• Wed. Nov 29th, 2023

Amazon Eyeing Expansion of NBA Rights: Sports Industry Insights


Nov 21, 2023

Despite facing controversy and legal challenges, the Las Vegas Grand Prix generated a historic windfall for sportsbooks. Caesars Sportsbooks set a new company record for total betting handle on any motorsports event during the race, while BetMGM, Westgate SuperBook, and Red Rock Resort also reported record handle for an F1 Race. The race attracted three times the number of bets as Daytona’s NASCAR event, with Caesars vice president of trading Craig Mucklow stating that it was “well over seven figures.” BetMGM tripled the number of bets for any prior F1 event during the Las Vegas Grand Prix.

The 10 p.m. local start time of the race remains a topic of debate, with efforts being made to ensure an earlier start time. While this decision was made in part to minimize disruption to local citizens who have already endured months of construction-related headaches, several drivers and team executives are pushing for an earlier start to aid their own time-zone acclimation when traveling from Europe. Fred Vasseur, Ferrari team principal, told ESPN that F1 is now a truly global sport and finding something fitting with the expectations of the 24-hour zone is much more difficult than it used to be when F1 was just for European people.

The full impact of the race on sportsbooks will be better understood next month when the Nevada Gaming Control Board releases its monthly report for November.

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