue avenues for sports.
With the number of punters increasing to follow the sports every day, many brands and businesses who look to reach out to a pool of customer-base are targeting these consumers. Also, some investors have increased the sport’s visibility in some areas where the game had no reach.
For example, the F1’s exclusive sponsorship deal with renowned betting in Asia aims to expand viewership in the continent to better its reputation, attract more followers and earn more revenue for the sport. The sport has since expanded its circuits to include the Hanoi circuit in Vietnam, where more enthusiasts expect to watch live action in the sport.
More Fun and Thrill for the Sport
When you stake on a team or an athlete in motorsport, you will get drawn into the thrill of the sport. Your route for your team and enjoy the action. You will be excited when your team wins and even share in the loss.
Motorsport is an exciting sport with engines roaring and screeching of breaks. The emotional roller-coaster of following the team you’ve wagered on will keep you at the edge of your seat and your heart racing. You want your team and bet to win, which is exciting.
Online betting on motorsport is a rewarding entertainment that profits the punter and grows the entertainment of the game.
Increased TV Coverage
The increasing number of fans wanting to follow the sport from their homes has increased coverage worldwide. The sport is increasing to earn more from media rights since many people are interested in watching the sport.
Formula One hints at an increase of $75 million market share in tv rights in 2022, with more cable television providers deciding to engage the sport in media deals. ESPN had even signed a three-year deal of $5 million annually to broadcast F1 in the US.
More motorsport games have been added to the motorsport calendar, and new locations are being identified to accommodate the new fans in these locations.
The Growth of the Game
Motorsport is refining its gaming strategy, including more props to increase the betting market for players. More props are allowed to include in-race betting options to encourage more players to watch the game and wager.
Such developments in sports aim to increase fans’ engagement with the sport. Many online bookies are continuously increasing to include motorsport games in their betting market.
NASCAR has witnessed increased prop bets for their in-play betting by punters. National Hot Rod Association (NHRA) is also targeting to find new ways of starting the world’s quickest and fastest sports gamblers.
With many betting operators seeking sponsorship deals with the motorsport associations, sports and bookies gain a new customer base who continue to relate with the organizations.
Final Thought
Betting has tremendously contributed to the growth of motorsport in the US and globally. By attracting more investors and new punters, the sport grows by positive margins daily. Being a profitable sport, many bookies strive to attract more punters to bet on the sports and, as a result, stimulate the followership for the races. All in all, the partnership is a win-win for all stakeholders.
