The Las Vegas Grand Prix made many diverse headlines last week, not least for generating a surge in sports wagering, the most ever seen at a Formula 1 event. The inaugural circuit’s race weekend was the subject of multiple records both for the number of wagers and for handle. This beat out the previous record holder, the 2021 race weekend at the Belgian Grand Prix’s Spa-Francorchamps. 

Operators riding the surge

These record-breaking numbers have come to light via data-leading online sportsbook, DraftKings, however, the Vegas strips’ racing debut broke ground in a way that affected multiple operators. The biggest winners it would seem were Ceasars SportsBook and BetMGM, who led the betting frenzy to innumerable success. Caesars saw a threefold increase, even surpassing the Daytona 500 figures. BetMGM also reported a rise, culminating in a $200,000 wager on three-time world champion, Max Verstappen, the race’s victor and a $100,000 payout. F1 vibrance around sports betting was a particular topic of excitement for Red Rock Resort’s sportsbook director, Chuck Esposito.

Reflection on F1

Despite the abundant criticisms, and numerous legitimate challenges, the very first F1 venture into the famed city of lights proved to not only be a financial triumph but also one of acclaimed popularity. Past the sheer scale of betting participation, DraftKings also made note of the rising trend of Formula 1 for domestic sports bettors.  Particularly in the US but prevalent in other markets, F1 has traditionally been seen as an underdog when compared to football, basketball and baseball for instance. DraftKings’ data has shown that nine out of the top ten F1 races in the company’s history have come in the last 2 seasons, beginning during the 2022 season.  This year there were a record three races held at US venues in Austin, Miami and of course Las Vegas, the latter of the two proving prominent features for betting activity.

A new foothold in Nevada

What makes these statistics further impressive and intriguing is that DraftKings handled this mass influx of betting activities, as did their main rivals FanDuel, without a licence to accept bets in Nevada, whether in person or online. This means that the record-breaking activity was from a surge in activity from customers based outside Nevada and probably outside the U.S at large.

SiGMA Eurasia

SiGMA’s world-renowned summits will return in 2024 when SiGMA Eurasia graces the industry’s calendar once again. Dubai will be the host yet again for the much-anticipated conference and exhibition from the 25th – 27th of February. Get your tickets now to ensure you won’t miss out!