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Formula 1 steps into fantasy world with equity stake
Formula 1 is targeting the lucrative United States fantasy sports market with the launch on Thursday of daily pay-to-play and traditional free F1 games in partnership with Dublin-based PlayOn. The sport, now owned by Liberty Media, said in a statement it had also acquired an equity stake in PlayOn at a company valuation of 30 million pounds. It is the first time Formula One, whose digital strategy includes a new F1 TV streaming offering due to go live next month, has bought into an external company. F1’s director of digital and new business Frank Arthofer told Reuters the partnership would help attract a new and younger audience, particularly in key strategic markets, like the United...
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