DraftKings Data Confirms F1 Gaining Popularity Among Bettors

Posted on: November 25, 2023, 05:38h. 

Last updated on: November 25, 2023, 05:38h.

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

Helped by the event taking place in Sin City, last week’s Las Vegas Grand Prix was, for many sportsbooks, the most wagered on formula race ever.

F1 Las Vegas
The Las Vegas Grand Prix circuit (red). DraftKings said the race broke F1 records for handle and number of wagers. (Image: Motorsports.com)

That sentiment extended to online sportsbook operators as well with DraftKings noting the first Las Vegas Formula One (F1) race in four decades was the most wagered on F1 race in the company’s history, as measured by both handle and number of wagers. By both metrics, the Las Vegas Grand Prix topped the 2021 Belgian Grand Prix, which previously held DraftKings’ F1 records.

In the days since the Nov. 18 race on the Las Vegas Strip, it’s been common for gaming companies, particularly those with brick-and-mortar and internet footprints in Nevada, to publish data confirming this was the most wagered on F1 event in their respective histories. DraftKings went a step further, publishing data confirming the growth of F1 among domestic bettors.

F1 Could Be Next Big Thing for Sportsbooks, Bettors

Motorsports, including F1, reside in the “other” category in the sports betting realm — the group of sports behind football, basketball, and baseball in terms of wagering popularity. However, data suggest F1 is one the rise among bettors.

While American football will likely always be the handle king in the US and soccer (the other football) will likely continuing drawing the most bets in Europe, it’s clear that F1 is making inroads with bettors and much of that progress has accrued over the past several years.

In terms of handle, nine of the top 10 F1 races in DraftKings history have occurred since the start of the 2022 season with six happening this year. That group includes the Las Vegas Grand Prix and the Miami Grand Prix – two of the series’ three US races.

As measured by number of wagers placed, the top 10 F1 events in DraftKings have all happened since 2020 with seven happening this year, according to operator data. That group of seven includes the Las Vegas and Miami races.

Las Vegas Grand Prix Handle Impressive for DraftKings

As noted above, it’s been common for sportsbook operators to boast of record-setting bet volume and handle on the Las Vegas Grand Prix, but many of the company doing the bragging operate land-based casinos in Las Vegas Valley.

That makes DraftKings accomplishing a similar all the more noteworthy because the company, along with rival FanDuel, doesn’t take bets in Nevada, either on a retail basis or online. The operator’s ability to top previous F1 records without a Nevada footprint also highlights the series’ growing popularity among bettors.

It’s widely expected that DraftKings will eventually gain entry to the Nevada market, but when it comes to the Las Vegas F1 race, it’s clear the gaming company doesn’t need there to derive benefit from the race.