188Bet Agrees New Formula One Sponsorship
January 21, 2020
Formula One has recently announced that bookmaker 188Bet has been appointed its Official Asian Sponsor. The five-season deal will provide 188Bet with the opportunity to appear on virtual trackside advertising which will reach expanding F1 digital and social platforms during broadcast races in Asia. Additionally, 188Bet will own and run the F1 Play predictor app for the Asian sports betting market.
188Bet is a veteran of the online gambling industry and, since its inception in 2006, has led the expansion of Asian bookmakers into European markets. However, its core business remains in Asia and the deal with Formula One represents a real opportunity to tap into a growing home market. Races are currently staged in Singapore, Japan and China and all attract major interest from punters.
However, 188Bet’s expansion into the UK market ended last year when the Company announced in March last year that it was quitting the UK and Ireland markets with immediate effect. The withdrawal was relatively smooth however with all customers being paid out any winnings owed and ante-post bets honoured up to 30th June 2019 . The business issued a statement at the time of the withdrawal stating that “this action is a commercial decision in a very competitive market” and that the closure of the website “relates to 188Bet.co.uk only” and did not affect other 188Bet-branded websites. Many other bookmakers have struggled to make an impact into the UK sports betting market in recent years and eventually been forced to withdraw from the UK market.
Betting sites such as 188bet rely on prime sponsorship deals on major sports such as Premier League football to showcase their brand to their huge market of Asian punters when the events are broadcast across the region. The new sponsorship deal with Formula One certainly has the capacity to draw further visitors and attention to their underlying business.