The second Las Vegas Grand Prix gave some Sin City sportsbooks exactly what they were hoping for over the weekend, while others fell short of expectations.
The Formula One event, which wrapped up in the early hours on Sunday, produced the highest handles ever for the racing league at Station Sports and BetMGM, according to a Las Vegas Review-Journal report.
Both operators said the F1 race shattered the previous record set during last year’s inaugural Las Vegas Grand Prix.
Red Rock sportsbook director Chuck Esposito told the Review-Journal that this year's event handle was “phenomenal” and easily passed 2023’s record amount wagered.
BetMGM reported that twice as much money was bet on the F1 race compared to last year.
However, the Westgate SuperBook said it took in only 35% of the previous year’s event. Caesars also reported less betting a year after it took in more than $1 million on the Las Vegas Grand Prix, which dominated NASCAR’s Daytona 500 in wagering in 2023.
The right outcome
While Westgate reported a small revenue loss, Station came out on the positive side, thanks to George Russell’s victory.
The Mercedes driver, who was listed third on Caesars’ race winner odds, dominated the event. Starting at the pole position, Russell led every lap, which Caesars’ vice president of trading Craig Mucklow said affected the race’s live-betting handle.
Despite Russell’s starting position, there were bigger bets placed on last year’s winner Max Verstappen, Lewis Hamilton, and Charles Leclerc. Sportsbooks also avoided any long shot winners, providing an operator-friendly outcome.
Favorite Carlos Sainz Jr. at +230 prodded a third-place finish. McLaren’s Lando Norris was listed at +900 and finished sixth. Verstappen was fourth on the odds list. He finished fifth but clinched his fourth F1 championship on Sunday.
Hip-hop star Drake lost $200,000 in Bitcoin wagering on Leclerc, who finished fourth in the Las Vegas Grand Prix.
Big money
The F1 race generates a lot of money for Las Vegas, not just at the sportsbooks. The Grand Prix draws fans from around the world to a city that has become synonymous with major sporting events. Hotels, restaurants, and casinos benefit.
MGM Resorts said last year that the event led to the “highest-grossing weekend” in 2023.
However, Caesars Entertainment CEO Tom Reeg predicted before the race that revenue would be “flat-to-down a couple of million dollars versus last year.”
F1 plans to return Nov. 20-22, 2025, to the circuit track that runs through and around Sin City.
