The Las Vegas Grand Prix marked an historic moment for some of America’s largest sportsbooks.
"The Las Vegas Grand Prix was the most bet F1 event in BetMGM's history," Seamus Magee, BetMGM's trading manager, told Covers. "The sportsbook took three times the number of bets on the race than any previous contest."
The race, which was won by Red Bull driver Max Verstappen, caught the attention of sports fans as the popularity of motorsports grows. And while Verstappen opened as a heavy -350 favorite, BetMGM took a $200,000 bet on Verstappen to win the race at -200, netting the bettor a $100,000 payout. The most bet prop at BetMGM was on any other driver to win the race at +160 odds.
Other operators also reaped the benefits of F1’s ascendance in Las Vegas. Caesars Sportsbook reported a strong handle for the weekend as it capitalized on a niche sports betting market.
“The highest handle for a race we usually have all year is the Daytona 500 and the F1 race tripled that,” Caesars Entertainment assistant director of trading Adam Pullen told Covers. “The highest F1 race we had before this was Miami with its fanfare and it being earlier in the year.”
Drawing attention
The interest in the Las Vegas Grand Prix comes as F1 solidifies its presence across America. The Las Vegas Grand Prix is one of three U.S. races on the F1 calendar, which includes stops in Florida for the Miami Grand Prix and in Austin, Texas for the United States Grand Prix.
Despite more opportunities to see F1 in the U.S., watching a race in person comes at a cost.
Two weeks before the Las Vegas Grand Prix, reseller ticket prices on StubHub averaged $2,300 for the three-day event. As the race inched closer, prices dropped to an average of $2,100 but the race was still the most desirable on the F1 calendar this year. The cost to park private planes in Las Vegas also skyrocketed with fees at airports costing between $3,500 and $7,500.
The Las Vegas Grand Prix will continue to be an intriguing event for sports fans following an opening ceremony that featured performances from musical talents John Legend, Keith Urban, and others. It has also become a hub for celebrities spanning from pro athletes to actors.
