The Las Vegas Grand Prix Sets Betting Records, Showcasing Historic Success for Sportsbooks

The Las Vegas Grand Prix on November 18 not only delivered an exciting Formula One race but also set a new standard for betting records at major sportsbooks, creating a historic moment for the gambling industry in the city.

Caesars Sportsbook played a significant role in this achievement, as it broke its own company record for the total betting handle on any motorsports event. This surpasses even the iconic Daytona 500, known as the Super Bowl of NASCAR. Craig Mucklow, the vice president of trading at Caesars, emphasized the significance of this accomplishment, stating that it exceeded the numbers of Daytona threefold and amounted to well over seven figures, as reported by The Las Vegas Review-Journal.

Other prominent sportsbooks such as 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 intense betting action rivaled the speed and excitement of the Formula One race itself.

A notable moment during 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.

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 generated the most substantial Formula One handle they had ever witnessed. 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.

The Nevada Gaming Control Board is expected to provide a more comprehensive report on the overall impact of the race on sportsbooks next month. Discussions about potential improvements for next year’s race, such as an earlier start time, 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.

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