The first-ever Las Vegas Grand Prix last weekend broke records as the most bet on Formula One (F1) race in the history of BetMGM. Dutchman Max Verstappen, F1’s three-time defending champion, won the race and generated the largest individual wager at BetMGM, with one bettor placing a $200,000 bet to win $100,000 on Verstappen. BetMGM did not specify whether the bet was made online or at one of the brick-and-mortar sportsbooks at MGM Resorts International casinos.
The sportsbook took three times the number of bets on the race than any previous contest, according to BetMGM trading manager Seamus Magee. Leading up to the race, much of the betting action was on Verstappen, who claimed 28.7% of the handle at BetMGM, followed by Ferrari driver Charles Leclerc at 17.1%.
Verstappen opened as the favorite to win the race, but patient bettors could have gotten better odds on the driver, as his odds shortened at the start of the race. Despite the heavy betting on Verstappen, the Las Vegas Grand Prix appears to have been profitable for BetMGM in the prop bet market, with only one of the four most wagered props at the sportsbook operator paying off for bettors.
BetMGM wasn’t the only sportsbook to draw significant action on the Las Vegas F1 event. Sportsbooks operated by Red Rock Resorts’ Station Casinos and the Westgate SuperBook also noted their handles for an F1 race topped previous records. The event was likely a winner for sportsbooks due to the short odds on Verstappen, which led bettors to seek out more value or longer odds on other drivers.
Overall, the inaugural Las Vegas Grand Prix was a historic betting event, drawing significant action from sports bettors and breaking records at various sportsbooks in the city. The race’s success in drawing bets indicates a bright future for F1 racing in Las Vegas.