Formula 1 Car Racing in Las Vegas Grand Prix

BetMGM Sees Record Levels Sports Betting

Las Vegas GP Breaks Betting Record at BetMGM

By Blake Roberts Founder & Editor in Chief Updated: 13 December 2023

Blake Roberts Founder & Editor in Chief

Blake Roberts is the founder of Betting.US and is currently heading the creative team as Editor in Chief. Born and raised in Morgantown, West Virginia, Blake is a great sports fan, with football and basketball being his favorite. He’s our trusted voice for all betting-related matters.

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According to recent reports, the recent Las Vegas Grand Prix has set a new record at BetMGM as the most wagered-on Formula 1 (F1) race in the company’s history. The event, which marked F1’s return to Las Vegas after four decades, saw Dutch racing star Max Verstappen, a three-time defending champion, claim victory.

This win was significant not only for Verstappen’s career but also in the betting world, as it attracted the largest individual wager at BetMGM, with one bettor placing a massive $200,000 on Verstappen to win, which saw them claim $100,000 in winnings.

BetMGM, a joint venture between MGM Resorts International and UK-based Entain Plc, did not disclose whether this record-setting bet was made online or at one of MGM’s brick-and-mortar sportsbooks on the Las Vegas Strip.

Three Times More Bets Than Other F1 Races

Seamus Magee, the trading manager at BetMGM, revealed that the sportsbook took three times the number of bets on this race compared to any previous F1 event. He said:

The Las Vegas Grand Prix was the most-bet F1 event in BetMGM’s history. The sportsbook took 3X the number of bets on the race than any previous contest.

Verstappen’s odds were a key focal point for bettors. Initially, he opened at -385 but his odds shortened to -185 by the start of the race. According to reports, this shift in odds reflected the confidence bettors had in Verstappen clinching the win in the historic race.

At BetMGM, Verstappen dominated the betting scene, accounting for 28.7 percent of the total handle, followed by Ferrari’s Charles Leclerc at 17.1 percent, who finished second in the race. Interestingly, the highest percentage of bet tickets at BetMGM was on Leclerc, at 12 percent, with Mercedes driver Lewis Hamilton, who finished seventh, closely behind at 11.9 percent. Verstappen ranked third at 10.5 percent.

The Las Vegas Grand Prix also turned out to be a lucrative event for BetMGM in the prop bet market. The four most-wagered props were betting against Verstappen to win, Leclerc to finish in the top three, Daniel Ricciardo to place in the top ten, and a Mercedes driver to win. Among these, only the bet on Leclerc paid off for the bettors.

Grand Prix Also Gave Boost to Other Sportsbooks

This betting fervor was not limited to BetMGM. Other major sportsbooks in Las Vegas, such as those operated by Red Rock Resorts’ Station Casinos and the Westgate SuperBook, also experienced record-breaking handles for an F1 race.

Craig Mucklow, the vice president of trading at Caesars, told the Las Vegas Review-Journal that the Las Vegas Grand Prix attracted triple the betting of NASCAR’s Daytona 500, which is considered that series’ biggest race.

Based on these figures, the Las Vegas Grand Prix has set a new benchmark in the betting world, illustrating the growing popularity of F1 racing in the United States. The race’s success, both on the track and in the sportsbooks, signals a promising future for F1 events in the country, especially in Las Vegas.