The deal will see F1 and ISG work with supplier Sportradar to provide new in-play betting markets - a first for the motorsport.
ISG has also paid F1 $100m up front for the rights to secure sponsorship deals with betting companies across the world.
Former F1 owner Bernie Ecclestone was a staunch opponent of gambling partnerships. However, Liberty Media completed a takeover of the sport in September 2016 and has now struck a revolutionary deal.
As part of the new agreement, betting sponsors will be able to advertise across electronic boards at racetracks.
F1 Managing Director Sean Bratches said: “F1 is delighted to partner with ISG, which has demonstrated its impressive global capabilities through working with the likes of Serie A and La Liga.
"We are also hugely excited to work with ISG and Sportradar on making the most of the data which is generated at every Grand Prix. Sportradar are world leaders in data distribution and share our passion to make F1 a significant player in this field."
