Formula One moves into the Fantasy Sports arena

©WRI

Formula One officially launched on Thursday its Fantasy F1 online game in partnership with Dublin-based International entertainment company PlayON.

Formula One also announced it has acquired a $42.62 million equity stake in PlayOn as it ramps up its presence in the very popular Fantasy Sports arena.

The investment is a first for The Formula One Group which had previously never acquired a stake in an external company or a partner.

Through its new digital endeavour, the sports aims to attract a new and younger audience in key strategic markets such as the US.

"Formula One is continuously looking for ways to engage with new audiences, particularly in the digital space," said Frank Arthofer, head of digital and new business at Formula One.

"Fantasy Sports is an exciting industry and offers us the opportunity to engage with a young and vibrant fan base.

Formula 1 finally sets launch date for F1 TV

"We believe in PlayON, its product, leadership, and its strict approach to regulation, only operating real-money games in territories that have a clearly established regulatory framework in place: this enables F1 to enter the daily fantasy market without concern over legality.

"We believe PlayON’s approach is the right one for long-term success in the industry."

Killian Jones, the CEO and founder of PlayON, underlined the timing of his company's partnership with Formula One.

"Daily fantasy is reasonably well established now in the US market and given the regulatory infrastructure over there is somewhat settled now," said Jones.

"We think it’s the right time to go in. With the backing of Formula One, we think there’s a lot of opportunity over there."

PlayON will be integrated into F1's new OTT service, F1 TV.

"A key aspect of the deal relates to the live Formula 1 races being present on the PlayON platform," explained Jones.

"The combination of live sport and PlayON’s daily fantasy games will provide a fully immersive entertainment experience to our customers around the world.

"PlayON’s goal is to deliver the ultimate digital sports entertainment experience to sports fans and we look forward to working closely with the Formula 1 team in pursuit of this goal.

"In light of the regulatory environment around daily fantasy sports now being clearly established in multiple US states, PlayON today announces it will enter the US market in 2018 and will establish a US office to fuel our expansion efforts in North America."

Gallery: The beautiful wives and girlfriends of F1 drivers

Keep up to date with all the F1 news via Facebook and Twitter

Phillip van Osten

Motor racing was a backdrop from the outset in Phillip van Osten's life. Born in Southern California, Phillip grew up with the sights and sounds of fast cars thanks to his father, Dick van Osten, an editor and writer for Auto Speed and Sport and Motor Trend. Phillip's passion for racing grew even more when his family moved to Europe and he became acquainted with the extraordinary world of Grand Prix racing. He was an early contributor to the monthly French F1i Magazine, often providing a historic or business perspective on Formula 1's affairs. In 2012, he co-authored along with fellow journalist Pierre Van Vliet the English-language adaptation of a limited edition book devoted to the great Belgian driver Jacky Ickx. He also authored "The American Legacy in Formula 1", a book which recounts the trials and tribulations of American drivers in Grand Prix racing. Phillip is also a commentator for Belgian broadcaster Be.TV for the US Indycar series.