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Abstract
Formula 1's business model is unlike that of any other sports series. F1 is the world's most-watched annual sports series and attracts more than 400 million television viewers on every occasion. Hosting an F1 race puts a country on the sporting map and stimulates curiosity. Income from ticket sales comes to an average of around $33 million a year and has large influence on the economy, especially on tourism by generating income in the HORECA sector, transportation and other services. Formula 1 races reach a global audience and are keenly followed by avid fans. It is considered to be the most frequented sports event in the world after the Summer Olympic Games marked by high travel numbers.
The Formula 1 Hungarian Grand Prix marks an important period for Hungarian tourism, as almost 2 million visitors have visited the Hungaroring during the last 25 years. This sports event attracts international visitors with increased tourist spending, which means a regular and calculable income for hotels and restaurants. The Budapest - Central Danube tourist region, where the Formula 1 Hungarian Grand Prix takes place, is a well-developed and easily accessible area close to the capital city.
Keywords: Formula 1, Hungaroring, sports tourism, tourism development, hotel industry
JEL codes: Z3, Z2
Introduction
A fundamental book on sports tourism was written by Weed and Bull (2004), which highlighted the fast increase in the income of the Formula 1 car race. Gibson, MyIntyre, Mackay and Riddington analysed the economic impacts of Formula 1 in 2005, emphasizing the multiplicator effects of these sports events.
There are several publications on the historical development of the Formula 1 and its most famous drivers, the most well-known being "The Official History of the World's Greatest Motor Race" written by Quentin Spurring. András Boda also published a book on the history of the Hungarian Grand Prix.
Hungarian authors, Tamás Bethlen and István Hegedűs compiled a chronicle of the Formula 1 in 2008 (Springer Tudományos Kiadó Kft. p. 559), while the "Formula 1 All the Races: The World Championship Story Race-by-Race 1950-2015" by Roger Smith was published in 2016.
According to some research, spectators watch Formula 1 Grands Prix to see the accidents (Sid Watkins: Life At The Limit: Triumph and Tragedy in Formula One).