2022 saw the introduction of one of the biggest rafts of rule changes ever seen in the history of Formula 1. Firstly, changes to engine specifications have meant that teams need to use fuel that is made of 10% ethanol as the sport looks to shift towards a more sustainable form of propulsion.
However, the more noticeable change in 2022 has been the complete redesign of F1 cars with pointier front wings, more sculpted rear wings, and the removal of the large barge boards that have been around for several decades.
Like an iceberg, these visual differences only scratch the surface, as, underneath the car, teams have been able to create intricate “venturi tunnels” that are designed to suck the chassis down onto the track as they drive, creating more of their downforce using the “ground effect”.
The aim behind this has been to allow F1 cars to drive much more closely to each other, making it easier to overtake, and creating more exciting racing.
Why Exciting Racing Is Important
More exciting racing is good for Formula 1 and its stakeholders in many different ways. Of course, for the fans, lots of unpredictable on-track action makes the sport more fun and entertaining. This, in turn, has benefits for many of the commercial interests in F1 too.
The sport’s owners can charge more for TV rights deals when they know more people will watch, while broadcasters and teams can also charge more for sponsorship and advertisement deals because of the increased exposure offered by the larger audiences.
Shareholders also benefit from better on-track action. 2021 was the first time in several years that we saw a true battle for the Drivers’ Championship with Hamilton’s dominance challenged by Verstappen. This coincided with a steady rise in F1’s share price from around $36 at the end of the 2020 season to around $55 at the end of 2021.
Additionally, a two (or more) way battle for the championship helps to boost interest in F1 sports betting, with fans choosing to either back their favorite driver or test their skills at predicting the outcome of the season.
In this sense, wagering on Formula 1 is a relatively new phenomenon as, although sportsbooks have always offered it alongside their many other markets, it only recently took off, following in the footsteps of competitions like football, basketball, and hockey. F1’s new owners have helped to facilitate this change by providing more data for betting sites to use when creating markets and setting odds, and by allowing betting sponsorship of the sport for the first time.
Altogether, the increase in wagering, the larger viewing figures, and the greater sponsorship income all help to make the sport and the industry that has sprung up around it more sustainable so we can all enjoy it for many years to come.
Has it Worked?
We’ve been here before. In 2009, a radical shift in size and shape of F1 cars meant that they had larger front wings and taller but skinnier rear wings. The aim was the same, but the concept proved to be far less efficacious than expected.
2022, however, has proven to be different. After four races, we’ve enjoyed exciting battles up and down the grid, with close wheel-to-wheel combat between Charles Leclerc and Max Verstappen on three occasions (before the Dutchman had to retire twice), and plenty of midfield scraps that have meant it’s been hard to know where to look during races.
The Sprint Race at Imola is, perhaps, one of the best examples so far of how well these new rules have worked.
After losing out to the Ferrari driver off the start, Verstappen was able to stay close behind Leclerc for the entire race, saving a little bit of extra grip in his tires, and then pounced with two laps to spare, taking the win and setting himself up for a dominant performance in the Grand Prix. Meanwhile, Sainz made six overtakes, and Kevin Magnussen attempted a different tire strategy to gain an advantage over his rivals.
Of course, there’s a chance that things may settle down a little more as the teams get to grips with their new machines, but it seems more likely that we may be entering one of the greatest eras of Formula 1’s history.
