Formula 1 acquires a stake in Irish fantasy sports company PlayON

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  • Formula 1® and PlayON become strategic partners in the dynamic and fast-growing fantasy sports market.

    PlayON becomes the Official Daily Fantasy Partner of Formula 1, to include the integration of live Formula 1 Grands Prix via F1’s new OTT service F1 TV, onto the PlayON platform in key markets.

    As part of the tie-up, Formula 1 becomes an equity shareholder in PlayON at a company valuation of £30m. This marks the first time Formula 1 has taken an equity stake in an external company and is indicative of its new long-term digital strategy. PlayON is an international sports entertainment company with registered customers from over 100 countries. On the back of this strategic partnership with Formula 1, PlayON will be entering the US market in 2018.

    The partnership allows Formula 1 to make a significant investment in fantasy sports and reach an even wider and younger audience, and provides PlayON with access to the millions of Formula 1 fans around the world.

    The Official Daily Fantasy Formula 1 game is now live at www.playon.co/f1, with PlayON also operating the first Official Traditional Fantasy Formula 1 game, now live at fantasy.formula1.com.

    Both Daily Fantasy Formula 1 and Traditional Fantasy Formula 1 games enable fans to pick a team of five drivers and one constructor for each race, with points being awarded for finishing positions, positions gained and fastest lap amongst others. The fantasy team structure is consistent for both games to encourage fan interaction between the two. The games will be tailored to local audiences and offered in local languages.

    Frank Arthofer, Director of Digital and New Business at Formula 1, said:
    “Formula 1 is continuously looking for ways to engage with new audiences, particularly in the digital space. Fantasy Sports is an exciting industry and offers us the opportunity to engage with a young and vibrant fan base. 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 feel PlayON’s approach is the right one for long-term success in the industry.”

    Killian Jones, Founder and CEO at PlayON, said:
    “PlayON is pleased to be entering this partnership with Formula 1 - the global appeal ofFormula 1 makes it an ideal strategic partner. A key aspect of the deal relates to the liveFormula 1 races being present on the PlayON platform. The combination of live sport andPlayON’s daily fantasy games will provide a fully immersive entertainment experience to ourcustomers around the world. PlayON’s goal is to deliver the ultimate digital sportsentertainment experience to sports fans and we look forward to working closely with theFormula 1 team in pursuit of this goal. In light of the regulatory environment around dailyfantasy sports now being clearly established in multiple US states, PlayON today announces itwill enter the US market in 2018 and will establish a US office to fuel our expansion efforts inNorth America.”

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