Professional sports are one of the most successful avenues for corporations to spread their global reach. Although digital and television advertising brings some success and visibility for big companies, sports sponsorships are one of the most lucrative avenues, as people make stronger attachments to brands and brand names when they're associated so closely with their favorite sports stars, and in today's case, F1 drivers.
How Online Companies Transformed Sponsorships
Until 2018, F1 teams had to follow a strict set of legislation that made it strikingly clear that they could not endorse sponsoring companies in any way, shape, or form. Given that some of the legendary F1 cars and some of the most significant drivers of all time would often career around the track at lightning-fast speeds donning the names of tobacco and alcohol companies, some campaigners would rightfully point out some of the stark contradicts that were in place during the world's top races back in the 1980s and 1990s.
This pendulum has swung the other way in today's market, given that drivers are no longer allowed to have tobacco sponsors, and there is a grey area with alcohol sponsorships. Sponsorship online now has a clear path, lucid regulations, and a rigid framework where the F1, the teams, and drivers can all sign big deals with related sponsors. Current F1 Kingpin and superstar Max Verstappen have a huge endorsement deal with a vast online poker brand, and the current explosion of profit in online poker has helped these companies provide some of the colossal funding required to get these big names to sign on the dotted line.
Online poker isn't just one specific type of poker, though; several poker games fit into this broad category, such as video poker, which is a game for poker fans looking to play on their own. Video poker revolutionized the industry when it first hit underground floors in the 1970s and by the 1980s. It was one of the most popular machines in many maintains a strong audience today, which has now bridged to online video poker. Video poker in an online casino platform is one of many reasons online poker managed to gain legitimacy and respect within the sector, as it managed to successfully capture the solitude of playing it. In particular, the online version brings a fresh angle, as you can now play from home whenever it best suits you.
This has generated a snowball effect, resulting in enormous profits within the video poker and online poker industry. These profits were then used to move into big-money sponsorships and advertising, which is why we now see so many of the top drivers and teams with some online and internet company sponsorship.
Other Notable Sponsors Throughout The Years
Throughout the 1990s, many prominent sponsors within the F1 were very much of their time. Some companies no longer exist; other brands like Phillips have diversified their models away from technology and into healthcare. While it wouldn't be entirely accurate to suggest that F1 sponsorships fall to the highest bidder, there is an element of suitable companies bidding the highest and receiving the best branding and sponsorship deals. Companies will often plow tens of millions of dollars worth of sponsorship deals to build their brand, and F1, with its global reach, provides an enticing package for those looking to get involved.
As this landscape changed in the 1980s and 1990s, many companies parted ways with F1, but some sponsors remained. Phillips is a notable company that has remained within the sport and currently sponsors Red Bull, home to the best driver on the planet - Max Verstappen. Goodyear Tyres are another stalwart in the world of classic F1 sponsors and are often attached to the retro cars that many attached to some of the golden days of racing when many of the courses looked different. This differs from classic courses, such as the Monaco Grand Prix, which has barely changed in over 70 years.
Goodyear no longer has their sponsorship within the F1, and Pirelli is now the current tire sponsor. Many were sad to see this changeover occur, given how synonymous Goodyear had become with F1 back in the day. However, time marches on, and Pirelli have proven they can provide vital tire sponsorship.
Current Sponsorship Climate
As online internet sponsors become increasingly entrenched within F1 sponsorship, we can imagine this will become the main focus for many teams and drivers throughout the rest of this decade. Many huge names have long-standing and successful relationships with globally recognized brands such as Rolex.
Rolex's association with Formula 1 has now become so recognizable that they advertise the board, which sits directly above the starting and finishing grid, and it has been the backdrop to some scintillating finishes over the last decade. How the next decade will shape out is anybody's guess, but there will be some enormous deals for some of the most prominent names in F1.
Corporations understand the importance of the right sponsor. As F1 is the most popular motorsport in the world, it is a lucrative battle to try and land image rights with the world's top drivers and companies, but for those that do, it can take their business to the next level.