IASbet.com, the online betting agency, has agreed a "milestone" deal to become the exclusive online betting partner of the Formula One (F1) ING Australian Grand Prix. The two-year last minute deal incorporates advertising and promotional rights for the 2009 and 2010 Australian Motorcycle Grand Prix, as well as the F1 race.

"The deal is a milestone for the company and signifies our commitment, and strategy, to support Australian sport and racing through the establishment of niche alliances. It also reaffirms our presence as a leader in Australian wagering," said Mark Read, IASbet managing director.

The Australian Grand Prix, held in Melbourne, has traditionally been the opening round of the 17 race F1 season, and will take place this year on 29th March.

Drew Ward, Chief Executive Officer of the Australian Grand Prix Corporation, also viewed the partnership as a positive step in the build up to this year's spectacle, "We welcome IASbet in joining the growing list of sponsors for this year's Grand Prix which is shaping up to be a truly fantastic four day event."