The Las Vegas Grand Prix has come to an end, and the results are in – it was a wild ride! The casinos raked in a massive profit, and records were shattered in the process.
The sportsbooks had a particularly successful run, with Caesars Sportsbook achieving outstanding results. They reported setting a record for the highest betting handle, amount of money wagered, and money spent on specific auto races. Similarly, BetMGM, Station Casinos, and the Westgate SuperBook also hit records for bets placed on an F1 race.
Craig Mucklow, a Vice President of trading at Caesars, confirmed that the numbers were over seven figures. The largest bet placed was at BetMGM, where a player wagered $200,000 and won $100,000 betting on Max Verstappen at 200 to win the race held on the Strip.
Seamus Magee, the BetMGM trading manager, expressed that the Las Vegas Grand Prix was the most attended F1 event in BetMGM’s history, with the sportsbook taking three times the number of bets on the race compared to any previous contest.
Chuck Esposito, a sportsbook director of Red Rock Resorts, was pleased with the results, noting that the high odds, in some cases even 200-1 and 300-1, led to increased action. He mentioned that the Red Rock sportsbook was full of customers from 10 p.m. on Saturday until Sunday morning, comparing the crowd to a football Sunday-esque atmosphere.
According to Esposito, the event was a win-win for them, as it generated significant interest in both watching and betting. This was further echoed by Jay Kornegay, the vice president of the SuperBook, who stated that they were a small winner and needed Max to win, which he did.
Adam Pullen, an assistant director of trading at Caesars, stressed the significance of Verstappen’s win, as the largest bets were placed on him, providing value and excitement for the audience.
In addition to bets on Verstappen, large wagers were also placed on Leclerc during the race. Pullen reflected on the event, highlighting that it lived up to the hype, with a record handle for any race and brisk action throughout. Overall, the Las Vegas Grand Prix proved to be a massive success for sportsbooks, setting new records and generating substantial interest and engagement.