The advanced technology has ensured progress in many business areas, including finance. Today, millions of users are actively investing and trading in cryptocurrencies. Due to their huge popularity in all parts of the world, Bitcoin and other altcoins have also started to impact the sports section.
It may seem impossible to connect, but cryptos and Formula 1 have something in common. More precisely, cryptocurrencies have managed to accelerate the future of Formula 1, and such a scenario has appeared due to a wide range of factors.
On this page, we will discuss some of the main channels of impact that will (or maybe already have) change the way Formula 1 functions. Let’s learn something new together!
New Fan Base
It is not a secret that Formula 1 has a huge fan base connecting people from all parts of the world. Yet, cryptocurrencies can significantly increase that number indirectly. As we said, BTC and other virtual currencies have become an unskippable part of different industries, including the sports betting field.
While platforms such as the sports section at https://www.evo.io/en/sports currently emphasize a wide range of sports but may not yet feature Formula 1 betting specifically, the broader crypto betting landscape is quickly evolving to include various sporting events.
Crypto bettors usually tend to explore the entire offering, and the opportunity to bet this way may increase their interest in Formula 1. A chance to bet in real time may convince them to start following different F1 races, which will only improve the fan base of this lovely sport.
Innovative Way of Buying a Ticket
Some of the most visited F1 races of all time have attracted 500+ thousand people to attend these fantastic events. Buying tickets online isn’t something new. Yet, the way people are buying it has changed thanks to cryptocurrencies.
A decent number of race organizers around the world have started accepting BTC, ETH, LTC and other cryptos as available payment methods for this purpose. This way, eventual conversion and transaction fees, which can make the tickets slightly more expensive, have been entirely removed.
Some people are massive fans of crypto, and they pick the products based on the opportunity to use crypto to buy them. If some of them had doubts whether they should attend a certain Formula 1 race, the opportunity to use cryptocurrencies will only further convince them to buy the ticket. They will see that as an effort of the race organizers to make every segment of the fan base happy!
Higher Level of Security, Transparency and Analyses
This particular benefit may not directly affect the promotion of the Formula 1 races. However, it can certainly make all the races more interesting.
For starters, crypto technology ensures the safe storage and transmission of sensitive data. Here, we include everything, from car performance data to financial records. Risks of the data breaches will be reduced, and the stakeholders will have accurate information necessary to improve the entire event.
Another thing that can improve the quality of the races themselves is the ability of crypto technology to verify the authenticity of any equipment used in the cards. The drivers themselves will have the opportunity to perform at the highest level with the best parts, while the risks of eventual injuries and accidents during races can be prevented this way.
Sponsorships and Partnerships
Why are some sports teams, leagues, or international competitions so popular? One of the main reasons is established partnerships with strong multinational companies. Among the biggest sponsors and partners of Formula 1, you can also find different crypto companies, exchanges, trading platforms and blockchain technologies in general.
Apart from that, you will also see that many Formula 1 teams have secured partnerships with crypto companies. The good examples of that are partnerships between Red Bull Pacing and Bybit, or between McLaren and Tezos. Thanks to these deals, teams have ensured much bigger exposure to the audience in all parts of the world.
Despite the popularity of those teams, the popularity of the entire competition has grown, and the same trend will continue in the future. We expect to see new sponsors from the crypto sphere soon.
Bonus: Can Cryptos Harm Formula 1 In Any Way?
The benefits we mentioned will significantly impact the popularity of Formula 1, and we can’t really find a lot of disadvantages that could harm the overall quality of this sport.
The biggest obstacle we can predict for the future is eventual concern about crypto’s regulatory status and potential associations with scams. Formula 1 fans are located everywhere, including places where cryptos aren’t regulated. Fans from those countries may get scammed when trying to buy tickets for F1 races with BTC and other altcoins.
If that happens, some of the fans may lose trust in race organizers or teams, while, on the other hand, the organizers can also lose reputation, although they are not guilty if that scenario occurs.
Conclusion
Crypto trading platforms, exchanges and companies have started to invest a lot in this sport through sponsorship, which has improved the overall exposure of different teams and races.
The ability to bet with crypto on F1 races has made the races even more entertaining and attracted a new audience to regularly following this sport (at least over TV). We strongly believe that cryptos can improve the overall quality of races and increase their level of popularity.
