The Las Vegas Grand Prix is over, and now it can be said that it was wild! The casinos earned a huge profit, and the records were shattered.
Great results for sportsbooks:
Caesars Sportsbook achieved fantastic results. The record betting handle is placed, and the amount of money that was wagered is also the highest ever, as well as the money spent on specific auto races. Also, BetMGM, Station Casinos, and the Westgate SuperBook hit the record 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 biggest bet was placed at BetMGM, where the player placed $200,000 and won $100,000. He was betting on Max Verstappen at 200 to win the race, held on the Strip.
Seamus Magee, the BetMGM trading manager, said: “The Las Vegas Grand Prix was the most attended F1 event in BetMGM’s history. The sportsbook took three times the number of bets on the race than any previous contest.”
Chuck Esposito, a sportsbook director of Red Rock Resorts, is satisfied with the results. The odds were high, in some cases even 200-1 and 300-1, which caused more action to occur.
The hype was huge. People were interested in watching and betting, so, according to Esposito, the Red Rock sportsbook was full of customers from 10 p.m. on Saturday until Sunday morning.
He commented: “It was a football Sunday-esque crowd. It was kind of cool. The event really was a win-win for us. Formula One, for the most part, isn’t a heavily bet sport. But it goes hand in hand with anything else that takes place here.”
Bets on Verstappen and Leclerc:
The SuperBook is also happy with the way everything turned out.
Jay Kornegay, the company’s vice president, said that they were a small winner. In order to profit, they needed Max to win, which he actually did.
As Review Journal reports, Adam Pullen, an assistant director of trading at Caesars, agrees that sportsbooks needed Verstappen to win since the largest bets were placed on him. He provided value and excitement to the people, and that’s what paid off in the end.
But Verstappen wasn’t the only hope of the sportsbooks. Large bets were placed on Leclerc as well during the race. Pullen commented: “We took a ton of bets in play during the race. From a betting perspective, it definitely lived up to the hype. It was a record handle for any race, and the action was brisk.”