F1 could host race in new country after £900m bid approved by government

F1's potential Grand Prix in Bangkok could impact betting odds, with Thailand's investment boosting interest in Asian markets. Punters should consider the likelihood of increased local support for drivers, particularly Alex Albon, which might enhance their performance prospects in future races.

F1 is one step closer to racing on the streets of Bangkok after the cabinet approved a £900million ($1.2bn) bid to host a Grand Prix from 2028 onwards.

The event has been in the pipeline for months now, with Stefano Domenicali enjoying meetings with government officials. Domenicali is keen to bring the sport to new markets after the Middle East gained races in Qatar and Saudi Arabia, the United States formed two new races in Miami and Las Vegas, and Madrid became the latest European destination to join the schedule in 2026.

One of the primary markets F1 is interested in is Asia. China, Japan and Singapore are all mainstays on the calendar, but Domenicali is open to more representation for the most populous continent on Earth. Despite interest from South Korea regarding a race in Incheon, Thailand is leading the way.

On Tuesday, government spokesperson Jirayu Houngsub said: “In the next 2-3 years, Thailand will have world-class competition, which we never thought would actually happen in Thailand.”

Tourism minister Sorawong Thienthong confirmed to Reuters that the F1 bid is worth 40 billion baht, which equates to roughly £900m.

Thailand’s interest in pursuing a spot on the calendar has long been public. Earlier in March, Prime Minister Paetongtarn Shinawatra said: "I believe that all Thai people will benefit from organising this event, whether it is large-scale infrastructure investment, job creation, new income generation, and importing new technologies and innovations."

As well as Domenicali’s intrigue, the Thai Grand Prix has the backing of Williams star Alex Albon. The 29-year-old enjoys widespread fan support every year at the nearby Singapore Grand Prix and has a strong attachment to Thailand, representing the nation over his birth country, the United Kingdom.

Albon even met with Prime Minister Shinawatra ahead of the Japanese Grand Prix in March. “I’m super excited to hear the news about a possible Thai Grand Prix,” the Williams ace said. “It would mean the world to me for that to happen, and it would be another home race not just for me, but for Williams too. I’m very excited, it deserves to be on the race calendar.”

He then added: “Speaking to the other drivers in Formula One, I know a lot of them haven’t been to Thailand before. I would be really excited to show them the culture of Thailand, the people, the food. I want to be their tour guide for the weekends! Maybe we can go to some temples as well. I think it’s fantastic. I’d love to see Thai people more involved in the motorsport world, and I’d like to try to help this happen in any way that I can.”

F1 is heading toward a new Grand Prix location.

Express