Caesars and BetMGM Lead the Charge in Record-Breaking Las Vegas Grand Prix

On November 18, the Las Vegas Grand Prix not only delivered a riveting Formula One race but also shattered betting records at prominent sportsbooks, marking a historic windfall for the gambling industry in the city.

Caesars Sportsbook Smashes Records, Surpassing Daytona 500 Numbers

Caesars Sportsbook led the charge, setting a new company record for the total betting handle on any motorsports event, surpassing even the iconic Daytona 500, known as the Super Bowl of NASCAR. Caesars vice president of trading, Craig Mucklow, conveyed the significance of the achievement by mentioning that it exceeded the numbers of Daytona threefold and amounted to well over seven figures, reported The Las Vegas Review-Journal.

BetMGM, Station Casinos, and the Westgate SuperBook also reported record handles for an F1 race, with BetMGM highlighting a threefold increase in the number of bets compared to any previous F1 event. The betting action was so intense that it rivaled the speed and excitement of the Formula One race itself.

The climax of the betting frenzy was a $200,000 wager at BetMGM on Max Verstappen at -200 odds to win the race, resulting in a $100,000 payout. Verstappen, the Red Bull Racing driver, secured his 18th win in 21 F1 races this season, solidifying his dominance on the track. The odds fluctuated throughout the week, with Verstappen opening as a -350 favorite and closing at -185.

Red Rock Sportsbook Praises Las Vegas Grand Prix Impact

Despite the large bets on Verstappen, sportsbooks managed to come out ahead, especially with Charles Leclerc finishing second. Chuck Esposito, the sportsbook director at Red Rock Resort, underscored the importance of the event by noting that it had unmistakably generated the most substantial Formula One handle they had ever witnessed. He attributed this success to the event’s presence and the considerable excitement surrounding it.

The success of the Las Vegas Grand Prix at the sportsbooks was not only a financial triumph but also a testament to the event’s ability to draw crowds. Esposito noted that the Red Rock sportsbook was packed with spectators from 10 p.m. Saturday to early Sunday, creating a football Sunday-esque atmosphere.

While the race faced initial challenges, including a divisive local opinion and legal complications, its impact on the sports betting scene was undeniable. The Nevada Gaming Control Board is expected to provide a more comprehensive report on the overall impact of the race on sportsbooks next month.

As the city basks in the aftermath of the Las Vegas Grand Prix, discussions about potential improvements, including an earlier start time for next year’s race, are already underway. The late-night start at 10 p.m. local time has sparked debates among locals and racing enthusiasts, with calls for adjustments to accommodate a broader global audience and cater to the needs of drivers and teams traveling from different time zones.