Formula One announced a sponsorship and data rights deal with Interregional Sports Group (ISG) on Tuesday that it said will enable the development of live in-play betting.

The Financial Times newspaper reported earlier that the deal to sell betting sponsorships was worth at least US$100 million over five years.

The deal with Interregional Sports Group, reportedly worth more than $100m (£76m), will allow F1 to develop in-play betting markets during grands prix.

Managing Director Sean Bratches said the deal would give fans “new ways to engage with the sport”.

Liberty Media completed an $8bn (£6.4bn) takeover of F1 from Bernie Ecclestone in January 2017.

As part of the deal, betting brands will be shown on physical and virtual trackside signage, as well as branded on-screen graphics.

It said that would include regionalised branded on-screen graphics, physical and virtual trackside signage and integration across F1’s digital and social platforms.

The Financial Times said ISG would pay an upfront fee to Liberty and recoup that money through separate deals with gambling sponsors.