BetMGM Sees Las Vegas Grand Prix Shattering Race Handle Records

Posted on: November 15, 2023, 04:43h. 

Last updated on: November 16, 2023, 10:56h.

Todd Shriber @etfgodfather Read More
Expertise: Financial, Gaming Business, Mergers and Acquisitions.

It’s Las Vegas Grand Prix Week in Sin City, and the return of Formula One (F1) to the U.S. casino center. The event will generate record weekend betting tallies for Strip integrated resorts. Sportsbooks will get in on that action, too.

Las Vegas Grand Prix
F1 champion Max Verstappen, seen above. He’s commanding 58.6% of BetMGM for the Las Vegas Grand Prix. (Image: Sports Illustrated)

BetMGM noted the Las Vegas Grand Prix “could become the largest handle for a formula racing event in company history.” The mobile and online version of BetMGM — the third-largest U.S. internet sportsbook operator — is available in 26 North American jurisdictions.

The operator’s bullish forecast for the F1 race includes expected activity at MGM Resorts International’s nine Strip retail sportsbooks, most of which are within walking distance of race festivities.

Race weekend in Las Vegas has the potential to shatter every company record for the sport,” said BetMGM Chief Revenue Officer Matt Prevost in a statement. “Popularity for automotive sports in the U.S. continues to grow, and the activity we’re already seeing around this event is remarkable.”

BetMGM is half-owned by MGM, with the other 50% controlled by UK-based gaming giant Entain Plc.

Verstappen Commands Biggest Chunk

Among the myriad concerns surrounding the Las Vegas Grand Prix is speculation that fans simply won’t be excited about the race. That’s because the 2023 series championship was wrapped a couple of weeks ago by Dutch driver Max Verstappen.

Verstappen’s third consecutive title is this year, and his odds to win the Las Vegas Grand Prix have shortened to -275 (bet $275 to win $100) from an opening line of -350. That’s a testament to his dominance, because nonteam sports, such as auto racing, golf, and tennis, typically feature “plus money” across the board on “to win” bets. As of earlier today, Verstappen represents 58.6% of a handle on the race at BetMGM.

However, he’s not the sportsbook operator’s largest liability for the Las Vegas race. That distinction is currently held by Williams Racing’s Logan Sargeant — an American. In the BetMGM liability camp, Sargeant is followed by teammate Alex Albon and German Nicolas Hülkenberg, who drives for Haas Racing.

In terms of the highest percentage of BetMGM handle after Verstappen, McLaren’s Lando Norris and Red Bull’s Red Bull Racing combine for 19.4%, according to the gaming company.

Three Popular Prop Bets

While Verstappen is prohibitive to win the Las Vegas Grand Prix, bettors searching for potential value and money might want to consider prop bets.

BetMGM said that as of today, the most bet prop in the race is Perez, Verstappen’s teammate, to finish in the top three. That’s offered at +160, or bet $100 to win $160. The next most popular prop wager at BetMGM is any other driver to win the race vs. Verstappen at +200.

Finally, a Mercedes car to win the race, posted at +1200, is the third-most wagered Las Vegas Grand Prix prop at BetMGM.