Since taking over Formula One, Liberty Media has been going all-out to make the sport's production the greatest in the racing world.

Given the sport's global appeal, thanks to the World Championship involving drivers, teams, and tracks from around the world, F1 certainly has the potential reach to be a dominant force in sports.

However, one of the keys to the success of any sport is delivering its product to its fan bases and exploiting ways of expanding the audience in those receptive regions. This is where Formula One looks to be missing a trick. The current race tracks for Formula One span from Canada to Great Britain, Monaco to Azerbaijan, and through to Japan, but the glaring missing nation has to be India.

While the subcontinent hasn't been blessed with waves of world-class F1 drivers, with only Narain Karthikeyan and Karun Chandhok making it to the big stage, India boasts a devout fan base for the sport. So, why aren't the World Championships still coming to India, and is there value to be had in a return?

An underserved audience deserving of the action

A decade ago this year, India hosted its first Formula One Grand Prix. Crafting a unique 3.194-mile circuit for the huge event, Greater Nodia emerged as worthy hosts, and its Buddh International Circuit earned praise across the board. Lewis Hamilton was among the circuit's many admirers, with its elevation change and demanding mid-sector making it drive more like Spa than any of the other modern circuits.

As a Formula One circuit in 2011, 2012, and 2013, the Indian Grand Prix saw Sebastian Vettel take the top spot for Red Bull three times. The hattrick also marked the Drivers' World Championship win that year, ending with iconic scenes of Vettel doing doughnuts and bowing to his car. What was more important, however, was the turnout of Indian race fans. Over the weekend of the inaugural Indian Grand Prix, a hefty 100,000 fans were in attendance - a count that eclipses many circuits still on the calendar, such as the Azerbaijan Grand Prix. Furthermore, India is still tuning-in to watch the high-paced action, even with F1 a decade removed from burning rubber in the country.

According to 2019 figures revealed by Formula One, India stands as the sport's fifth-largest fan base, boasting some 31.1 million - just behind the United States and a fair bit back of Mexico, Brazil, and China. Those fans would love to see the F1 return, which could easily be facilitated by an easing on either side. The competition initially departed Uttar Pradesh because the local government levied entertainment tax on the F1, not classing it as a sport, which seems rather short-sighted after the US$280 million build.

An increasingly important market and a growing sport

While it is used in other motorsports, the Buddh International Circuit is deserving of hosting a Formula One Grand Prix. It's capable of providing the difficult sectors that will help to make the sport more unpredictable, challenging, and competitive, as well as avid fans to make each race feel like the deciding run of the championship. As mentioned, the sport is huge now, with STAR Sports carrying the viewing rights, but India has come a very long way since 2013, with smartphones and internet connectivity giving power to sports fans.

Nowhere is this more apparent in India than in the online sports betting scene. It has exploded in India as a popular way to engage with the nation's favourite sports, which rank as cricket, football, horse racing, tennis, mixed martial arts, and Formula One. As detailed in the Indian sports betting guide Asiabet, there's a wide range of bets, including race winners, drivers to get onto the podium, and outright Constructors' and Drivers' World Championship winners. These options help to enhance the experience for those in the know, bringing race fans closer to the sport even if it isn't coming to the country for another year.

Of course, fans want to go to an event, and they're more engaged with F1 than ever, thanks to the spread of internet access and smartphones. However, it would also be wildly beneficial for those controlling the circuit to create favourable conditions for an F1 visit. It was found that the Azerbaijan Grand Prix in Baku - which still doesn't reach the crowds of the Indian Grand Prix of a decade ago - generated an increase of US$277 million in economic value in 2016 and 2017. Furthermore, the Buddh International Circuit was said to employ some 10,000 for the F1's arrival as well as generate $170 million in revenues at the track.

The fans are there, the Buddh International Circuit is a fantastic venue, and the organisers want to continue to grow as the epitome of global racing. As such, a return to India seems to be a logical step for Formula One.