Las Vegas Grand Prix drives record betting at BetMGM for a Formula One race

AUTO RACING

November 21, 2023

The Las Vegas Grand Prix, which Max Verstappen won Saturday night, blew past BetMGM betting handles for previous Formula One races.

Trading manager Seamus Magee said BetMGM took three times the number of bets than any other previous F1 race. Westgate Las Vegas and Red Rock Resort reported on Saturday this race was the most-bet Formula One event at those sportsbooks. Formula One’s most expensive and hyped race that included the lure of drivers competing on the famed Las Vegas Strip drove the betting action. Verstappen, who has won three series championships in a row, took the lead with 13 laps left to win for an 18th time this season.

One BetMGM bettor wagered $200,000 at minus-200 to win $100,000 when Verstappen cruised past the start/finish line. He opened at minus-350 at that sportsbook, and the number moved down throughout the week before finally reaching minus-185.

Rather than try to find value, many bettors went for the near sure payoff with 28.7% of money going to Verstappen, the most in the 20-driver field. However, he was third in ticket percentage at 10.5 behind Charles Leclerc (12.0) and Lewis Hamilton (11.9).

Leclerc finished second and Hamilton seventh.

Unprecedented Betting Volume

BetMGM, one of the prominent sportsbooks, reported an astonishing threefold increase in betting activity compared to any other Formula One race in its history. This surge in betting handles underscores the growing popularity of Formula One as a premier betting event, attracting enthusiasts from around the globe.

Sportsbooks Confirming the Trend

Further affirming the betting frenzy, both Westgate Las Vegas and Red Rock Resort, major players in the sportsbook scene, disclosed that the Las Vegas Grand Prix became the most-bet Formula One event at their establishments. The allure of the famed Las Vegas Strip as a backdrop for the race undoubtedly contributed to the heightened interest, turning the event into a must-watch and must-bet spectacle.

Verstappen's Triumph and Betting Highlights

Max Verstappen, a three-time Formula One series champion, took the lead with 13 laps remaining, securing his 18th win of the season. His victory was not only a triumph on the track but also a windfall for bettors. One bold BetMGM bettor staked an impressive $200,000 at minus-200 odds, walking away with a $100,000 profit as Verstappen crossed the start/finish line. The odds for Verstappen fluctuated throughout the week, starting at minus-350 and ultimately settling at minus-185.

Betting Trends and Strategy

Interestingly, a substantial portion of the betting money, 28.7%, was placed on Verstappen, making him the most favored choice among the 20-driver field. However, when considering ticket percentage, he ranked third at 10.5%, trailing behind Charles Leclerc (12.0%) and Lewis Hamilton (11.9%). This discrepancy between money and ticket percentages reflects the diverse betting strategies employed by enthusiasts, with many opting for the perceived sure payoff rather than seeking value in the odds.

Race Results and Impact

In the competitive field, Charles Leclerc secured a commendable second-place finish, while Lewis Hamilton, a seasoned Formula One veteran, faced a more challenging race, concluding in seventh place. The overall outcome of the Las Vegas Grand Prix not only solidifies Max Verstappen's dominance on the track but also leaves an indelible mark on the betting landscape, setting the stage for Formula One to continue capturing the imagination of both racing enthusiasts and avid bettors alike. The combination of a thrilling race, a prestigious location, and the strategic allure of betting created a perfect storm that is likely to resonate within the motorsport and betting communities for some time.

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Miguel Rivera Author

Miguel Rivera, dedicated Puerto Rican journalist, passionately tells stories, amplifying voices, fostering change, and connecting communities through insightful reporting.

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