Interest in betting on Formula 1 soars, reveals Entain data

One of the largest sports-betting and gaming groups, Entain plc, announced that it has seen a significant increase in the popularity of betting on Formula 1. Comparing data to a few years back, the company revealed on Thursday that Formula 1 has seen a record year in popularity.

Dom Grounsell, Entain's Chief Commercial Officer, commented on the topic in a statement released on October 13, 2022. He explained that the company's customers like the experience of betting on Formula 1. According to Grounsell, the growing popularity of the sport is in line with the increasing popularity of betting on it.

Entain's boss acknowledged that Netflix's Formula 1 Drive to Survive Series undoubtedly had a positive impact, considering the recent results. "We're looking forward to the next stage of Formula 1's exhilarating journey, and with our bench-strength of global sporting brands, are perfectly placed to keep our customers entertained and close to the action," said Grounsell in conclusion.

Focusing on the number of players and popularity of Formula 1, Entain revealed interesting data. The company said that between 2018 and 2021, the number of its customers increased by 50%. At the same time, Entain pointed out that the number of bets for each season has grown by 30%.

According to Entain's data, the majority of the customers that wagered on Formula 1 between 2018 and 2021 were from the UK. The market represented a total of 35% of all bets, followed by Brazil and Germany with 17% each, as well as 5% from Spain.

While those numbers sound strong, between 2021 and 2022 alone the number of customers betting on Formula 1 in the UK increased by 18%. With that in mind, there are still four races remaining until the end of the 2022 season.

Coinciding with the recent announcement, the company unveiled its financial results for the third quarter of 2022. For the period between July 1 and September 30, 2022, the company said that its group net gaming revenue (NGR) grew by 2%. The company provided a breakdown revealing that online sports NGR and online gaming NGR combined contributed by 1%. On the other hand, the Q3 2022 trading result was boosted positively by an increase of 10% in Entain's retail operations.

Jette Nygaard-Andersen, Entain's CEO, commented on the topic by saying that the business performed well during the period. She added that the third quarter result "illustrates the effectiveness of our growth strategy, the unique capabilities of the Entain platform, and the underlying strength of our diversified global business." Last but not least, Nygaard-Andersen predicted further growth in the upcoming months.

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