188Bet Secures Formula 1 Asia Partnership
The deal struck between 188Bet and Formula 1 will see the bookmaker as the exclusive sponsor on all broadcasting in the far-east until 2024. The deal between the bookmaker and the elite motorsport division is the first of its kind in Asia. It will be a massive coup for 188Bet, as they have the exclusive sponsorship on all broadcasting throughout Asia, which will undoubtedly improve their reach, reception, and reputation amongst fans of Formula 1 betting. The deal penned on Monday secures the arrangement for 5 years and will see the bookmaker’s logo displayed on all TV broadcasting, sophisticated trackside billboards, and all Formula 1 promotional material in the Asian market.
Whilst the Asian market represents a huge portion of the Formula 1 viewership, there have been considerably less interest from betting companies to take a leading position. This move by 188Bet is highly significant due to the fact that they are the first firm within the region to take such a prominent role in the determination of sponsorship at the Formula 1 Asian broadcasting market.
The deal will begin this season as the first race gets underway in March 2020. Under the terms of the agreement, Formula 1 will display the 188Brand on trackside digital billboards throughout the races, combined with programmatic marketing campaigns through a variety of social media and broadcasting platforms. The trackside advertising appears to be a major coup for the betting company, as this reach will far transcend the limitations of the Asian market, and will extend the visibility of the brand to viewers from across the entire world.
There are a number of reasons this move makes absolute sense for the betting company. They want to exploit the emerging market that is Formula 1, and by becoming the “Official Asia Sponsor” the bookmaker will receive many new potential customers in the newly liberalized Asian betting market that is experiencing quarter-on-quarter growth in the past 2 years. In addition, 188Bet will receive exclusive betting data provided by the official Formula 1 race data provider, Sportradar, helping power their platform and offer customers an enormous range of in-play betting facilities to keep the appetite for wagering high.
The Deal Coincides with 1st Ever Formula 1 Race in Southeast Asia
One of the largest reasons industry commentators are applauding the aptitude of this deal boils down to the Formula 1 2020 schedule. For the first time in the history of the sport, the Formula 1 visits Southeast Asia, in early April there is a race weekend scheduled in Hanoi, Vietnam. The popularity of Formula 1 has been growing exponentially in this region of the world, and the potential to tap into this emerging market that is home to millions of loyal Formula 1 fans is too big to pass up.
The decision to hold a race weekend in Hanoi is a calculated and intelligent acknowledgment of the globalization period we are currently experiencing across all international sports. Premier League football teams regularly make trips to play matches in front of Asian supporters, the Ultimate Fighting Championship saw its first Asian female belt-holder and Asia has for a long time been the home of the world’s greatest eSports players. All of this amounts to a hugely profitable market that is too big to neglect. Europe and America will continue to be the center stage of many of the world’s biggest sports franchises, but the market share is slowly equalizing in favor of Asia and other emerging markets around the world.
It has been an era of tremendous change for the Formula 1 hierarchy, with new markets being featured on the race schedule, new drivers coming through to take center stage and new policies which for the first time allow betting companies access to the sponsorship rewards that a partnership deal can yield. In September 2018, the Formula 1 back-tracked and ended their longstanding objection to betting companies featuring in the sponsorship line-up, marked by the Liberty Media $300m investment into Formula 1. The deal involved the acquisition of a large portion of shares in the Formula 1 enterprise, plus a sponsorship deal thought to be in the region of $100m spread over five years.
188Bet Eyes New Market After UK Withdrawal
Following a highly competitive quarter at the beginning of last year, in which 20 new operators are reported to have gained licenses to offer sports betting services to UK customers, the firm 188Bet decided to abandon its UK operation altogether. Citing the newly competitive market as the main driver behind their departure, it appears the firm has shifted its focus entirely on the emerging markets and Asia. Across the board, this has been completely evident, with the newly found emphasis on triggering a series of sponsorship deals in Asia and deploying a newly revamped casino website that features some of the NetEnt casino game developers latest products.
The UK market poses a very unique set of roadblocks to our growth objectives, it is very competitive, and customers are less willing to leave more established operators. For that reason, amongst other internal requirements, we decided to withdraw from the UK for the foreseeable future.Spokesperson, 188Bet
It is undoubtedly an exciting time to be involved in 188Bet as an Asian customer. 2020 is being touted as the year they truly demonstrate their internal qualities and deliver on a thriving and high-quality demanding Asian market. Following the large investment they’ve made into the Formula 1 advertising, this next phase of their growth is being eagerly anticipated. Onlookers will evaluate their strategy, and will surely be ready to pounce should they fail and a large gap in the market emerges.