Formula 1’s new owner believes the sport is missing out on gambling revenue.
US mass media company Liberty Media is currently in the process of purchasing the sport from 85-year-old Bernie Ecclestone for US$4.4 billion, and one of their top priorities is to bring F1’s revenue streams into the 21st century. Among other digital opportunities, that means exploring the potential of gambling with Asia firmly in Liberty’s sights.
“There is a huge gambling opportunity in the sport, none of which we capitalize on,” said Liberty media CEO Greg Maffei.
“Less than one percent of revenues are from digital. The obvious opportunity case is to some degree Asia in the short term … where we really are well under-viewed, under-monetized, under-everything.”
Liberty Media’s first move will be to increase F1’s presence in the US. The company already owns a share of the Atlanta Braves baseball team as well as Time Warner and Viacom.
