Formula One steps into fantasy world with equity stake

Formula One is targeting the lucrative U.S. fantasy sports market with the launch on Thursday of daily pay-to-play and traditional free F1 games in partnership with Dublin-based PlayON.

The sport, now owned by Liberty Media, said in a statement it had also acquired an equity stake in PlayON at a company valuation of 30 million pounds ($42.62 million).

It is the first time Formula One, whose digital strategy includes a new F1 TV streaming offering due to go live next month, has bought into an external company.

F1’s director of digital and new business Frank Arthofer told Reuters the partnership would help attract a new and younger audience, particularly in key strategic markets, like the United States, and deepen engagement with existing fans.

“We’re launching with PlayON on their platforms and we’re also launching our own free-to-play game on our own platform (formula1.com) today,” he said in a telephone interview.

“We’re optimistic that will have cascading positive impacts across the business.

“From a commercial perspective, clearly there’s a market place here and we have not traditionally played in this space and captured our share of value.”

Killian Jones, the company’s founder and chief executive, declined to give any revenue predictions but said entry into the U.S. market was the “most noteworthy aspect” of the announcement.

LONDON:

JUNIOR ATHLETICS

Over 800 athletes from 32 states across the country will take part in the 16th Federation Cup Junior National athletics championship, beginning here from Friday.

The meet will serve as the selections trials for the 18th Asian Junior Athletic Meet to be held at Gifu, Japan, in June. The threeday event will see 440 boys and 352 girls in the age group of 16 to 20 years take part in 44 events, Tamil Nadu Athletic Association secretary C Latha told reporters.

COIMBATORE: