Formula 1 invests in daily fantasy sports platform

Fomula 1 has expanded its sponsorship partnership with daily fantasy sports provider PlayON to become an equity shareholder in the company, the first external deal of its kind in the organisation’s history.

As the Official Formula 1 Daily Fantasy Sports Provider, PlayON launched two Formula 1 Fantasy games across its platform and integrated live Formula 1 Grand Prix feeds via F1’s new OTT service, F1 TV, in key markets.

Frank Arthofer, Head of Digital and New Business at Formula 1 said: “Fantasy Sports is an exciting industry and offers us the opportunity to engage with a young and vibrant fan base.”

Killian Jones, founder and CEO at PlayON added: “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.”

On the back of the deal, PlayON will enter the US market in 2018, establishing offices in North America.