Formula 1® and PlayON become strategic partners in the dynamic and fast-growing fantasy sports market. PlayON becomes the Official Daily Fantasy Partner of Formula 1, to include the integration of live Formula 1 Grands Prix via F1’s new OTT service F1 TV, onto the PlayON platform in key markets.
As part of the tie-up, Formula 1 becomes an equity shareholder in PlayON at a company valuation of £30m. This marks the first time Formula 1 has taken an equity stake in an external company and is indicative of its new long-term digital strategy. PlayON is an international sports entertainment company with registered customers from over 100 countries. On the back of this strategic partnership with Formula 1, PlayON will be entering the US market in 2018.
The partnership allows Formula 1 to make a significant investment in fantasy sports and reach an even wider and younger audience, and provides PlayON with access to the millions of Formula 1 fans around the world.
The Official Daily Fantasy Formula 1 game is now live at www.playon.co/f1, with PlayON also operating the first Official Traditional Fantasy Formula 1 game, now live at fantasy.formula1.com.
Both Daily Fantasy Formula 1 and Traditional Fantasy Formula 1 games enable fans to pick a team of five drivers and one constructor for each race, with points being awarded for finishing positions, positions gained and fastest lap amongst others. The fantasy team structure is consistent for both games to encourage fan interaction between the two. The games will be tailored to local audiences and offered in local languages.
Frank Arthofer, Director of Digital and New Business at Formula 1, said:
“Formula 1 is continuously looking for ways to engage with new audiences, particularly in the digital space. Fantasy Sports is an exciting industry and offers us the opportunity to engage with a young and vibrant fan base. We believe in PlayON, its product, leadership, and its strict approach to regulation, only operating real-money games in territories that have a clearly established regulatory framework in place: this enables F1 to enter the daily fantasy market without concern over legality. We feel PlayON’s approach is the right one for long-term success in the industry.”
Killian Jones, Founder and CEO at PlayON, said:
“PlayON is pleased to be entering this partnership with Formula 1 – the global appeal of Formula 1 makes it an ideal strategic partner. A key aspect of the deal relates to the live Formula 1 races being present on the PlayON platform. The combination of live sport and PlayON’s daily fantasy games will provide a fully immersive entertainment experience to our customers around the world. PlayON’s goal is to deliver the ultimate digital sports entertainment experience to sports fans and we look forward to working closely with the Formula 1 team in pursuit of this goal. In light of the regulatory environment around daily fantasy sports now being clearly established in multiple US states, PlayON today announces it will enter the US market in 2018 and will establish a US office to fuel our expansion efforts in North America.”
Notes to editors:
Norman Howell, Director of Communications, Formula 1
M: +44 (0)7920 181 929
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About Formula 1®
Formula 1® racing began in 1950 and is the world’s most prestigious motor racing competition, as well as the world’s most popular annual sporting series. The 2018 FIA Formula One World Championship™ runs from March to November and spans 21 races in 21 countries across four continents. Formula One World Championship Limited is part of Formula 1, and holds the exclusive commercial rights to the FIA Formula One World Championship™.
Formula1 is a subsidiary of Liberty Media Corporation (NASDAQ: LSXMA, LSXMB, LSXMK, BATRA, BATRK, FWONA, FWONK) attributed to the Formula One Group tracking stock.
The F1 FORMULA 1 logo, FORMULA 1, F1, FIA FORMULA ONE WORLD CHAMPIONSHIP, GRAND PRIX and related marks are trade marks of Formula One Licensing BV, a Formula 1 company: All rights reserved.
PlayON is an international sports entertainment company with offices in Dublin and London. Since launching in 2012, the company has registered customers from over 100 countries. PlayON offers daily fantasy games across football, basketball, golf, cricket, tennis, NFL, AFL, rugby union, rugby league and motor racing. PlayON’s goal is to deliver the ultimate digital sports entertainment experience to sports fans across the world. The company is currently licensed in Great Britain, Ireland and Australia, and has a strong commitment to security and regulation. PlayON is the Official Daily Fantasy Partner of the NBA and Formula 1.
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