The launch of online sports betting in North Carolina has opened up a new marketing avenue for NASCAR: race sponsorship.
The Charlotte Motor Speedway announced Wednesday that the spring NASCAR Xfinity Series event scheduled for May 25 will be called the BetMGM 300.
The famous racetrack located near Charlotte partnered with the online sportsbook in January. It took just a few months to work out a race deal for the Xfinity race held on Memorial Day Weekend and a day before the Coca-Cola 600, one of auto racing’s premier events.
BetMGM will also sponsor the holiday weekend’s fan event Speed Street in Charlotte, where the online sportsbook will have signage, hospitality, and display activation.
“When we first started talking about a partnership with BetMGM, one of the things that interested us was finding a partner that would activate at our events and add value to the fan experience,” said Charlotte Motor Speedway executive vice president and general manager Greg Walter. “Bringing them on as both the race entitlement and Speed Street sponsor will help elevate their brand to the NASCAR audience and provide those on-site for our race weekend the chance to connect and engage in North Carolina’s next era of sports entertainment.”
Embracing racing
NASCAR and its embracing of sports betting is a big reason why North Carolina was a sought-after state among sportsbook operators.
The Tar Heel State is home to many of the NASCAR race teams and the sanctioning body’s Hall of Fame. North Carolina’s fans greatly support the sport as well.
BetMGM is one of the eight online operators that went live when sports betting began on March 11 at noon, and its relationship with NASCAR got it access to the North Carolina sports betting market.
“As we look to grow our brand in North Carolina, there is no better time and place than Charlotte Motor Speedway on Memorial Day Weekend,” said Matt Prevost, BetMGM Chief Revenue Officer. “Our team looks forward to introducing sports betting to a new audience and helping add to the overall experience for fans throughout the entire Speed Street event and BetMGM 300 race.”
