Liberty Media are planning to increase Formula One's revenues in the digital sector by capitalising on gaming and gambling.
Speaking at the Goldman Sachs Communacopia investment conference in New York this week, Liberty Media's chief executive Greg Maffei outlined the comapny's plans to overhaul the sport.
"Less than one percent of revenues are from digital," he said. "They really have no organized digital effort. I think there's a lot of things that can be done around gaming, VR (virtual reality) and AR (augmented reality).
"There's an enormous amount of video feed and data about the races that we are already capturing that we are not in any way processing incrementally for the dedicated fan, or opportunities around things like gambling," he continued. "Outside of the United States there is a huge gambling opportunity in the sport, none of which we capitalise on."
Liberty Media recently bought Formula One from CVC for a reported $8 billion.
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