Formula One signs sponsorship and data rights deal to add in-race betting and gambling partners

"As part of the deal, ISG will have the right to sub-license betting partnership rights to select betting brands around the world, subject to regulations," F1 said in a statement Tuesday, without providing full financial details.

It said that would include regionalized, branded onscreen graphics, physical and virtual trackside signage, and other forms of integration across F1's digital and social platforms, CNBC reports.

"Data and sponsorship partnerships like this are common practice across almost all premium sports and this is the latest step in our mission to make Formula One the world's leading sports entertainment experience," Sean Bratches, F1's managing director of commercial operations, said.

Liberty Media, which purchased F1 from Bernie Ecclestone in 2016, has touted gambling partnerships as potential revenue streams since its takeover. However, Ecclestone said at the time he was hesitant about what that would do for the brand's image. "I looked into gambling three or four years ago," he said in 2016. "But in the end the gambling concept was not found suitable."

The new partnership also involves integrity service Sportradar, which has come on board to help ISG and gambling companies use data to create markets and spot any suspicious betting patterns.

"Through this collaboration with Formula One, we're delighted that fans will receive an exciting and safe betting experience and we look forward to further developing the F1 fan experience," Sportradar's David Lampitt said.

Historically, F1 has had strong ties to tobacco companies as its sponsors. However, changing attitudes and regulations towards advertising meant that was gradually phased out at the turn of the century, with the sport now counting brands including Rolex, Heineken and Emirates as its principal partners.

The current F1 calendar consists of 21 races between March and November, some of which have laws against the advertising and promotion of gambling.

Liberty has proposed further changes including a revamp of the existing race structure and potential salary caps for teams.