Formula One announced a sponsorship and data rights deal with Interregional Sports Group (ISG) on Tuesday that it said will enable the development of live in-play betting.
The Financial Times newspaper reported earlier that the deal to sell betting sponsorships was worth at least $100 million over five years.
Formula One's commercial rights holder is John Malone's U.S.-based Liberty Media, who took full control in January last year.
"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," Formula One said in a statement, without providing financial details.
It said that would include regionalised branded on-screen graphics, physical and virtual trackside signage and integration across F1’s digital and social platforms.
The Financial Times said ISG would pay an upfront fee to Liberty and recoup that money through separate deals with gambling sponsors.
The partnership also involves Sportradar Integrity Services to help ISG and gambling companies use the data to create markets and spot any suspicious betting patterns.
Sean Bratches, the sport's managing director for commercial matters, said the deal would make the most of data generated at races worldwide.
"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," he said.
"This deal allows us to develop new and exciting ways for Formula One fans around the globe to engage with the world’s greatest racing spectacle, while ensuring integrity with best practice oversight from Sportradar."
Formula One has 21 races worldwide this season and some of the countries visited have local laws that ban or restrict gambling advertising during live events.Reuters