F1 fans, place your bets thanks to new live betting deal!

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Race fans will soon be able to indulge in live in-race betting thanks to a new partnership just announced between Formula 1 and Interregional Sports Group.

The agreement - potentially worth $100 million to F1 over a five-year period, according to the Financial Times - will see ISG develop live in-race betting through a series of sub-license partnerships.

"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," the Formula One Group said in a statement.

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The Financial Times' report says that ISG would pay a fee upfront to F1 and then sell access rights to selected gambling companies.

Sportradar Integrity Services is also involved in the deal and will help ISG and gambling companies manage the data to create markets but also eventually decipher any suspicious betting patterns.

"F1 is delighted to partner with ISG, which has demonstrated its impressive global capabilities through working with the likes of Serie A and La Liga," said F1's commercial director Sean Bratches.

"We are also hugely excited to work with ISG and Sportradar on making the most of the data which is generated at every Grand Prix.

"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 1 the world's leading sports entertainment experience.

"This deal allows us to develop new and exciting ways for Formula 1 fans around the globe to engage with the world's greatest racing spectacle, while ensuring integrity with best practice oversight from Sportradar."

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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.