The recent announcement that F1 has entered a partnership with Interregional Sports Group (ISG) and Sportradar to enable live betting during races, raised eyebrows for a number of reasons.

On the one hand some are concerned that betting has already tainted a number of other sports, while on the other there are fears that another sport on which to gamble - in real time - will see more poor souls head down the potential path of financial ruin as they attempt to beat the odds.

And then there's situations like Sochi, where race leader Valtteri Bottas is ordered to move aside for his teammate.

What are the odds on that happening?

Nonetheless, speaking at an investor conference, Chase Carey defended the deal.

"I think it is clear that fans enjoy betting," he said. "It makes it more interesting. It makes it more exciting.

"As an American I look in some ways at fantasy football which is a great enhancement to the NFL as a form of fun betting," he continued. "I think that type of engagement in a sport widens its appeal to others, makes the experience better and obviously has business opportunities for us.

"It has both a sponsorship element and providing probably a more expanded and interesting set of opportunities to engage with the sport...

"Betting on the sport is not new but I think we can provide new and interesting ways," he insisted.

"We want to make sure it's done in a healthy way," he added, "we want to make sure it's done with proper integrity tools around it. We have to make sure we have integrity and disciplines around to make sure that with anything one bets on there is proper oversight, and it's properly policed and maintained."

When asked if it was a straightforward sponsorship deal, or the sort of revenue-sharing agreement beloved of some internet companies, he replied: "We are not in the betting business. We are more engaged with opportunities to bet and promoting the betting aspect of it, but we're not in the gambling or betting business."

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READERS COMMENTS

1. Posted by Paul RB, 14/11/2018 16:25

"How does betting on F1 gel with team orders? We all know that, banned or not, they cannot be prevented from happening, one way or another. Then imagine team orders being "employed" to manipulate betting outcomes."

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2. Posted by TokyoAussie, 14/11/2018 3:26

"No country has more betting on more types of sport than Australia. It's a national pastime. Or maybe even "the" national pastime.

I think betting on F1 is dumb. Who is going to regulate it? Where do you go for redress? What odds do you get betting on the top 3 to fill the top 3.

Waste of Liberty's time and energy, and does nothing to fix what needs fixing."

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3. Posted by Kkiirmki, 13/11/2018 19:50

"Do I get my money back if I bet on Bottas to win the Russian GP?"

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4. Posted by English Tony, 13/11/2018 16:17

"This is a bad move - if nothing else a competent deal-maker wouldn't have settled for 100 million.

Chase Carey is a fool. He must be, he gave Bernie Ecclestone money.

And there I rest my case M'lud."

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5. Posted by imejl99, 13/11/2018 15:34

"Fantasy sports betting is ruining sport as we know it. Fantasy gamblers don`t care for anything than individual stats of selected players. Not even bother to watch event on tv, less to go buy the ticket to attend. Just checking the stats on the phone after all is over. We are witnessing professionals who care more about their individual stat lines than the team success, as deals and endorsements are made. All of possibilities, Liberty choose worst...
(and, by the way, as long as there are team orders, only qualifying could be acceptable to bet on, and it is a stretch)"

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6. Posted by nonickname, 13/11/2018 14:20

"This will level all playing fields as there is no way anyone will bet on F1 as it stands now."

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7. Posted by @R1Racing71, 13/11/2018 14:02

"Normalising gambling to a new generation, legislation is clearly behind the times on this one. You can’t blame F1 for wanting to cash in, after all they did state their intentions when they took over the sport - it’s going to be a big revenue stream for them.
It’s going to take a lot of good people, and a lot of lobbying to turn back the tide. You can’t watch TV, let alone a sporting event without someone telling you to “gamble responsibly”
The moment Liberty instruct the commentators to read out the odds during lives races, will be the moment I cancel the subscription.
"

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Carey defends betting deal

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