Las Vegas Grand Prix generates record-breaking auto racing betting action for Caesars, BetMGM, more

The Las Vegas Grand Prix set the wheels in motion for a betting frenzy across multiple Vegas sportsbooks, including Caesars, BetMGM, Station Casinos, and the Westgate SuperBook, as record-breaking betting handles were reported for auto racing, reflecting the popularity of the Formula One event held on the Strip.

The race became a magnet for wagering, with Caesars Sportsbook showcasing its highest betting handle ever on any auto race. "It was well over seven figures," Craig Mucklow, Caesars' VP of Trading, told Las Vegas Review-Journal, noting the event's staggering betting activity tripled the renowned Daytona 500.

BetMGM echoed this enthusiasm, declaring the Las Vegas Grand Prix as their most-bet F1 event. "The sportsbook took three times the number of bets on the race than any previous contest," affirmed Seamus Magee, BetMGM's Trading Manager.

The hefty bets rolled in, notably a $200,000 wager placed at BetMGM on Max Verstappen at -200 odds, reaping a $100,000 return when Verstappen surged to his 18th F1 win this season.

As excitement peaked, Charles Leclerc's surprising finish and the strategic odds shifts led sportsbooks to emerge as winners. Chuck Esposito, Red Rock Resort's Sportsbook Director, emphasized the event's magnitude, describing the packed sportsbook and likening the atmosphere to a typical football Sunday.

“Formula One, for the most part, isn’t a heavily bet sport. But it goes hand in hand with anything else that takes place here," he said. “Whether it’s a big prize fight or UFC fight or the Aces, Raiders, Knights, Rebels or NASCAR, they produce huge handles, and this was no different.”

Jay Kornegay, SuperBook's Vice President

Jay Kornegay, SuperBook's Vice President, highlighted the race's dynamics, sharing their preference for a Max Verstappen victory, which aligned with the majority of the bettors' inclinations toward long-shot wagers.

Despite Verstappen's domination in bets and on the track, Caesars, alongside other sportsbooks, navigated through a maze of long-shot wagers. "We were going to need Verstappen, and he came through for us," remarked Adam Pullen, Caesars' Assistant Director of Trading, shedding light on the significance of value betting among bettors.