Formula 1 Announces Strategic Partnership with Digital Hub based PlayON.
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.
Killian Jones, Founder and CEO at PlayON, said:
“PlayON is pleased to be entering this partnership with Formula 1 – the global appeal of Formula 1 makes it an ideal strategic partner. A key aspect of the deal relates to the live Formula 1 races being present on the PlayON platform. The combination of live sport and PlayON’s daily fantasy games will provide a fully immersive entertainment experience to our customers around the world. PlayON’s goal is to deliver the ultimate digital sports entertainment experience to sports fans and we look forward to working closely with the Formula 1 team in pursuit of this goal. In light of the regulatory environment around daily fantasy sports now being clearly established in multiple US states, PlayON today announces it will enter the US market in 2018 and will establish a US office to fuel our expansion efforts in North America.”
PlayON is an international sports entertainment company with offices at The Digital Hub and in London. Since launching in 2012, the company has registered customers from over 100 countries. PlayON offers daily fantasy games across football, basketball, golf, cricket, tennis, NFL, AFL, rugby union, rugby league and motor racing. PlayON’s goal is to deliver the ultimate digital sports entertainment experience to sports fans across the world. The company is currently licensed in Great Britain, Ireland and Australia, and has a strong commitment to security and regulation. PlayON is the Official Daily Fantasy Partner of the NBA and Formula 1.