This weekend, the São Paulo Formula 1 GP takes place in Interlagos and estimates by the São Paulo City Hall indicate that the competition will generate around R$ 1 billion, mainly activating the tourism and business sectors. Like other sports, Formula 1 has already conquered its space in bookmakers around the world.
In recent years sports betting has gained a lot of traction in Brazil. And this evolution is not just in football, as Formula 1 is now part of the list of the five sports with the highest volume of bets in the country.
Galeta.bet CMO Ricardo Bianco Rosada explained this growth: “Although the Brazilian public loves football and concentrates a huge amount of bets on this sport, Formula 1 has a very loyal audience and this is observable in betting, especially when takes into account that there are far fewer sporting events in a season than, for example, basketball, football or volleyball games”.
“And even with the fact that we already have the definition of the champion driver, potentially diminishing the public’s interest in the event, the Brazilian event increases the importance of the race for the local public”, added the CMO.
This year, Formula 1 will complete 22 Grands Prix, which compared to other sports is a small number of events; for example: a single soccer team in Brazil plays around 70 matches in a year. Because of this, Formula 1 lags behind modalities such as football, volleyball, basketball and tennis, but still stands firm in its position with the Grand Prix.
The commercial director of Esportes da Sorte, Daniel Trajano, commented on the impact and growth of the motor sport: “The media about the São Paulo GP is very impactful and leads bettors to look for the sport much more”.
“Consulting data retroactive to 2021, we identified that the race in Brazil had a 100% greater demand than any other GP last season. And what we found and can be emphasized is that Formula 1 has growing interest among Brazilian bettors, an average of more than 10% monthly increase (always compared to the previous month)”, added Trajano.
Such growth of Formula 1 reinforces the position of a market that does not stop growing in Brazil. Sports betting has a high rate of engagement in the country, with an audience passionate about the sport and always willing to give their guesses. Now, the modality awaits regulation, which should be dealt with by the Lula government in 2023.
